DTI List? - Free Foreclosure Help - Loan Modification Help

Gonetodocs · #1 (**permalink**) 10-24-2007, 10:37 PM

So I would like to pose a question to the forum. Hope it's not too general or has been covered a million times already.

I was wondering if a list has been made of some of the more popular (larger) lenders and servicers that we should encounter and their DTI percentages that they are currently accepting to workout loan Modifications or other creative methods that aren't as standard as your straightforward underwriting for loan Mods.

Here's what spurred my question today;
I determined a clients Back end DTI with all of their explicit expenses (I covered it all)against their Gross Income (derived from several sources 4 jobs for three people, and a huge rental income supported by bank statements for the last twelve months) and arrived at a current monthly DTI for them of 75% while if they incur the increase on both homes loans it will push their current DTI up to just over 90% (91.7%)

I thought this was pretty solid at the 75% DTI

and still believe it to be pretty conservative due to the detailed accounting for a very long list of expenditures. The credit report obligations are a very small percentage and would fly through conventional UW but the LTV is the issue hence the Loan Modification. I am not sure how the Lender will react to the numbers and how I can best represent my clients best interest.

The lender is Countrywide and so far they have been very receptive but we have not sent in the full package yet so I am not sure what to expect. I will be reading up more on the forums for countrywide tonight late for sure. I assume my question is pretty general in nature and this is an ongoing education but I thought it might be a great way to share what I am running into.

Thanks in advance
Gonetodocs

877YouKeep · #2 (**permalink**) 10-25-2007, 10:02 AM

It is time to take off your underwriter hat DTI is a non issue in Loss Mitigation, period. Now LTV was an issue prior to this crisis it was at 115% but has since changed drastically, some lenders may be sticking with those rules but they would be in the few. I will answer you additional issues later today got to run for a few. Save more houses!!!

We will be cranking up a more detailed Loss Mitigation Forum, by subscription only with real Loss Mitigators from lenders. This will be free to those who order our Loss Mitigation Home Study Course to answer very specific questions and have a group like minded learning together. Have some other good stuff in the pipeline. Including a call next Thursday night with a Short Sale Guru, find out the first 25 will be getting free websites. We will be revealing at the end of the call. To register go to

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877YouKeep · #3 (**permalink**) 10-25-2007, 11:23 PM

the To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. department and workouts are standard and fall in line with the other major lenders, nice to work with.

Gonetodocs · #4 (**permalink**) 10-26-2007, 04:26 AM

OK great then I am going to try to set aside some money for this course. Hopefully it's not going to be more than a couple hundred due to budget. I've got a couple more posts after this so I can read your links and then I'll go back in to reply. Thanks for the knowledge on DTI and talk to you soon.

Gonetodocs

Gonetodocs · #5 (**permalink**) 10-26-2007, 03:01 PM

I'll reply more comprhensively when I get a chance to view the links in your post.

pathayden · #6 (**permalink**) 11-07-2007, 10:27 AM

DTI.... I think it is important for us to remember to cover the DTI with our clients. Personally i think any time we can teach a client a little about DTI & budgeting it is a life changing lesson. As a loan officer i even gave some of my new home buyers a copy of Dave Ramsey’s book at closing.