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Old 08-14-2014, 09:07 AM   #11  
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Joined APC: Dec 2005
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Quote:
Originally Posted by CRM114 View Post
PS. Why get wrapped up on hours worked? Show them hourly rate and monthly guarantee, done!
Because to a banker that would not make sense!!!! its too easy so they must make it hard.
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Old 08-14-2014, 09:28 AM   #12  
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Had the same problem when I was buying my house. The mortgage processor was giving me a hard time.

It took time to explain them. I also had to send the whole CBA. Go to a lender first, then they will sell your mortgage to someone else.

Good luck! It's a pain in the butt.
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Old 08-15-2014, 09:48 PM   #13  
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I had this problem as well. I sent a copy of my previous W-2, 4 recent pay stubs, and a copy of the CBA (I pointed out the relevant sections to define how we get paid, and focused on the minimum so they couldn't accuse me of inflating my earnings; I also pointed out that our life insurance policy was based on 960 hours of pay per year).

This solved the problem. IOW, drown them in information!
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Old 08-17-2014, 12:06 PM   #14  
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they should be asking for previous year's tax returns and W2's, hourly and weekly shouldn't even factor into it.
Find another lender, the good ones will see the sense in figuring out if your income qualifies or not.
Combined income that is, if you have a partner that is applying for a loan along with you.
Good luck.
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Old 08-17-2014, 05:16 PM   #15  
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Quote:
Originally Posted by chongololo View Post
they should be asking for previous year's tax returns and W2's, hourly and weekly shouldn't even factor into it.
Find another lender, the good ones will see the sense in figuring out if your income qualifies or not.
I've always wondered this also. I've done three mortgages now, from three different lenders. All they wanted to see was a pay stub, and simply wanted to know how I was paid. IE; was it weekly, bi-weekly, twice a month, or whatever. Then that was simply used to determine my yearly income.

But hourly rate/hours paid on the stub NEVER had a bearing.
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Old 08-17-2014, 06:39 PM   #16  
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Yeah WF was just being retarded. Since the check at the end and beginning of the month is half guarantee they looked at it like "32.5hrs in 2 weeks is not full time" sent them a copy of my cba. Letter from HR and payroll.they also wanted to verify I was full time at my previous airline which had the same guarantee scale, even though I haven't been on their payroll in a long time.

Awaiting now the next disaster from these people. Will have to try that NB of kci as an ace in the hole.
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Old 08-21-2014, 09:53 AM   #17  
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I did not have a good experience with usaa. they asked for all kinds of documentation that didn't have anything to do with credit, capacity or collateral. they wanted everything from jumpseat agreements and sections of jcba that stated my hotels at work were paid for. they also wanted an explanation of why I wanted to buy a house in one state when I was based in nyc. horrible experience. I'll never use them again for a mortgage.
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Old 08-21-2014, 10:27 AM   #18  
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I did not have a good experience with usaa. they asked for all kinds of documentation that didn't have anything to do with credit, capacity or collateral. they wanted everything from jumpseat agreements and sections of jcba that stated my hotels at work were paid for. they also wanted an explanation of why I wanted to buy a house in one state when I was based in nyc. horrible experience. I'll never use them again for a mortgage.

Sadly they cannot even come close to the most competitive rates either. USAA is not good for much more than checking and sometimes insurance.
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Old 08-21-2014, 11:04 AM   #19  
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84--unsure what income & employment documentation you have provided your lender, but loan processor and underwriter will need to receive a minimum of the following to completely review your
pilot income:

W-2's: 2012 & 2013

Paystubs: most recent and prior 2 months, including 2014 YTD info

VOE: verification of employment from employer--loan processor orders

example of VOE:
https://www.fanniemae.com/content/guide_form/1005.pdf

there are numerous other factors involved in determining pilot loan "qualifying" income....not difficult to compute, but does require specific income items to review and an experienced loan processor & underwriter to understand and determine your income.

also, there are many other factors involved when reviewing a mortgage loan file

PM me with any questions/comments or if I can assist....no charge!
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Old 08-21-2014, 11:07 AM   #20  
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This is not well-known, but USAA does not run USAA Mortgage Services. They have sold the right to use their name to another company. When you call USAA for mortgage related questions, they transfer you to this company. You are not speaking with their customer service team, but with the mortgage company's customer service team. Same goes for trying to get info off the web. You can see basic mortgage info on USAA.com, but if you want details of your mortgage, it transfers you to another site. This is why USAA mortgage rates will never beat many other competitors. The markup is USAA taking a percentage for the referral.

I'll say it again. National Bank of Kansas City is the way to go. I've done three mortgages with Dave Devine. One original, two refis. Properties in two separate states (nowhere near KC). Two were VA loans, one was a traditional loan. I have yet to find anyone say they have found a lower rate than what you'll get at NBOKC.
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