“Employment Gaps Can Be a Challenge”

MA credit union referred a CT borrower that they can’t do a mortgage for. The credit was fine, the equity was fine, but they couldn’t make the employment gap work. Good for me, but not the right decision for them.

This individual got hurt on the job two and a half years ago. He was collecting workers compensation the entire time and earlier this month got cleared to go back to work. This is NOT a gap in employment at all according to the guidelines.

This would have been a gap if this person would have been discharged from the job and couldn’t find a job for 6 months or longer, then we would have had a problem.

This situation is completely different.

Unfortunately many that make these decisions don’t know the guidelines and turn down perfectly good loans. I suppose if they got paid based on closed loans, the decision making process would be completely different.