posted on Nov, 22 2011 @ 03:35 PM
I used to be a loan officer, generating debt for folks, and I can attest that the underwriting dept was made up of near automatons who only looked at
#s and had the emotional range of a Daisy air rifle!
In the "salad days" when money flowed like water, your debt/income wasn't a concern so much as your credit score and the amount of equity that you
were borrowing against. One customer applied for a line of credit against her home, she was @ 73.2% D/I on an intrest only payment (!) but her credit
score was 830 something and was given an instant approval. Which bothered me to know end, but I was getting paid well to be a good little $ selling
Corporate Nazi monkey.
Fast foward a couple of years to whne the flow stopped, I had many customers with a D/I under 30%, credit rating 760+ and borrowing far less than 80%
of the value and reasons were FOUND not to approve the loans. Typically the declination was based on a bobble in their deposit history where one
month they put less $ into their accts!
Same underwriters, but they were "doing their jobs" like good like corporate Nazis. I guess as an employer that is what you want? I know that I
couldn't do it any longer so I got out, I miss the money but I don't miss feeling like walking/talking/breathing slime.