Even though DU shows No rental verification required, GMG
does have an overlay that requires rental verification. If the Borrower is
living rent free (cash cannot be documented) then you will need a LOE from whom
they are renting advising they are living rent free, how long, etc. Having said that, borrower will be required to have at
least 4 mo. cash reserves.
Kim Boren
National Underwriting Manager
Gateway Mortgage Group
Dallas, Tx. 75254
office: 972-908-3390 ext:102
fax# 918-392-8372
From: Lina
Sent: Monday, August 30, 2010 4:55 PM
To: Jerry Lair; Kim Boren
Subject: Scenario/QUESTION ON RENT
Hello
Can you please let me know if DU does not require rent
does Gateway always requires VOR?
I have a buyer that live with family members and pay them
rent but as cash.
do you guys accept that at all??
Lina