MovieChat Forums > Moving (1988) Discussion > Hey, didn't Arlo lie, to get his home lo...

Hey, didn't Arlo lie, to get his home loan?? lol


When Arlo went to the bank to apply for a home loan, he told the loan officer (convincingly played by none other than Rodney Dangerfield) that "I've had the same job for fifteen years." But technically, he had been let go from his last job, and hadn't really started his new job, so he wasn't being totally up front about his employment situation. I mean, he actually had a new, different job with an entirely different employer than the previous "15-year" one. This, of course, was all some twenty years before the big real estate bubble of the mid to late 2000's, where "liar loans" became common. But back then, a loan officer would have checked up on this employment claim and discovered it was not exactly true, and could have denied him a loan.

Oh well, it probably wouldn't have mattered anyway, because we saw where he had sold his home in New Jersey, which probably netted him more than enough to buy the house in Boise, where real estate prices are a lot lower than on the east coast. So I'm wondering why he needed a home loan in the first place? Funny scene just the same, what with the horse race and all. lol

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Lol, well...I WAS a loan officer before the market crashed so I can perhaps give some feedback on it. Sorry for the two year delay, btw. Anyhow, if a person is in a salaried position and is in the same line of work with no gaps, then the income from the new company could be used as qualifying income. All that he would need would be a Full VOE (verification of employment) which would specify the terms of employment. As long as the gao was less than a full month, he wouldnt have too much of a problem' especially if he had decent reserves (such as a 401k).

Now however...there couldnt be any gaps, would need a very high score, and tons of reserves.





"Freedom and morality do not go hand in hand. In fact, they are usually devoid of one another."

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