verifying income: 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)
verifying income: 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)
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. 
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