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@Anonymous wrote:
My loan officer called me today stating the underwriter wanted to deny my loan mostly due to me paying $680 in childcare expenses. My daughter is 4. She just started preschool. I have her attending a private school. My daughter receives survivor benefits. When I was signing my disclosures one of the forms asked about childcare expenses. Did I answer the question correctly? He was so pissed off saying he knew nothing about this but he never asked me during the pre approval process.
My loan is approved with conditions. I have to show 2700 dollars worth of reserves. So I sent in a 401 k account summary and will send in an updated bank statement. Should I continue? Or maybe just wait until I get more reserves and use a loan program that doesn't count childcare expenses.
They are all going to count child care expenses. Did you disclose the amount of her survior benefits too to offset the childcare expenses?
You can not fail to disclose expenses to the LO but I really don't understand why he was PO'ed. It is one of the questions he should have asked when you were filling out the loan application. Did you discuss your app with him at all or just fill in the blanks online?
I ask this question because IMO and IME a good LO would ask you about these things and not just rely on you being able to anticipate what the u/w needs to see. That is part of the LO's job. You are the consumer and presumably you don't fill out too many applications as complex as a mortgage app on a regular basis so it is up to the LO to guide you appropriately.
were the survivor benefits added to your income?
there is a spot on the application for child care expenses.
it isnt highlighted very well.... that is why i go over applications with my borrowers.... and ask that question.
sorry.