By Denis G. Kelly
Citadel Servicing Corp.
WHEN BIG BANKS TURN AWAY SELF-EMPLOYED
BORROWERS, MORTGAGE LOAN ORIGINATORS CAN STEP IN
FOR BIG BANKS, SMALL-BUSINESS OWNERS CAN BE TRICKY. Their income may be difficult
to verify by standard methods. Their credit scores may be lower than other borrowers. In all,
despite potentially high incomes, many banks view these prospective homebuyers as risky bets.
Because of those issues, when these small-business owners are looking for mortgages, many
big banks will be quick to tell them, “no.” Mortgage loan originators can take advantage in
these situations, finding alternative ways to get these borrowers qualified, turning that “no”
into a “yes” — and turning a big bank’s castaway into another closed loan. ; ; ;
SMALL - BUSINESS