The REI Concierge Podcast Mortgage Banker, Gabe Whitmer, sheds light on recent changes in lending
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Apr 9, 2021 Gabe Whitmer, a Mortgage Banker at First Bank of Tennessee and seasoned real estate investor, shares his expertise on lending for Americans living abroad. He explains the nuances of documentation needed for expats and discusses the challenges of misinterpreting foreign income. Expect valuable insights on the importance of customer service in mortgage lending and how clear communication can enhance client experiences. Gabe also demystifies the underwriting process, touching on current trends and the impact of rising interest rates.
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Foreign Income Lending Advice
- Determine if the borrower is a US citizen or permanent resident alien, and if they have W-2 income as a US employee.
- If they have foreign income, prepare to translate leases and bank accounts, which adds complexity.
Foreign Income and W-2s
- Gabe Whitmer is willing to work with individuals who have foreign income and no W-2, unlike many lenders who refuse such cases.
- Many lenders avoid foreign income cases due to complexity or internal restrictions, even if the borrower is a US citizen.
Direct vs. Correspondent Lenders
- Direct lenders, selling directly to Fannie Mae and Freddie Mac, have more flexibility in decision-making than correspondent lenders.
- Correspondent lenders resell loans, limiting their ability to handle complex cases like foreign income due to overlays.
