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mortgage: 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)

mortgage: Being Prepared for Mortgage Qualification Questions - 11/16/08 12:58 PM
It's hard these days to know what lenders are looking for when someone is trying to qualify for a mortgage. This blog entry isn't so much to tell you what one needs to get you approved, rather than just a list of all of the applicable questions that are likely going to be asked during the mortgage process. Not every single question is covered here but the most important 11 items that I could think of are.
Credit. What are your credit scores and if you have any, what negatives (collections, charge-offs, late payments, BK's, judgments, tax liens, back owed child … (0 comments)

mortgage: Homeowners Insurance Requirements - 11/13/08 10:22 AM
Since just about every loan I do I get asked if there is anything special the homeowners insurance needs to contain I thought I'd write something brief. While most standard homeowners insurance policies will do the trick, there are a few things to keep in mind.
Coverage typically needs to be for at least fire and extended coverage Amount of the coverage must be at least equal the lessor of 100% of the insurable value of the improvements (usually determined by the cost approach on the appraisal, sometimes lenders will accept the property insurer's determination) or the unpaid balance on the … (1 comments)

 
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Shane Milne

Laguna Niguel, CA

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First National Bank of Layton

Address: 24452 Sunshine Dr, Laguna Niguel, CA, 92677

Office Phone: (949) 273-4161

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