You Can Go Stated as Long as Your Not ?Industry?

Stated income has always been laughable to me.  For the most part the way that it's been implemented in the industry is as outright fraud - pick a number that makes the loan work and find a way to justify it to the brain-dead underwriting team that is just trying to hit their numbers.  Now, I don't need the 10 comments about what stated income was originally designed for, and how it helps self-employed people; we get it.  Simply put, a huge portion of the fraud in our industry can be attributed to stated income loan products. No Stated for Mortgage Professionals One of my favorite ironies of the recent credit crunch has been the policy that many banks have taken towards those in the mortgage, real estate and home building industries.  That policy is to require all peopl