Underwriting questions
When a borrower applies for a new loan and does not disclose other properties he owns, what do underwriters do to see if you have other properties in the U.S.? I know that failing to disclose this is a federal offense and I would like to advise my son who is taking out a loan to disclose all to his lender. by alexreed879 from Diamond Springs, Colorado. Nov 21st 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
We run something known as fraud report. They are generally pretty good at detecting all sorts of stuff. Probably the most common thing I see pop up is undisclosed properties, and undisclosed foreclosures/bankruptcies.
Dave Skow (daveskow)
#15 ranked lender in Washington - 453 contributions
underwriters will run a fraud report and many times other property addresses will appear on credit report as well as tax returns ...underwriters will ask for explanations and validation of any addresses that are concerning .....any property owned or partially owned should be disclosed as they accompnaying debt / taxes / ins will need to be factored into the qualifying ratios
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