Suspended Loan Notice
I received a phone call from my lender basically saying that the underwriter is concerned with my salary. It was lower in 2017/2018 fiscal year than 2018 calendar year. I was told my mortgage loan is being suspended due to a job change I had in March 2017. I took a pay cut for 6 months to get a better job position, which I have held since October 2017. I have been consistently employed since 2009. I have never heard of this happening....can anyone better explain why this happened and what I can do? by avalon943 from Wichita, Kansas. May 13th 2019
Sara Deere (Mortgagequeen2)
#15 ranked lender in Missouri - 608 contributions
Has you job been in the same field since 2009? Have you wrote a letter of explanation with details about the timeline of the job related to your income? Was the pay cut also involving part time instead of full time pay? Different loan types also have possible different job and income requirements.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
More information needed... But Suspended... That simply means no further underwriting action will be taking place, as there is something major in your file until fixed, proven, or clarified, is stopping an approval. Unless you are self employed, 1099, or commission, your current salary or hourly rate is what we care about. If you are self employed, 1099, or commissioned, we go on a two-year average. I lend in MN, WI, and South Dakota. I can be reached at JoeMetzler.com NMLS274132
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
the current lender is unable to approve your loan ..a suspension is essentially a decline ...if you receive a fixed salary - any lender should be using the salary for qualifying purposes ....you might try a different lender
Ask our community a question.
Get an answer
