Are bank underwriters incredibly dense or just stupid?

Discussion in 'Off Topic Area' started by goodintentions, Dec 18, 2014.

  1. goodintentions

    goodintentions Active Member

    Joined:
    Jun 20, 2012
    Messages:
    386
    Likes Received:
    78
    Trophy Points:
    28
    I am applying for a mortgage to by a new house. The house's price is way way way below what I can afford.

    Aside from my income from my day job, I also have an income from my mobile apps. I have some published on android and windows.

    The underwriter wanted me to explain what these incomes are. So, first time around, I wrote a letter explaining that these are mobile apps and people would buy these apps and I get the money they paid. I also submitted summary printouts from the google and MS payouts.

    The underwriter again asked me to explain what these incomes are because she couldn't understand where they came from.

    So, for a second time I wrote a long explanation of what they are. These are mobile applications. I wrote the code. Compiled the codes into apps. I submitted these apps into the google play store and the MS app store. People would buy these. And I get the proceeds. Included with my explanation, I attached the detailed printouts of every app purchases people made in nice excel spreadsheets. I also included the google and MS dev contracts for these apps.

    This morning, I just received another email from the underwriter. She, again, is incredibly confused where this extra income is coming from. Every time she referred to mobile apps, she had them in quotation marks. For example, her first sentence say:

    I still need to know where the income is coming from. What are "mobile apps" and how do they contribute to the income?

    In my last explanation, I've included everything I have on these apps and the revenue. I'm at a loss as to what else I need to provide. Before I gave her the packet last time, I even gave it to my banker to have him look through it to see if it was thorough enough. He said everything looked fine to him.

    Should I just put down it's actually drug money? May be she can understand that better?
     
  2. VickiFL

    VickiFL Active Member

    Joined:
    Sep 16, 2014
    Messages:
    471
    Likes Received:
    101
    Trophy Points:
    43
    Location:
    Florida
    My Device:
    SPro3
    Ask the bank to have someone else review the application because the person doing so now doesn't seem to understand.
     
  3. Tsurugaya

    Tsurugaya Active Member

    Joined:
    Jan 23, 2014
    Messages:
    395
    Likes Received:
    28
    Trophy Points:
    28
    Can't you just go there an show it to her visually?
     
  4. jrhillma

    jrhillma Member

    Joined:
    Mar 5, 2014
    Messages:
    55
    Likes Received:
    4
    Trophy Points:
    8
    "Do you have a smartphone?"
    "Yes, but I.."
    "Do you ever install apps? Like maybe the Facebook app?"
    "Well, yes, but I.."
    "I develop...create and market...apps like the Facebook app. My apps aren't free like the Facebook app, though. Mine cost money if you want to install them. You have to pay for them; lots of people have paid for them. The revenue streams come from Google Play and Microsoft Store. I gave you a spreadsheet showing all the wonderful people who have bought my app."
    "I still don't..."
    "I know. But it's legitimate income. I could have not reported it to you, but I did. Then I documented it. Do you have a manager?"
     
    annabanana and VickiFL like this.
  5. goodintentions

    goodintentions Active Member

    Joined:
    Jun 20, 2012
    Messages:
    386
    Likes Received:
    78
    Trophy Points:
    28
    Ok, this morning I sent in another packet. This time I present it as a business. The packet includes everything from business model to gross profit and whatnot. Even included nice graphs.

    If she still doesn't take this, I will just put down I got this revenue stream by selling drugs to Microsoft and Google, considering all the deposits show either MS or Google.
     
  6. daniielrp

    daniielrp Active Member

    Joined:
    Oct 26, 2013
    Messages:
    693
    Likes Received:
    133
    Trophy Points:
    43
    Location:
    Preston, UK
    My Device:
    SPro3
    I would not trust this person to aid you financially!

    Maybe dumb it down to:

    "I sell an Angry Birds".
    "People pay me money for an Angry Birds".
     

Share This Page

Search tags for this page

bank underwriters what are they