The standard operating procedure for acquiring any loan is the provision of documents that show your source of income and ability to reimburse the loan; however, a “No Income Verification Mortgage Loan” does not necessitate documents showing the borrowers income alternatively the lender or the loaner adjudicates the potential of the borrower on word of his mouth.
The malefactor leading to the Great Recession of 2008 is also this no documentation loan but it still continues to be popular among the public who are unable to produce tax returns to qualify for a conventional loan mostly people who are self-employed, independent contractors and those who rely on tips so it is also unregulated under the law namely, The Consumer Credit Protection Act which demands you to conduct a thorough examination of the borrowers financial situation.
Set guidelines and a streamlined underwriting process make closings happen swiftly. As fast as 48 hours
Correspondent lending gives us the ability to bring wholesale rates to the consumer
Start with some basic info about your assets, credit profile, income. As a result – amount to borrow and the rate
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