I am curious about some of the more “interesting” deals that everyone has done.
I can think of two examples for myself:
I got an application for the purchase of a used singlewide from a dealer. Before I pulled the credit, I looked over it to see if there was any more information that I needed, because some dealer apps were lacking in some information. The first person on the app was a man that was in his late 70’s. The second person was a female in her 20’s with the same last name. I called the dealer, and asked if it was a “buy for” deal (where a parent or grandparent buys the home for their child with bad credit). They assured me that it was not, that both parties would be living in the unit together. I’m still a little skeptical, but I run the credit. The man has a decent FICO, the woman has nothing at all on her credit. I bring it to my supervisor’s desk and she is convinced that this is a buy for deal, which the man’s credit is not good enough for. So I call my dealer, and explain what we thought. The dealer then tells me that the two people on the app are newlyweds. My boss still didn’t believe it, until the dealer faxed over a copy of their marriage certificate. Needless to say, we did get them a loan
The second one that comes to mind is a single man applied for a mobile home. Looking over the app, I was impressed by how long he had been at his prior address, 15 years. Good debt to income radio. However, when I pulled his credit, the prior address didn’t show up. I called the dealer, who informed me that applicant had just gotten out of prison a few months ago, and that address was actually the prison’s address. The only reason that I couldn’t get a loan for him was because all of his credit he was working on building up was too new.
I can’t wait to see everyone else’s stories!