The other day I was listening to the radio and heard an advertisement for a mortgage lender called CashCall Mortgage. I have heard ads from this lender in the past, however this was the first time I ever heard them advertise for borrowers to get a mortgage without having to submit a tax return.
It sounds to me as if they are attempting to compete with the likes of BOFI requiring less documentation and a different set of loan qualification standards.
Here is a link to the CashCall website:
https://www.cashcallmortgage.com/index.aspx
I noticed that they are located in Orange, California near Anaheim.
If you click the link to their “No Tax Return Loan” you will end up here:
https://www.cashcallmortgage.com/allstar/cashcall/1504/plant…
which says this:
“Your bank account shows you can cover it. But, your tax returns and other documents say different.
Let CashCall Mortgage’s Uncommon Sense Loans get your business the funds!”
“CashCall Mortgage Uncommon Sense Loans are easy and require:
At least a 680 FICO score.
Bank account information.
P&L or other proof of income.
No need for tax returns and pay stubs.”
So it appears that the BofI method of mortgage or business loan creation is to some extent being copied.
Frank - long BofI, see profile for all holdings