My four year old, Diego, asked me the other day " Mommy, are superheroes real?" . Hmmmm. What should I tell him? Do I keep the spirit alive as we do with Santa? Or do I tell him the truth, so he won’t go jumping off buildings thinking that his spider web will shoot out of his wrist? I chose the latter. Break it to him now.
There really are SUPER HEROES though! Every day, we deal with that super closer at title that goes the extra mile to keep our deal together, or in our case, our underwriters at Patriot! God love them. They stay late, they work Saturdays when needed, and they sign off on conditions just minutes before closing so we can fund on time. In my book, that qualifies as a super duper hero. But some days, they can also be villains, making our life hard with conditions and paperwork and this and that. Villains!!!!!!! Worse than the Green Goblin himself! But its not their fault. Its the Big Daddy Fannie Mae and HUD that make these regulations. Underwriters are just the messenger. WHO ARE these guys anyway? Is it a board of suits sitting around a conference table spitting out do's and don'ts for millions of potential homeowners to comply with? Probably. That sure is refreshing.
So that is my job description now, shielding my clients and realtors from the painstaking regulatory requirements that lenders force on us. Does this make me a super hero? (SMILE) Some food for thought: What can you do for your clients to make you their super hero? Its a catchy concept, and one that can improve the homebuyers experience in this crazy, villainous world! That is my motto for 2010- BE A SUPERHERO for my clients.
Monday, April 12, 2010
Monday, April 5, 2010
A check-up on all things changing
Finally, the warm weather is here! We can play outside, wear less clothing (good if you are 6 months pregnant like me), and enjoy all Texas springtime has to offer! Spring is also a time for cleaning. You may want to keep reading……
FHA on April 5 (Monday) will increase the upfront mortgage insurance funding fee + .50%. That is $500 for every $100,000. Since it is rolled into the loan, and amortized, the payment increase is only $3.00/mo. Not too drastic. Also, the seller contribution allowable goes from 6% to 3%. This will most impact lower priced homes (example: under $150,000) where 3%, or $4500 will not cover all costs and escrows required. Any FHA case numbers that are obtained before the 5th will be covered, regardless of closing date.
There is a rumor that seller financing may go away. This is a topic I need to investigate more, but will surely keep you posted. That would truly put a dent in transactions. If any of you know anything about this, I would appreciate feedback.
Apparently buried deep within the Health Care Bill (Section 9015, p.2000) is language that would take effect on 1/1/2012, in which the Medicare tax (3.8%) would apply to capital gains, dividends, rents, royalties, interest, etc for those singles earning >$200,000 . TRANSLATION: a 3.8% tax on the capital gains from the sale of your home. Basically this confirms the rumor as we know it: those top earners will bear many of the brunt of mistakes from the past.
The Congress went on ‘break’ without passing the budget for FEMA! It was an oversight (????) and basically, if you are in a flood zone, and set to close before April 12 when Congress returns, you cannot close. Some lenders will allow closing, and some will not . So if you have a transaction in a flood zone, be sure to communicate with your lender quick, to see if this will affect you. At Patriot, we are covered on our transactions.
RATES ARE ON THE RISE- slowly but surely, as we anticipated, the Congress safety net for mortgage backed securities ended March 29. For the last week, rates have inched up slowly , about .25% total. What is more on the horizon to come? No one knows. Signals of recovery are still mixed (keeps rates low), while at the same time, it is obvious no one wants to buy our debt (tbill auction sales have been very weak- which is bad for the rates). We will continue to keep you posted.
One thing does remain the same among all this change! Patriot Bank Mortgage employs the best of the best loan officers and operations staff, and we strive every day to close on time, and even early! We can close in a min of 8 days (since we must allow 7 days for federal disclosures), and are very supportive of our local real estate community.
FHA on April 5 (Monday) will increase the upfront mortgage insurance funding fee + .50%. That is $500 for every $100,000. Since it is rolled into the loan, and amortized, the payment increase is only $3.00/mo. Not too drastic. Also, the seller contribution allowable goes from 6% to 3%. This will most impact lower priced homes (example: under $150,000) where 3%, or $4500 will not cover all costs and escrows required. Any FHA case numbers that are obtained before the 5th will be covered, regardless of closing date.
There is a rumor that seller financing may go away. This is a topic I need to investigate more, but will surely keep you posted. That would truly put a dent in transactions. If any of you know anything about this, I would appreciate feedback.
Apparently buried deep within the Health Care Bill (Section 9015, p.2000) is language that would take effect on 1/1/2012, in which the Medicare tax (3.8%) would apply to capital gains, dividends, rents, royalties, interest, etc for those singles earning >$200,000 . TRANSLATION: a 3.8% tax on the capital gains from the sale of your home. Basically this confirms the rumor as we know it: those top earners will bear many of the brunt of mistakes from the past.
The Congress went on ‘break’ without passing the budget for FEMA! It was an oversight (????) and basically, if you are in a flood zone, and set to close before April 12 when Congress returns, you cannot close. Some lenders will allow closing, and some will not . So if you have a transaction in a flood zone, be sure to communicate with your lender quick, to see if this will affect you. At Patriot, we are covered on our transactions.
RATES ARE ON THE RISE- slowly but surely, as we anticipated, the Congress safety net for mortgage backed securities ended March 29. For the last week, rates have inched up slowly , about .25% total. What is more on the horizon to come? No one knows. Signals of recovery are still mixed (keeps rates low), while at the same time, it is obvious no one wants to buy our debt (tbill auction sales have been very weak- which is bad for the rates). We will continue to keep you posted.
One thing does remain the same among all this change! Patriot Bank Mortgage employs the best of the best loan officers and operations staff, and we strive every day to close on time, and even early! We can close in a min of 8 days (since we must allow 7 days for federal disclosures), and are very supportive of our local real estate community.
Friday, March 12, 2010
Looking for some guidance? I have an idea...
Remember to set your clocks ahead one hour Saturday night! Spring Forward……..
This week’s update is short!
Ø Are you looking to build a team?
Ø Are you looking to implement systems in your business that are consistent , and generate (a) more leads, (b) raving fans, and (c) less working hours?
Ø Are you looking to net more income?
Patriot Bank Mortgage is sponsoring a FREE 2 hour seminar for our realtors on Wed, March 24th. My coach, Rick Ruby, is flying in from North Carolina to visit my office, and at the same time, is willing to spend 2 hours with YOU, to talk about how to run an efficient business. Rick is President of The Core (www.thecore.tv), and coaches lenders and realtors. He has a strong message, and is an expert at building successful teams. Personally, after 15 years, I thought I knew everything… But my systems seemed stale, and my team was at a stalling point. Now, with Rick’s help, my team is focused more than ever, and we are concentrating of creating raving fans out of our clients and referral sources!!!!!!!
Please consider joining us for this 2 hour event. I promise you, it will be worth the effort!
When: Wednesday, March 24 (2-4 pm)
Where: Holiday Inn Express, 1300 N Sam Houston (Beltway and 45)
Rsvp to us this week – space is limited. Just reply to this email!
Have a wonderful weekend and go out and enjoy this amazing Houston Weather!
This week’s update is short!
Ø Are you looking to build a team?
Ø Are you looking to implement systems in your business that are consistent , and generate (a) more leads, (b) raving fans, and (c) less working hours?
Ø Are you looking to net more income?
Patriot Bank Mortgage is sponsoring a FREE 2 hour seminar for our realtors on Wed, March 24th. My coach, Rick Ruby, is flying in from North Carolina to visit my office, and at the same time, is willing to spend 2 hours with YOU, to talk about how to run an efficient business. Rick is President of The Core (www.thecore.tv), and coaches lenders and realtors. He has a strong message, and is an expert at building successful teams. Personally, after 15 years, I thought I knew everything… But my systems seemed stale, and my team was at a stalling point. Now, with Rick’s help, my team is focused more than ever, and we are concentrating of creating raving fans out of our clients and referral sources!!!!!!!
Please consider joining us for this 2 hour event. I promise you, it will be worth the effort!
When: Wednesday, March 24 (2-4 pm)
Where: Holiday Inn Express, 1300 N Sam Houston (Beltway and 45)
Rsvp to us this week – space is limited. Just reply to this email!
Have a wonderful weekend and go out and enjoy this amazing Houston Weather!
Thursday, March 11, 2010
Tick tock
Only 50 more days until the homebuyer credit deadline approaches! That means that by April 30, your borrowers must have an EXECUTED CONTRACT, and can close as late as June 30 to receive the credit of either $8,000 (first time buyers) or $6500 (current buyers owning 5 years or more). That is only 8 weekends , which is when most people look for a home.
Daily I have questions from prospects and realtors if the credit will be extended? Well, that is anyone's guess of course, just like when will the rates start going up? No one knows. However, if your buyers are waiting around for the 'too good to be true' 2nd extension of an already miraculous gift, they may be sadly disappointed. Currently I have heard no rumors at all of an extension. Don't get left behind!
Life is full of surprises! Imagine my horror to hear that Whole Foods imports its 'organic' vegetables from China? This is about a year old in the news, but it just made it accross my ears. I have tried to be as organic or 'green' as possible, incorporating small habits in my life that will make a difference (I hope). So should I really be concerned about this China organic thing? Is it my own fault that I did not read the label that has been there clear as day? What other things am I not paying attention to? With the media, and internet , and countless information at our fingertips, it is no wonder consumers are confused. We have too many outlets, too may choices, it is just plain overwhelming. So imagine shopping for a mortgage !!! A referral of 2-3 trusted sources for mortgage financing is the BEST GIFT you can give your client. People you know, and trust , and have had good experience with before.
Have you interviewed your lender lately? This week I had coffee with a realtor that has known me for years, but never referred me. That's ok, because I knew he had several long standing , deep rooted relationships. I respect that. He receives my weekly updates, and recently asked me to meet with him. His story is a tragic one, of 2 loan officers he has trusted for years, and they each ruined a transaction for him. One client understood, the other held it against him because it was guilt by association. In each case, it was not necessarily the loan officers fault, but it boiled down to (a) lack of control, and (b) lack of communication.
So we had coffee, and Mark and I discussed past , present and future. He asked me tough questions. How many A+ realtors did I already have, and where would he fit in to all that? Did I have the time to service him too? Would I be working after the baby? (YES!) He also wanted to know about my team and philosophies of customer service. What could I do to help him grow his business? I was so relieved (and flattered) that he was giving me an opportunity to get to know me! (That is also why my weekly updates have some personal tid bits, so you can know what makes me tick). So again, have you really ever sat down and gotten to KNOW your lender? The ones you trust and rely on to give the best experience possible for your clients? Call them for a cup of coffee, spend 30 minutes with him/her and ask the questions that are important to you. Develop a list of questions your CLIENTS should be asking lenders before they hire them. Its not all about rate. RELATIONSHIP IS EVERYTHING.
As for rates, they are there, steady, and waiting for your borrowers to pull the trigger on that home of their dreams. There is LOTS of money, waiting to be approved.
Daily I have questions from prospects and realtors if the credit will be extended? Well, that is anyone's guess of course, just like when will the rates start going up? No one knows. However, if your buyers are waiting around for the 'too good to be true' 2nd extension of an already miraculous gift, they may be sadly disappointed. Currently I have heard no rumors at all of an extension. Don't get left behind!
Life is full of surprises! Imagine my horror to hear that Whole Foods imports its 'organic' vegetables from China? This is about a year old in the news, but it just made it accross my ears. I have tried to be as organic or 'green' as possible, incorporating small habits in my life that will make a difference (I hope). So should I really be concerned about this China organic thing? Is it my own fault that I did not read the label that has been there clear as day? What other things am I not paying attention to? With the media, and internet , and countless information at our fingertips, it is no wonder consumers are confused. We have too many outlets, too may choices, it is just plain overwhelming. So imagine shopping for a mortgage !!! A referral of 2-3 trusted sources for mortgage financing is the BEST GIFT you can give your client. People you know, and trust , and have had good experience with before.
Have you interviewed your lender lately? This week I had coffee with a realtor that has known me for years, but never referred me. That's ok, because I knew he had several long standing , deep rooted relationships. I respect that. He receives my weekly updates, and recently asked me to meet with him. His story is a tragic one, of 2 loan officers he has trusted for years, and they each ruined a transaction for him. One client understood, the other held it against him because it was guilt by association. In each case, it was not necessarily the loan officers fault, but it boiled down to (a) lack of control, and (b) lack of communication.
So we had coffee, and Mark and I discussed past , present and future. He asked me tough questions. How many A+ realtors did I already have, and where would he fit in to all that? Did I have the time to service him too? Would I be working after the baby? (YES!) He also wanted to know about my team and philosophies of customer service. What could I do to help him grow his business? I was so relieved (and flattered) that he was giving me an opportunity to get to know me! (That is also why my weekly updates have some personal tid bits, so you can know what makes me tick). So again, have you really ever sat down and gotten to KNOW your lender? The ones you trust and rely on to give the best experience possible for your clients? Call them for a cup of coffee, spend 30 minutes with him/her and ask the questions that are important to you. Develop a list of questions your CLIENTS should be asking lenders before they hire them. Its not all about rate. RELATIONSHIP IS EVERYTHING.
As for rates, they are there, steady, and waiting for your borrowers to pull the trigger on that home of their dreams. There is LOTS of money, waiting to be approved.
Thursday, March 4, 2010
The WHY? of things
Lately, I have been playing alot of superheroes with my 4 year old, Diego. In fact, I think I may now turn into one. My choice would be Cat Woman, but I'm not sure how I would look in that tight black leather suit, especially 5 months pregnant. So its superheroes in the morning before school, and then the minute we get home, its superheroes again. So I happily endure, and play, even if just for 5 minutes, my sweetie is satisfied. His last waking breath the other night was ' Mommy, why does Wolverine not have hair? '. Well, because he has a mask on, that's why. 'I KNOW that Mommy , BUT WHY?'. Well, I was not sure how to continue that one, so I changed the subject.
WHY?????????????? Such a powerful word.
Why are there so many unemployed?? There are 4.6 million-that we know of, and on Feb 28, 1 million of those will run out of benefits. The $787 billion stimulus package was to create 4 mm jobs, and there have been about 2 mm created (source: Fox News). That is a cost of $393,000 per job.
Why are banks not lending to businesses? Could it be that they have no incentive to take risk at a 3.5% interest rate?
Why are more small banks going to the Fed's emergency 'window' to borrow short term/overnight funds at close to 0%? Could that be a sign of a yet weaker economy-the Fed won't say, nor release the bank names in fear of hurting consumer confidence.
Why is our economy not getting better? Could it be unexpected things like the meltdown of the Euro (being compared to the mortgage meltdown- since Greece is about to be downgraded for their credit. France and Germany hold much of their debt, so will they then fail? If you think the Euro economy has nothing to do with us here, think again. Or could it be the unexpected blizzard have destroyed business in the central US and East Coast, causing further layoffs? It has been said that the housing recovery will drive us out of recession. Well bring it on! The Fed is cautiously NOT rising rates yet, as they don’t want to further inflation. Mortgage bonds hate inflation, and if and when that happens, rates WILL rise.
So many ‘Why’s ‘ and so little time to answer them all. I think I would rather play superheroes.
WHY?????????????? Such a powerful word.
Why are there so many unemployed?? There are 4.6 million-that we know of, and on Feb 28, 1 million of those will run out of benefits. The $787 billion stimulus package was to create 4 mm jobs, and there have been about 2 mm created (source: Fox News). That is a cost of $393,000 per job.
Why are banks not lending to businesses? Could it be that they have no incentive to take risk at a 3.5% interest rate?
Why are more small banks going to the Fed's emergency 'window' to borrow short term/overnight funds at close to 0%? Could that be a sign of a yet weaker economy-the Fed won't say, nor release the bank names in fear of hurting consumer confidence.
Why is our economy not getting better? Could it be unexpected things like the meltdown of the Euro (being compared to the mortgage meltdown- since Greece is about to be downgraded for their credit. France and Germany hold much of their debt, so will they then fail? If you think the Euro economy has nothing to do with us here, think again. Or could it be the unexpected blizzard have destroyed business in the central US and East Coast, causing further layoffs? It has been said that the housing recovery will drive us out of recession. Well bring it on! The Fed is cautiously NOT rising rates yet, as they don’t want to further inflation. Mortgage bonds hate inflation, and if and when that happens, rates WILL rise.
So many ‘Why’s ‘ and so little time to answer them all. I think I would rather play superheroes.
Friday, February 19, 2010
Making the "impossible" oh-so-very possible
This week I received some very valuable feedback from a realtor that said she got the feeling from reading some of my previous commentaries that loans are impossible to obtain, and it might discourage buyers from buying right now. (Thank you so much, you know who you are!). I welcome feedback always, so please don't be shy.
By nature, I am one of those 'people' that always finds the silver lining- positive outlook, and neutral ground. No wonder- I'm a middle child. So believe me, my intention has never been to be down on the home buying market. HOWEVER, I refuse to sugar coat the facts. And this could be mis-interpreted by some as negative. My goal is to acknowledge REALITY, and find a positive outcome, so we can get through these difficult times. I try to accomplish this by giving you, the realtors, information that is truly happening - Letting you into the world that lenders live in, so that possibly it can enhance our working relationship to continue to accomplish the dream of homeownership for our clients.
I've said this before, and I will state it again. THERE IS LOTS OF MONEY OUT THERE TO BORROW.......if.......you have (a) good/excellent credit, (b) can prove your income, and (c) have money for a down payment and reserves, and (d) if you give us time to work through any unique situations. Now that doesn't sound so hard, does it? Well, it still is challenging for many people, after a 5-6 year run of 100% loans, low documentation, and subprime credit programs. We have short memories. Some borrowers are having a hard time facing the reality of current times. Lending has gone back to the way it was when I entered the business in 1995, with a 'twist' of some extremes, but for the most part, conservative decision making. Now there are some unfair practices, I must admit (like the credit scoring system- please don't get me started). However, I'm just the messenger.
There are some borrowers that fall into gray areas (example: self employed), but we do try to work with them all we can. You may have to file on time taxes or even early, if you need 09 income to qualify. We may want an audited profit and loss statement. Every situation is unique. One borrower made a really great comment to me once. He was a business owner, and said that he found it hard to believe lenders cannot realize that the stability of a business owner is more solid that a W-2 employee. The business owner will do whatever it takes to save his business, and earn his living. Very good point, Mr. Borrower. But unfortunately, the purse strings (lenders) don't see it that way.
So as is my nature, I would like to leave you with a thought of something positive amidst this era of change and uncertainty: If it makes sense for you to buy now, do it. Get qualified early, to avoid any pitfalls. Be sure your lender (like Patriot Bank Mortgage) has several investors they work with, so that if you have a unique situation, there is a backup plan (hint: B of A, Wells, Citi, and Chase ALL have different guidelines for self employed borrowers). And if you cannot buy now for some reason (ex: don't qualify) - buckle down, save, and get your finances in order. Your day will come. But you won't know until you TRY. We will help you make a plan, and set goals for that home to be yours.
Enjoy the weekend!
By nature, I am one of those 'people' that always finds the silver lining- positive outlook, and neutral ground. No wonder- I'm a middle child. So believe me, my intention has never been to be down on the home buying market. HOWEVER, I refuse to sugar coat the facts. And this could be mis-interpreted by some as negative. My goal is to acknowledge REALITY, and find a positive outcome, so we can get through these difficult times. I try to accomplish this by giving you, the realtors, information that is truly happening - Letting you into the world that lenders live in, so that possibly it can enhance our working relationship to continue to accomplish the dream of homeownership for our clients.
I've said this before, and I will state it again. THERE IS LOTS OF MONEY OUT THERE TO BORROW.......if.......you have (a) good/excellent credit, (b) can prove your income, and (c) have money for a down payment and reserves, and (d) if you give us time to work through any unique situations. Now that doesn't sound so hard, does it? Well, it still is challenging for many people, after a 5-6 year run of 100% loans, low documentation, and subprime credit programs. We have short memories. Some borrowers are having a hard time facing the reality of current times. Lending has gone back to the way it was when I entered the business in 1995, with a 'twist' of some extremes, but for the most part, conservative decision making. Now there are some unfair practices, I must admit (like the credit scoring system- please don't get me started). However, I'm just the messenger.
There are some borrowers that fall into gray areas (example: self employed), but we do try to work with them all we can. You may have to file on time taxes or even early, if you need 09 income to qualify. We may want an audited profit and loss statement. Every situation is unique. One borrower made a really great comment to me once. He was a business owner, and said that he found it hard to believe lenders cannot realize that the stability of a business owner is more solid that a W-2 employee. The business owner will do whatever it takes to save his business, and earn his living. Very good point, Mr. Borrower. But unfortunately, the purse strings (lenders) don't see it that way.
So as is my nature, I would like to leave you with a thought of something positive amidst this era of change and uncertainty: If it makes sense for you to buy now, do it. Get qualified early, to avoid any pitfalls. Be sure your lender (like Patriot Bank Mortgage) has several investors they work with, so that if you have a unique situation, there is a backup plan (hint: B of A, Wells, Citi, and Chase ALL have different guidelines for self employed borrowers). And if you cannot buy now for some reason (ex: don't qualify) - buckle down, save, and get your finances in order. Your day will come. But you won't know until you TRY. We will help you make a plan, and set goals for that home to be yours.
Enjoy the weekend!
Tuesday, February 16, 2010
Paper trails
I am convinced we will never be a paperless society. This week I had several closings, and the amount of paperwork each year seems to have gotten larger and larger! HVCC added 2 documents to our application, and this year, the new GFE has added 4 pages to our application, and 2 pages to the title company documents. I wonder how many trees that is? So, paperless………… no way.
What about the paper created/wasted with all the foreclosures and short sales? Just imagine ALL that paper floating around, from realtor to bank, to appraiser to realtor to bank again. It’s amazing. And legislators are trying to save the consumers money. All this paperwork, and cost, and compliance, must come from somewhere. Do you want to know how? The end cost to the consumer eventually, if it has not already, will be passed on to the consumer. Higher fees, higher rates, or a combo of the two.
The stock market rallied a lot this week, and for reasons you may not expect. Greece is on the brink of a financial collapse. Who would have thought? And the news of the EU coming to its aid affected the stock market as much as 4% as stocks rallied back and forth with mixed emotions at the news. China announced it will tighten its lending guidelines to slow the country’s economic grown and avoid inflation. Stocks did not like the news – good news for bonds. US treasuries were not well received at the auction- translation- no one wants to buy our debt! Maybe ‘no one’ is a strong word. Weak demand might be better said. So this week we had a lot of ups/downs. The takeaway here is that there are SO MANY factors that determine interest rates. When your time comes (or your clients) to commit to a lender and lock a loan, they should not ‘dily daly ‘ (as I tell my 4 yr old)- they should lock, and forget about the potential emotion of the thought of a lower rate.
An interesting headline for you that was on CNN Money this morning: “Eight million in assets-and can’t get a mortgage”. Some statistics that you may find interesting: 12% of US mortgages > 1 mm are delinquent. That is triple of one year ago. Assets don’t count for much anymore. Jumbo lenders are skiddish. It’s all about credit, equity, and ability to repay (monthly income). Assets come and go. People spend money (what if this borrower decided tomorrow to give all his money to charity? Money is gone………so we look for monthly income (that is likely to continue) for purpose of debt to income ratio. Tax returns, and full disclosure. We really want to know.
What about the paper created/wasted with all the foreclosures and short sales? Just imagine ALL that paper floating around, from realtor to bank, to appraiser to realtor to bank again. It’s amazing. And legislators are trying to save the consumers money. All this paperwork, and cost, and compliance, must come from somewhere. Do you want to know how? The end cost to the consumer eventually, if it has not already, will be passed on to the consumer. Higher fees, higher rates, or a combo of the two.
The stock market rallied a lot this week, and for reasons you may not expect. Greece is on the brink of a financial collapse. Who would have thought? And the news of the EU coming to its aid affected the stock market as much as 4% as stocks rallied back and forth with mixed emotions at the news. China announced it will tighten its lending guidelines to slow the country’s economic grown and avoid inflation. Stocks did not like the news – good news for bonds. US treasuries were not well received at the auction- translation- no one wants to buy our debt! Maybe ‘no one’ is a strong word. Weak demand might be better said. So this week we had a lot of ups/downs. The takeaway here is that there are SO MANY factors that determine interest rates. When your time comes (or your clients) to commit to a lender and lock a loan, they should not ‘dily daly ‘ (as I tell my 4 yr old)- they should lock, and forget about the potential emotion of the thought of a lower rate.
An interesting headline for you that was on CNN Money this morning: “Eight million in assets-and can’t get a mortgage”. Some statistics that you may find interesting: 12% of US mortgages > 1 mm are delinquent. That is triple of one year ago. Assets don’t count for much anymore. Jumbo lenders are skiddish. It’s all about credit, equity, and ability to repay (monthly income). Assets come and go. People spend money (what if this borrower decided tomorrow to give all his money to charity? Money is gone………so we look for monthly income (that is likely to continue) for purpose of debt to income ratio. Tax returns, and full disclosure. We really want to know.
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