FBI probe into Sanders' wife started with 'hearsay'

[Hassin Bin Sober]

25. The appraiser sets the value of the asset. The underwriter approves/accepts the appraisal.

The client doesn't set the value.

Now ask a a self employed business owner how much they earn and the number isn't going to be what an underwriter might calculate the income at.

Example: a client earned $50k in 2015 and $300k in 2016.

Is he lying if he, states on a 2017 "stated income" loan application he earns $300k?

The underwriter is going to call his income as a two year average of $175k. It gets even more complicated when you calculate in unreimbursed business expenses and paper losses/expenses (depreciation on real estate) that aren't really losses.

No one is going to jail if that file gets audited and the customer's opinion of their own income doesn't match the traditional underwriting guidelines.

The time for due diligence is BEFORE the loan is made. Not ask for some open ended and open to interpretation of what is a bonafide donation promise and have it provided at closing.

This whole thing sounds like a "stated income" loan to me. The bank was probably ok with a loose interpretation because they were only in the loan for 60% and the church was holding the note for 40%.

The bank could have asked for a more concrete accounting of proposed donations. They didn't. It's obvious they don't feel they were defrauded. The Tensing/Digenova family of Benghazi fame is making the beef.