Super Jumbo Cash out Refinance - Looking for Lenders

[jworley]

Ok; I worked on this one a few months ago, but was unable to do it with no seasoning. Now we are coming to 6 months seasoning and the borrower wants to give it another go around. So here's the scenario:

-O/O Cash out Refinance in Atlanta
-6 months title seasoning
-Borrower credit score of 692 (from credit report pulled when I last worked on the file in November; havn't pulled updated credit yet.)
-SIVA S/E
-Appraised value is $1,850,000
-Loan Amount $1,665,000 (90% LTV)
-One lien preferred, combo ok.
-Current payoff is $1,510,000
-Cash out would be @$155,000
-Borrower has limited trade lines. For traditional trades, we have:
*the 1st mortgage reporting for 6 months
*a 2nd mortgage (HELOC) reporting for 3 months
*a credit card reporting for 7 months.

We also have alternatives trades available in the form of a gym membership older than 24 months as well as several utility, insurance, cell phone bills, etc that go back 18 months.

Also of interest; the last time I tried to run this file thru DU, it came back "Refer". This is due to an old collection (paid off and closed) that at one time went 1X90.

Anyone have any ideas who would do this?
Thanks.

[Suit]

I'll look into it for you when i get into the office and run the scenario by my underwriter for you.

[Suit]

On the World side its a no go but, are you approved with Wachovia? It should be do able with Wachovia. Hope that helps and if you need a package or any help feel free to contact me.

[CLOSER]

Are you approved with American Sterling Bank (known as ASB, formerly USB).

[jworley]

Thanks for the responces everyone. I believe I've got this one done.

[jworley]

Ok, apparently I'm back to the drawing board on this one. Thought I had it done, but gues not. So listed below is a complete break down of the file as it stands. If you think you can do the loan, please make sure you have completely read the summary below as it will tell pretty everything about this file. Any suggestions would be helpful. I'm running out of lenders to think of.

World
ACT Mortgage
No Red Tape
ABC Direct
Greenpoint
C&G Financial

I've had UW from all of these lenders review the file and no go for one reason or another.

Anyone have any suggestions?

Thanks in advance for anyone who can help.

Borrower Last Name: Long
Borrower Credit Score: 690 mid
Borrower Income: @$50,000/month gross
Verified Assets: $145,000
DTI: 29%
Loan Product Requested: 30 yr. fixed with a 5-10 interest only option; no pre pay
Loan Documentation: SIVA S/E (or 12 months bank statements, if allowed)
Loan Purpose: Cash out refinance, debt consolidation
Occupancy: Owner Occupied
Location: Duluth, GA, 30097
Title/Property Seasoning: 6 months
Requested loan amount: $1,406,250 (75% LTV / 90% CLTV) – Please see comments below.
Appraised value: $1,875,000 (this is the lower of two appraisals completed on 01/29/2006 and 01/30/2006
Trade lines: Limited trade lines. Please see below for breakdown of what’s available.

Current Open Trade lines:
1. 1st mortgage / current balance $1,215,000 / 6 months old / to be paid off
2. 2nd mortgage / current balance $249,000 / 3 months old / leaving this mortgage alone.
3. HELOC / current balance @$39,000 / 1 month old / to be paid off
4. Credit card / current balance $0 / 3 months old
5. Credit card / current balance $600 / 2 months old
6. Credit card / current balance $13 / 6 months old

Historical Trade lines: (most recently closed)
1. Auto Lease / closed 02/06 / reported 59 months
2. Credit Card / closed 05/06 / reported 99 months
3. Credit Card / closed 12/05 / reported for 72 months

Alternative Trade lines:
1. A gym membership with LA Fitness / 36 months old
2. Monthly bills (power, cable, water, etc) are all 18 months old.
3. 12 months housing payment on subject property (borrower purchased subject out of a lease option agreement in 07/06. He lived in it for 12 months prior to purchase.) In addition to the 6 months that the borrower has owned the property, this would give us a 18 housing history on the subject.

Comments: Borrower currently has 3 mortgages on his home: the 1st mortgage which we want to refinance, the 2nd mortgage, which will be left alone, and a HELOC, which we want to consolidate with the 1st. After refinancing the 1st mortgage to 75% LTV and leaving the 2nd mortgage as is, the borrower will have a total of 89% to 90% CLTV.
In regards to trade lines and credit, the borrower went through a period of several years where he had to take care of a sick parent and take on their living expenses in addition to his own. The financial stress became such that he had several consumer accounts that went into collection status. He has since paid off all of these collection accounts and has worked to reestablish his personal credit over the last 18+/- months. Between his current open trade lines and the alternatives, we can establish a stable 18 month credit history, plus we have the historic trade lines to show a previous 24 month history.