manual underwriting: Oil & Water (Inside today's mortgage underwriter's head) - 03/16/10 04:04 PM
Oil and Water
Written By: Bonnie Wilt-Hild
Senior DE Underwriter & NAMP InstructorOil and water, two things that we all know do not mix well due to incompatible molecular structures, have become the poster child for underwriting with AUS. That’s correct, Oil (AUS) and water (manual underwriting). “How so”, you ask and the answer is a very simple one. We are still required to utilize automated underwriting on all cases that we underwrite. However, the findings don’t mean a thing where documentation waivers or loan approval is concerned.
http://www.mortgageprocessor.org/mortgage-loan-processor/2010/03/oil-and-water.html
Great article written by someone who underwrites FHA loans … (1 comments)
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manual underwriting: FHA Manual Underwriting: The Rule of 3 - 11/03/08 05:29 PM
If you can't get approved for an FHA loan through automated underwriting, then your loan might need to be manually underwritten to get approved. Having 3 compensating factors is a good rule of thumb when going for a manual underwriting approval. Compensating factors are when you are better off than whatever the minimum requirement is. Compensating factors aren't needed all of the time but if there is anything questionable or borderline about a person's situation, they are better to have than not to have. A list of compensating factors is:- More than the required down payment, in increments of 5% (95% … (0 comments)
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