Mortgage Loan Denied? Get a Second Look From Ted Erickson

Mortgage loan denied by a bank, or stuck in underwriting with a closing date coming? A denial from one lender is often a problem with that lender’s rules, not with you. Ted Erickson, a mortgage broker with 24 years closing loans, takes a second look at your file and shops it with lenders whose programs fit.

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NMLS #223442

24 Years Closing Loans

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Why Mortgage Loans Get Denied and What Ted Can Try

A denial reason is a starting point, not the end of the loan. Not every loan can be saved, and Ted will tell you straight if yours can’t.

Denial reason	What Ted can try
Income that doesn’t fit the box: self-employed, commission, rental or irregular	Bank statement, asset depletion or DSCR programs that count income differently
Debt-to-income just over one lender’s limit	Lenders and programs with different debt-to-income rules
A past late payment, collection or recent credit hit	Lenders that will work with that credit event
The property: a condo, unique home or investment property	Lenders that finance that property type
Lender overlays: extra rules a bank adds	Lenders that follow the program guidelines without the extra rules
Time: a file that sat too long	A lender that can still close on your schedule

What disqualifies you from a mortgage loan?

Common disqualifiers are income a lender can’t document the way its program requires, a debt-to-income ratio over its limit, recent credit problems, too little cash for the down payment and reserves, or a property the lender won’t finance. Each lender sets its own rules, so a no from one lender isn’t always a no from another.

Not every loan can be saved, and Ted will tell you straight if yours can’t. But a denial from one lender is often a problem with that lender’s rules, not with you.

Why Good Loans Get Killed

Income that doesn’t fit the box. Self-employed, commission, rental or irregular income that a standard program can’t count the way it should.
Credit events. A past late payment, a collection or a recent credit hit that one lender won’t work with.
Debt-to-income. The numbers come out just over one lender’s limit.
The property. A condo, a unique home or an investment property that a lender won’t finance.
Lender overlays. Extra rules a bank adds on top of the program guidelines.
Time. A file that sat too long and now can’t close on schedule.

How Ted Brings a Loan Back

He reads the file and the denial reason. Lenders have to give you the reasons for a denial, or tell you how to get them. That reason is the starting point.
He shops it. Ted is a broker with Barrett Financial Group, so he isn’t stuck with one bank’s rules. He takes your loan to the lenders whose programs fit it.
He matches the right program. Conventional, jumbo, bank-statement, asset-based, DSCR, fix-and-flip or bridge, whichever one actually fits your situation.
He keeps it moving. Clear next steps, steady communication and a push to closing.

Loans Other Lenders Couldn’t Close

Two other lenders tried to fund our loan and failed. Time was running out, and the whole transaction felt stuck. We found our dream home but could not get the financing we needed. A friend suggested calling Ted, and it turned out to be the best advice we received during the entire process. He looked at the file, asked good questions, and found a path forward that the others missed. The communication stayed steady, the expectations stayed clear, and the loan moved faster than we thought possible. We closed on time, and the stress dropped the moment he took over.
Richard D., Google review

I really thought my loan was dead…like fully gone. No pulse, ready for burial. … And somehow… against all odds… this loan came back to life. … Less “brains…” and more “approved!” … Thanks Ted!
Jean A., Google review

Tell Ted What Happened

Got turned down, stuck in underwriting, or have a deal that doesn’t fit the box? Call or text Ted directly, or start your application online.

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Theodore Emery Erickson · NMLS #223442 · (415) 717-0477
Barrett Financial Group, L.L.C. · NMLS #181106 · NMLS Consumer Access
Branch: 3207 Grey Hawk Court, Suite 110, Carlsbad, CA 92010

CA 60DBO-46052 and 41DBO-148702. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Equal Housing Opportunity. Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and property eligibility.

Mortgage Denial Questions

Straight answers for borrowers who were turned down or got stuck in underwriting.

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The lender stops the loan and must send you an adverse action notice that gives the reasons or tells you how to request them. Your earnest money and closing date may be at risk, so move fast. A denial from one lender does not mean every lender will say no. Different lenders and programs have different rules.

Get the denial reason in writing, pull your credit reports, and gather your income and asset documents. Then have a broker look at the file. A broker like Ted can check whether another lender or a different program, such as bank-statement, asset-based or DSCR, fits where the first one didn’t.

Denials in underwriting do happen, often because of a change in income or credit, a document that doesn’t support the application, or a problem with the appraisal or property. Staying in close contact with your loan officer and not taking on new debt during the process lowers the risk. Ted explains what to do next in mortgage denied in underwriting.

Don’t start over from scratch. Ask the bank for the specific reason, then talk to a broker. A bank can only offer its own programs. A broker can take the same file to other lenders, which is often the fastest way to save a deal that has a deadline.

Look for lenders with non-QM programs. These loans use other ways to qualify, like bank statements, assets or a rental property’s income, instead of tax returns alone. Ted brokers bank-statement, asset-based, DSCR, fix-and-flip and bridge loans, and will tell you honestly which one, if any, fits your file.

It isn’t the usual outcome, but it happens. A pre-approval is based on what you’ve shown so far; underwriting then verifies your income, assets, credit and the property. New debt, a job change, a low appraisal or a document that doesn’t match can stop a loan. Call Ted fast if it happens to you.