Introduction To Chris LaRocco
By Gustan Cho
I like to introduce my fellow mortgage brokers to Chris LaRocco, National Account Manager for Endeavor America. Chris LaRocco is a veteran wholesale account manager and is currently the National Account Wholesale Mortgage Manager for Endeavor America.
Whenever I have a file that is extremely challenging, I go to my friend Mr. LaRocco. Chris LaRocco does not just specialize in tougher lower credit score mortgage files. EA Loans also has competitive rates on higher credit score mortgage deals. They are extremely competitive in pricing and their turnaround times is 24 to 48 hours for approvals and 24 hours for conditions.
Endeavor America is one of my wholesale mortgage lenders who have no mortgage lender overlays and just go off DU FINDINGS. Chris LaRocco and his support team are always there to answer questions on specific case scenarios. Chris LaRocco of Endeavor America is extremely knowledgeable in all aspects of the mortgage business and is available 7 days a week to answer any mortgage professional’s questions. I have asked Chris LaRocco if he would be generous enough to post on my blog periodically and share some of the special unique products his company has to offer mortgage professionals. Below is a question and answer scenario from Chris LaRocco of Endeavor America.
My wage earner borrower has Unreimbursed Business Expenses on their tax returns, is there any way to not have to count those expenses against the income and the DTI?
There are times when a wage earner writes off unreimbursed business expenses (2106) on their tax returns and yes there is a way to not have to count it against their dti. There is a lender that does not require full 1040 transcripts for FHA and USDA loans, if the borrower’s only source of income is a wage earner, then a W-2 transcript may be ordered in lieu of a complete 1040 transcript. However, it is important that the AUS findings do not ask for full tax returns.
If the borrower submits a tax return, is self employed, receives retirement/disability income, 25% or more of income is commission or currently owns a property other than the subject property, a complete 1040 transcript would need to be ordered though.
Full 1040 transcripts are needed on all Conventional and VA loans, or FHA loans that have a prior Mortgage Insurance Reject by another lender on it due to 2106 expenses or insufficient income.
Note: Updated 4506-T form posted online defaults to W2 transcripts for 2013 and 2012 only. If full transcripts are needed, it is the responsibility of the broker to ensure the correct boxes and tax years are input. If you have anymore questions contact Chris LaRocco 630 476 8580.
National Account Executive
630- 476- 8580 Cell
Endeavor America Loan Services
|Endeavor has the Best Service in the Industry! 48 hours for Underwriting and Conditions!|
|Specialize in 640-850 scores FHA (580 is min),||580+ VA Follow the Findings, no tradeline requirements with Approve/Eligible|
|No Tradeline Requirements, Follow the Findings.||We take DU and LP|
|W2 transcripts only on Wage Earners FHA||Manual UW –refers ok 580 min score!|
|203K full and the 203KS mini||VA- 100% Cash Out—580 min score|
|100% Gifts Allowed down to 580||No Score VA IRRRLs|
|Order Appraisal from ANY AMC of your choice.||USDA|
|Manufactured HOUSING||Min FICO 580–|
|No Lender Fees on all Products!||102% LTV of appraised value|
|NO Score FHA Streamlines||Manual UW—580-639 ok!!|
|Private VOR ok with credit supplement||100% Gift Funds allowed|
|Brws w/ work permits, Non Resident Aliens OK||640+–GUS ACCEPTS—(no rent, no trades, no collections paid)|