Re:Today I asked a bank for a conventional mortgage and they...
by bradgessler on Tuesday April 12, 2022 @09:10PM
(#31010116)
How is there not a company specializing in mortgages for people who don’t have 3 years of W2’s?
Some of the situations I’m seeing in the threads below seem like no-brained, low risk loans that would be free money to a bank.
If it’s a question of modeling risk, is it purely a function of banks not having the tools to model non-W2 earnings?
The whole thing seems absurd, but there has to be a reason for it. Regulation? Past financial crisis? Fat and happy banks loaning to W2’s? Wealthier people not needing mortgages?
Some of the situations I’m seeing in the threads below seem like no-brained, low risk loans that would be free money to a bank.
If it’s a question of modeling risk, is it purely a function of banks not having the tools to model non-W2 earnings?
The whole thing seems absurd, but there has to be a reason for it. Regulation? Past financial crisis? Fat and happy banks loaning to W2’s? Wealthier people not needing mortgages?