Jun 19 2008
Other Player’s Involved Again!
Just an FYI to Realtors out there. Last week we were doing an owner occupied loan and the mortgage insurance company (other player now involved in underwriting) ran a check and found out that the borrower had another property that had mortgage insurance issued for owner occupancy. They then would not issue new owner occupied mortgage insurance. At that point the deal died.
What was the explanation? The borrower had been transferred to Tennessee and did buy an owner occupied home. Before he got there the company decided for business reasons against the transfer and now the client was faced with buying his home in Denver as a rental property. Are you kidding?