General World News

Buy now, pay later: How do mortgage pros deal with ‘phantom debt’?

Earlier this year, New Jersey-based mortgage broker Joe Racamato, president of Silex Financial Group Inc., changed his firm’s preapproval process for home purchase applicants.

Racamato is now orienting his team to look closely at clients’ bank statements to find multiple — and often interest-free — installments of a few hundred or thousand dollars paid to the same company on a biweekly or monthly basis. He wants to know whether the potential borrower has acquired a buy now, pay later (BNPL) loan.

Traditionally, Silex Financial Group ran the initial numbers for a potential borrower to details ⇒

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