Lobaeux

Need some advice on how to proceed.

My broker keeps coming back to me with requests on whether my position at Spirit is a full-time position or not. Spirit has sent them employment verification stating I am a full-time employee, yet the underwriter's cannot comprehend that someone who is paid for 72 hours per month( our guaranteed minimum) is a full-time employee.

I know I may have to try a new broker/mortgage company, but how can I convince them I am full-time, what have guys done in the past?

Since this is my first airline gig, I haven't run across this yet.

Thanks for any help!

CRM114

Have you printed the full text of FAR 117 as a primer on FTDT limits? Maybe offer TAFB or per diem calculations to show how many hours you're actually on duty?

Lobaeux

I thought about sending them TAFB, but I'd rather not confuse them any more than I have to.

CRM114

It sounds like you need to ask them if they lend based on W2 earnings and employer verification of full time status or their understanding of the Spirit CBA?

You supplied the info they requested, maybe it's time to look elsewhere. Last loan I got was in the days of anyone with a heartbeat qualified, sorry I can't help you. Good luck

CassinAK

I recently ran into the same issue. I ended up using a different company and they based my loan off my monthly guarantee of 75. The first company said the same thing that your dealing with now.

bcpilot

While I don't know the specifics in your case, I believe the underwriter is trying to determine what income to use for you for the qualification purposes. The questions that will matter:

1) How long have you been working at Spirit?
2) Did you recently upgrade to CA or had a large pay increase.

It is also possible that you may have gone from yr 1 salary to year 2 salary or any such combination & the Loan Officer is trying to convince the underwriter to use higher income.

If you have been at Spirit for more than 2 yrs & your income is stable, then the Underwriter should use a 2 yr + YTD average.

If you got a raise & your current salary is higher than 2 yr average, then the underwriter SHOULD use a Hourly pay X monthly guarantee.

DO NOT SEND THEM A COPY OF YOUR CONTRACT or FAR 117

It will confuse them beyond your imagination.

A simple letter of explanation from your side accompanied by a Letter from your HR lady should suffice.

Feel free to ask me any questions .....

xkpilot

Lobaeux,

I am a mortgage banker/broker as well as a pilot. We can write a good letter of explanation, plus the verification from Spirit. Should be no problem for my Underwriters. If the property is in WA,OR,CA,ID,AZ,NV,CO,UT,AK or HI we can help you out. if not I may be able to refer you to a mortgage professional that can help. Shoot me a PM if you want to talk further,

CRM114

I offered that tongue and cheek, but since they want to be a pain and the OP will end up using a different broker anyway, I think it would be sporting to "...confuse them beyond your imagination."

badflaps

If they are that loopy now, imagine them later... run Forest, run....

Lobaeux

Just an update guys:
I finally have an offer accepted on a house, been working with Amy from National Bank of Kansas City.
In one word: AWESOME!

She is extremely knowledgeable, punctual and very friendly. Honestly, I can't recommend her enough.

Her husband is a former Frontier pilot, now at Delta, so she knows the airline business and how our pay structure works.

I gotta say, I'm extremely pleased and will NKOBC will be at the top of my list when I look to finance a vacation home!