Cheryl Knowlton: Hi everybody. Cheryl Knowlton, Dynamite Productions, coming at you with Clay Johnson from Castle and Cooke Mortgage. Another fabulous bit of news you can use regarding bank statement loans.
Clay Johnson: Bank statements.
Cheryl Knowlton: They’re back?
Clay Johnson: They’re back.
Cheryl Knowlton: Wow.
Clay Johnson: We’ve talked a little bit about this, but how many of us know… In fact, a lot of maybe you out there, and we’re self-employed. Part of being self-employed is we have a lot of expenses, we write those expenses off. In fact, everything we possibly can.
Cheryl Knowlton: Every last Happy Meal.
Clay Johnson: Everything we can, and then when it comes time to get a loan or a mortgage, we’re like, “Oh crud, I’m not showing enough income.” We have to demonstrate according to the CFPB, Consumer Financial Protection Bureau that ATR or ability to repay. So, they’ve defined bank statements as absolutely an acceptable source. We see that cash flow coming in on a regular basis, so we average that on a 12 or 24-month basis to get that income. 100% of those deposits, that’s amazing.
Cheryl Knowlton: Wow.
Clay Johnson: Now, here’s what I’m excited about, Cheryl. At Castle and Cooke, we actually are bringing this in the house in January.
Cheryl Knowlton: What?
Clay Johnson: I’m so excited. You know that we can… On all of our regular products, we control that in the house. When we do broker, which we can and often do, I always like, “Oh, this isn’t one of our in house things,” because our service is so exceptional when we control that in house.
Cheryl Knowlton: Sure.
Clay Johnson: So, the fact that we’re now bringing that program in house, that’s going to be like every other product [inaudible 00:01:23], I am a static. I’m so excited. I can’t even stand it.
Cheryl Knowlton: Yay.
Clay Johnson: Super good news, guys. If you fit inside this box where you need to utilize bank statements to verify your income and you’re not showing a lot on your tax returns, let us know. We would love to help you out.
Cheryl Knowlton: Absolutely. John talks about this all the time about real estate agents who drive [Lexuses 00:01:40] and BMWs and that showed negative income on their tax returns last year. That’s a good accountant.
Clay Johnson: Well, it’s a good accountant but also auto loans are different. You know, you can just… They’ll go off a stated if your credit’s good, so it’s a little different. Mortgages are for sure different. This is great. That’s opening that door for them because-
Cheryl Knowlton: Fantastic. Love it. So, if you have questions about this or any other exciting loan products that might fit you or a client you have, give Clay a call.
Clay Johnson: Bye-bye.