LO room 1
First-call triage for messy borrower scenarios
The first call should identify the constraint, not race to a pre-approval answer. Good triage protects the borrower, the LO, the realtor relationship, and the file.
Operating checklist
What this room helps you do.
- Identify the one factor most likely to control approval
- Separate emotional concern from underwriting concern
- Ask for documents before making product claims
- Send a calm follow-up that narrows the next step
Professional-use note
Use this as educational and communication support. Investor guidelines, lender overlays, lock policy, compliance review, and state-specific rules still control the file.
Related Professional topics
Open the scenario library.
Real borrower scenariosI went self-employed 18 months ago. Can I get a conventional loan with only one full year of tax returns?Sometimes yes, under Fannie Mae's one-year self-employed guidance, but the file has to be otherwise strong: same line of work as the prior W-2 job, stable or growing income, and a clean cred
Real borrower scenariosMy parents are giving me $40,000 for the down payment. What does the lender actually need?A signed gift letter saying it is a gift and not a loan, proof the donor had the money (a recent statement), and proof the money moved (wire or check copy). On conventional and FHA, you can
Real borrower scenariosMost of my income is bonus or commission. How will the lender count it?Lenders typically average two years of variable income from your tax returns or W-2s. If this year is much higher than last, they may use the lower number or ask for a written letter from yo
Real borrower scenariosMy spouse has a low credit score. Should we both apply or should I apply alone?On conventional and FHA, lenders use the lowest middle score among all borrowers - so adding a low-score spouse can lower your rate tier even if their income helps. Apply alone if you qualif
Real borrower scenariosI changed jobs three weeks ago. Can I still close on time?Usually yes - if the new job is in the same field and at equal or higher pay. Lenders need a paystub from the new employer (sometimes the offer letter is enough to start), and they will re-v
Real borrower scenariosMy student loans show $0 a month on income-driven repayment. Will the lender count them?It depends on the loan program. Conventional (Fannie and Freddie) will use the actual IDR payment, even if it is $0, as long as it is documented. FHA generally uses 0.5% of the balance unles
Real borrower scenariosI have an old collection from a few years ago. Will it stop my loan?Usually no, especially if it is medical or under a few hundred dollars and aged. Conventional often does not require it to be paid before closing if certain conditions are met. FHA has tight
Real borrower scenariosI am retired with strong assets but low monthly income. Can I still get a mortgage?Yes - through asset depletion, where the lender treats your liquid retirement accounts as if you draw a steady monthly income from them. Different programs use different formulas, but a heal
Real borrower scenariosI have an ITIN, not a Social Security number. Can I get a mortgage?Yes - through ITIN loan programs offered by many lenders. These are not agency loans (Fannie or Freddie typically require eligible immigration status), so the rate and down payment will be d
Real borrower scenariosMy partner and I are not married but want to buy together. What do we need to know?Treat it like a small business agreement. Decide before closing how title is held (joint tenancy, tenants in common, with what shares), what happens if one of you wants out, and how repairs
Use in workflow
Turn the room into a borrower-safe follow-up.
After triage, summarize the issue, the constraint, the document needed, and the next decision point.