Episode 200
Bank statement loans can be a great solution for self-employed borrowers—but one missing CPA letter can bring an otherwise solid deal to a grinding halt.
In this episode of the Mortgage Loan Officer Podcast, I sit down with Eric Morgensen of Angel Oak Mortgage Solutions to talk about a common challenge with bank statement loans: obtaining the CPA letters needed to verify certain aspects of a self-employed borrower’s business.
Many self-employed borrowers are sole proprietors or small business owners who may not work directly with a CPA, may use a tax preparer instead, or may not have their tax filings completely up to date. When a lender requires a CPA letter, that can create a serious roadblock—and in some cases, kill the transaction altogether.
Eric explains how Angel Oak has relationships with approved third-party vendors that specialize in professionally and legally preparing the CPA documentation needed for these situations. These vendors can help provide the required verification while meeting Angel Oak’s guidelines, potentially allowing a bank statement loan to move forward when it might have died elsewhere.
If you’re a loan officer with a bank statement deal that is currently stuck because of a CPA letter—or even a deal from the past that you thought was dead—it may be worth taking another look.
Learn more and connect with Angel Oak at:
http://workwithangeloak.com
Or contact Eric Morgensen directly:
949-554-5000
If you work with self-employed borrowers, this is an option you’ll want to know about before letting a CPA letter kill your next bank statement loan.
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