Have some questions regarding income calculations and how 1st Reverse looks at things. Is there an UW I can talk to? Do you guys have a process for income review as part of the pre-approval process, so we don’t have last minute qualification issues especially on the builder deals?
Some of the questions to ask if you are coming up short of residual would be, is there any additional household income we are missing? Is there an NBS? Interest/dividend income that would continue? Future SSI/pension within 60 days of closing? If there are sufficient assets in the transaction to structure with an ARM we can use asset dissipation for the proceeds available on the 13th month. We take into consideration the amount of shortfall, would a LESA help? Finally, is this a sustainable solution for the borrower? Hope that helps.