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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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Can the borrower have the employment status of "medical

Customer Question

Can the borrower have the employment status of "medical leave" on the day that a loan originates?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Loren replied 11 months ago.

Hello. I am Loren, a licensed attorney, and I look forward to assisting you. By the way, as a member, you can switch to a phone call for free to talk through the issue. Let me know if you would like to talk on phone or continue online.

Expert:  Loren replied 11 months ago.

It is more of a discretionary underwriting issue. If the employer confirms that the borrower is on “temporary leave”, lender must consider the borrower to be “employed” and the loan can be disbursed.

Customer: replied 11 months ago.
Lender says the requirement is from Fannie Mae and Freddie Mac and not within his discretion. True or false?
Expert:  Loren replied 11 months ago.

I believe it is an underwriting issue. I would ask the lender to provide the cite for the regulation he is referencing.