I received a call from my loan officer tonight.  The underwriters have a few “issues” with my file.  They don’t like my CPA letter that states I’ve been self employed for at least the last 2 years because it does not call out the company name specifically that I put on the loan app.  I have several companies, and have never really gave it much particular thought which one I use on the loan apps.  As long as I use one that I’ve been running for more than 2 years I didn’t think it mattered.  I like to keep my CPA letters rather generic so they can be re-used in many different loan scenarios.

Well the underwriters want a new CPA letter that says that I’ve been running the particular company I’m using.  My CPA doesn’t turn things around lightning quick, and they charge $250 each time I need a CPA letter, so I told the loan officer that I wouldn’t be getting another letter.  So we brainstormed how I could prove that I’m actually self employed by this company.   I had the idea of providing the articles of incorporation.  So I dig those out and notice that when we formed it, we named my husband as the sole member in this particular company.  Ouch!

So I put a call in to my loan officer and I’ll find out how we can resolve this in the morning.  Hopefully he slightly misdiagnosed exactly what the underwriters have a problem with and we can solve it another way.  All I’m claiming on my app is that I’m self employed.  I don’t think this is quite the same as claiming I own the company.  So maybe we’ll be able to get away with saying that by way of marriage by default I’m also owner of the company, or my husband can vouch for the fact that I do run the company.  Guess I’ll find out tomorrow.  Since we’re closing on Monday, something creative will need to be thought of quick.

In all the loans I’ve done, I’ve never been asked about this before.  I’ve used this company many times before.  I was thinking I could resubmit the app using a different company, but after looking through all of our companies, it turns out I am not the 100% owner in any of them that are more than 2 years old.  Put that on the to-do list.  We could try a different lender also.  We’re already 4 credit pulls into this, why stop now?