re: Anyone ever heard of my loan underwriter situation?

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RD loans are usually pretty detailed. I'm not surprised you're having these issues. Then again, it can all be up to the underwriter.

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I would have thought this type of information was a lender overlay, and not required by USDA.

OP, are you right on the edge of DTI?

My DTI is 37% and my credit score is 766. I'm 25 years old.

How difficult do y'all think it would be to switch lenders? It'll obviously affect my closing but at this point my hopes of closing mid-June are shot. I wouldn't want to lose any conditions I made in the purchase agreement for the house including closing cost assistance, home warranty, etc. Not sure if those conditions would be affected, but I've read that they can be.

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My DTI is 37% and my credit score is 766. I'm 25 years old.

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Then find another lender. Do you really need the OT to qualify?

USDA ratio is like 50% some go higher

The problem is that most lenders are gonna write somewhat similarly to approve an RD Loan prior to them submitting to their local RD office. The rat in this guy's file with this lender will probably be the same rat that pops up with subsequent lenders.

To be quite honest I'm wondering wtf the Loan Officer and the Branch Manager are doing. If all things are equal, they should be intervening with their UW and potentially supervisory staff. Guidelines and regs to cover shift work should be fairly cut and dry.

As far as everything else is concerned, the vast majority of lenders require both a written VOE and a subsequent verbal VOE within 24 hours of closing. The former can be done through the Work #. The latter typically cannot be.

Turner has someone who can provide this information. That person is probably the person who could assist you in getting an LOX (Letter of Explanation).

Without knowing the whole situation, this seems like astoundingly poor service being provided by the Loan Officer, their Supervisory staff and/or the Branch Manager, etc. This seems like an easy thing to resolve and the guidelines should exist to cover this scenario. I would be all over it like white on rice.

But again, simply changing the lender won't automatically erase the income documentation issue. That's no given. My advice is ride what is evidently a crappy horse to the bitter end. You're way farther along with them and closer to submission through RD than you are if you walk.

Just my $0.02. Good luck, OP.

Turner is our nested contractor, and our shift guys get paid the same way. I'm baffled as to why they don't pay y'all every two weeks.

I'd call someone higher up in the bank and politely tell them you will take your business elsewhere if need me.

The other question I'd be asking is that if those 16 hours a month of pay are preventing you from getting a loan that you are probably trying to loan too much money. If they aren't, then I'd asking the bank why a moot point is preventing it from pushing through.

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The other question I'd be asking is that if those 16 hours a month of pay are preventing you from getting a loan that you are probably trying to loan too much money. If they aren't, then I'd asking the bank why a moot point is preventing it from pushing through.

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It is probably just BS verifications rather than actual DTI issues.

In my case, doing something that my lender recommended me doing to angle for better terms (which involved paying off debts) made the underwriter lose their damn minds and put the whole thing on hold so they can get their hands on and review the paper trail.

They wanted confirmation paperwork of sale of securities and bank transfers, etc

You may also be dealing with an inexperienced underwriter, that's why I'd ask for someone higher up. Don't be afraid to be pushy, there are 100s of mortgage companies they should be happy for your business.

When I bought my first house a small portion of our downpayment was a distribution from a trust my wife's grandfather had set up for her upon his death. It took 3 weeks to get them to understand it was not a loan or a gift. It blew my mine that no one in the bank had dealt with that type of situation before, they asked probably 5 times for the trustor to write a letter saying it was a gift which is absolutely was not. I almost had to go somewhere else. So just be polite and be firm, especially if you have worked there longer than 2 years.

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dualed

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I've only been there 1 year come June 1 so less than a week away.

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Ahhhhhhhhhhh. You've had less than 1 year in your current position. What about prior to that? What was your employment history? Is this a huge uptick in income? Was there a similar work pattern? Or were you unemployed prior to this?

Almost every lender in America wants a full doc loan with two years of employment history. They don't have to be at the same place, but they want the full picture. Fluctuations in hours, rates of pay, etc will create varying levels of risk, and risk is expressed in terms of stipulations they put on the loan during this process that must be met before they'll approve it, or expressed as an increase in your interest rate.

Considering the rate is already extremely low relatively speaking since this is RD, the risk is being expressed in Underwriting since they can't really do much with the rate.

This is a HUGE piece of the puzzle here. The lack of time on this job, and the issue with the hours and pay-rate and OT is a huge indicator that they may view this employment as less than stable and problematic to approve you for a loan for a home for.

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And I offered to give more pay stubs but my loan officer said it wasn't necessary.

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I'll be completely honest, I'm not turning down anything that my customer offers. Send it. If I need it I'll use it. In my experience, if someone offers me a bullet for my rifle while I'm in battle, even if I've got a full magazine, I'm not turning it down. I might need it.

That's just the mark of a weaker/lazier Loan Officer, and I'm not saying that to be critical of them. They may honestly be telling you the truth. But what's realllllly interesting to me is that you offered more stubs but you've got less than 12 months with this problem employer and they turned it down. Very odd...

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I called my realtor yesterday to let him know of the issues I was dealing with and he said he had come lenders he'd be happy to put me in touch with.

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Don't trust these yahoos as far as you can throw them. They may be great. They may be worse than who you're with. My advice is to stay the course here until you're told you can't stay it anymore. Seriously.

No offense to realtors but the vast majority of them are using people they give kickbacks to (profit partner/referral biz) or simply going off of an experience they had with someone whose loan or set of circumstances may be totally and completely different from you.

Find your own mortgage broker. But don't find a new one just yet. Be patient.

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We're just gonna set up 3 way calls and I'm gonna tell them exactly what I need

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You're kidding, right? This isn't about what you need. It's about them working with the UW to explain your situation. It's a matter of your employer being inattentive and lacking in the HR area or your lender not being more experienced in dealing with them to get to a person that can assist. But you don't dictate in this situation. I know you're mad, but come back down to Earth. They're trying to find a way to lend you a massive amount of someone else's money. You don't dictate to them. It's the other way around brah.

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and see if their UW would have a prob with that or not. I'm leaning towards not.

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Drawing a line in the sand in business is a guaranteed method for having someone laughing and then kicking the dirt you used to draw it right into your face. Again as I said, you go in and LISTEN to WHY they're saying your income situation isn't acceptable and WHAT specifically about their proposed remedy addresses it.

You may learn something and so might your Loan Officer. But don't go in there trying to make demands. Seriously.

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I'm leaning towards not.

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To be honest, you aren't leaning at all. Currently you're twisting. In the wind unfortunately. It's a bad situation but it's one that happens. Try and be patient as best you can and LISTEN to the people who do this for a living and try to discern what they're telling you and why they're telling you this.

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Still waiting to hear back from loan officer right now and the next thing I'll tell him is to either get this fixed in 48 hours or I'm taking my business elsewhere.

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What good is a 48 hour deadline going to do when you already know there's a 20 day backlog (and that's not as the crow flies; RD is 20 BUSINESS DAYS backlogged more than likely).

Making demands, issuing ultimatums and being defensive is the exact posture you do not want to take. If what you want is to get this loan done, then go in there with an attitude of wanting to get it done. Not of being defensive and bullying...because believe me, that sh!t will have you walking out the door more upset because they told you the business equivalent of GTFO when you pulled it on them.

Again...Be as patient as you can, listen and try to understand WHY this is so atypical for them..

if you have less than 2yrs on the job then the only income the UW can use is your hourly rate at 40hrs a week unless your VOE says otherwise. you will not get credit for overtime. I am curious who is the lender?