underwriting conditions: Deals Falling Out of Escrow? Think Twice (and do your homework) Before Making Your Offer - Part 2
- 02/11/11 09:10 AM
In Part 1, I discussed one of the reasons why so many loans may be falling out and escrow transactions may be getting canceled. Now, while I can not speak about other areas of the country or other Realtors/agents transactions, I can only discuss my professional experiences as an Mortgage Loan Originator (MLO) with my own borrowers here in Los Angeles & Ventura counties. I Part 2, I would like to discuss another issue that comes up that so many sellers and their listing agents (LA) as well as buyers fail to do before getting into escrow. In failing to do their own due diligence, they leave … (6 comments)
underwriting conditions: Deals Falling Out of Escrow? Think Twice (and do your homework) Before Making Your Offer - Part 1
- 02/10/11 11:36 AM
I recently came across the post, Deals Falling Out of Escrow? Cancellations? Here are 5 Surefire Ways to Avoid Them In Your Business! by Danny Batsalkin, a local Los Angeles Realtor. This was a good post and while I don't disagree with any of it, I felt that the explanation for one of his five reasons was just a little too vague. Professionally, I felt that his reason didn't really answer the question of why the "deal" (I use that word loosely) fell out of escrow. I felt that it just painted the lender as the proverbial "deal breaker" when in fact … (15 comments)
underwriting conditions: UNDERWRITING REALLY ISN’T THAT MYSTERIOUS BUT IT’S NOT STANDARD BY ANY MEANS EITHER - Part 4
- 06/11/10 06:32 AM
In Part 1, Part 2 and Part 3, I discussed the trials and tribulations of getting financing for a condo purchase, the problems with verifying a borrower's employment as well as the type of documentation needed for and FHA loan application and how none of this has to be a secret to anyone else in the loan transaction. In Part 4, I'd like to continue my series of making the underwriting process less mysterious. I recently came across a post here on AR by an AR Realtor that was complaining about the request for additional documentation about some personal property that … (14 comments)
underwriting conditions: UNDERWRITING REALLY ISN’T THAT MYSTERIOUS BUT IT’S NOT STANDARD BY ANY MEANS EITHER - Part 2
- 05/21/10 04:50 AM
In Part 1, I discussed the trials and tribulations of trying to buy and/or sell a condo in a complex where the homeowners association (HOA) is in severe financial and legal distress and how underwriting a mortgage loan package doesn't have to be this top secret process shrouded in mystery that no one but underwriters and MLO's are privy to. While there may be a lot of lenders and even MLO's who may want you (Realtors & borrowers) to think that you aren't allowed to know what really goes on "in underwriter", I'm not one of those people. I think it's … (40 comments)
The other day, I came across a post by Ralph Gorgoglione asking whether the underwriting process was a standard process or did it vary from lender to lender. While I commented that very little about the underwriting process these days seems standard anymore, the underwriting process most certainly isn't a mystery either or least it doesn't have to be (yes, it can vary from lender to lender). There are a number of things that can wreak havoc on a loan transaction (as Ralph points out) and while many of them are underwriting related issues, there most certainly is no … (32 comments)
underwriting conditions: THE GOOD, THE BAD & THE UGLY: Underwriting Conditions Gone Crazy - Part 3
- 02/21/10 06:31 AM
In Part 1, I explained what underwriting conditions were and in Part 2, I discussed how verifying that a borrower has the funds to close escrow can go from good to bad to ugly without the proper documentation. There are several areas of the transaction that can be a source of grief when it comes to conditions; way too many to list in this post but I will touch on just a couple of issues of verifying income. For example, when verifying income there are definitely some borrowers that are more challenging than others. Below are just some examples of how … (16 comments)
underwriting conditions: THE GOOD, THE BAD & THE UGLY: Underwriting Conditions Gone Crazy - Part 2
- 02/01/10 07:41 AM
In Part 1, I explained what underwriting conditions were and how some conditions can be good and pretty standard and easy to fulfill. Some can be bad and a challenge to fulfill and others are just downright ugly and are either impossible to fulfill or just basically nonsense. Adding to the challenge, different lenders may have different conditions based on their specific lender overlays. The same can be said of different programs that will have different conditions however the differences between conventional and government programs are becoming fewer and fewer all the time. There are several areas of the transaction that … (28 comments)
underwriting conditions: THE GOOD, THE BAD AND THE UGLY: Underwriting Conditions Gone Crazy - Part 1
- 01/23/10 11:01 AM
Here at Cobalt, we have a section on our website called the good, the bad and the ugly. It's a place where we (Cobalt LO's) can go to share our professional experiences with each other whether they be good, bad or ugly. The goal is to learn from each others experiences, watch out for bad trends and avoid the ugly ones altogether. It's occurred to me that the same can be said of underwriting (u/w) conditions. All loan transactions have u/w conditions. Whether they are prior to doc (PTD) conditions or prior to funding (PTF) conditions, all buyers can expect to provide more … (15 comments)
In Part 1, I discussed one of the reasons why so many loans may be falling out and escrow transactions may be getting canceled. Now, while I can not speak about other areas of the country or other Realtors/agents transactions, I can only discuss my professional experiences as an Mortgage Loan Originator (MLO) with my own borrowers here in Los Angeles & Ventura counties.
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