Loan Approval Quotes

Generally, there are three rules when it comes to borrowing money: You need to have good credit, proof of income and cash for a down payment. Most people have the first two, but it's the third that trips them up. And nowhere does that come into play more than the mortgage market.

When banks approve a higher percentage of loans to white applicants than to black applicants, that is automatically called discrimination, but when Asian-Americans are approved at a higher rate than whites, it is not.

When I purchased my home, it was very strict underwriting standards. I had to provide two pay stubs, two years' tax returns, three months of bank statements, all sorts of credit card information.

Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?

The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.

Students graduating with high debt encounter difficulties in qualifying for home and automobile loans.

You can always make a loan at a bank if you can show sufficient evidence that you don't need it.

Yes, Americans can still get credit for cars and trucks and refrigerators, and those businesses are doing well. But just try to get a home loan now.

Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"

I don't trust a bank that would lend money to such a poor risk.

When you walk into a store and you want to buy something, you give them cash and they sell it to you. But very often, you walk into our "store" and you want something - a credit card, maybe, or a loan - and very often the answer is "No," even if you're a large corporation.

The way we finance homes in this country is slow, filled with middlemen, who run a nonstandardized evaluation process. This makes financing a home cumbersome and difficult.

Missing paperwork is one of the top reasons for delays during the mortgage process. I suggest following the two-by-two system: two most recent pay stubs, tax returns, W-2s from your employer, and bank statements from all of your savings and checking accounts. Be sure to remain clear and transparent, provide evidence of all forms of income.

It is a fundamental rule with me not to vote for a loan or tax bill till I am satisfied it is necessary for the public service, and then not if the deficiency can be avoided by lopping off unnecessary objects of expenditure or the enforcement of an exact and judicious economy in the public disbursements.

Yes, some banks will only float good companies. But others could not give two hoots if you have a business, a business plan or any business experience.

The people that lend you money basically give you an answer based on the risk that they are willing to take. But just because a bank is willing to take a particular risk doesn't mean that that is the right amount for me to spend.