Ask The Underwriter: I'm going to start some trouble at the end of the month! - 02/26/08 09:12 PM
I received 2 phone calls today both after 7pm! Both were very angry phone calls regarding conditions that were impossible to get. It's the end of the month everyone's cranky, no one's closing the amount of loans they want to, etc....
Okay 3 things and then I'm outta here before NO ONE lets … (12 comments)
|
Ask The Underwriter: Desktop Underwriter Question - 02/25/08 10:51 AM
Hi D. Bass,
I have read quite a few of your blogs and I like the way you educate all of us on UW questions. I have a question that I would like to ask you:
If DU findings come back as Refer/Eligible: Refer due to DTI at 67% but borrower has compensating … (13 comments)
|
Ask The Underwriter: Fannie does stated income loans!!! - 02/21/08 01:45 PM
I spoke to an underwriter buddy of mine today. She reminded me of something I'd like bring to yourattention. DU (FannieMae) and LP (Loan Prospector) still have the potential to be stated income loans! Oh....... the findings that I received that showed no income verification was needed (talking about an easy underwriter!)... just a … (14 comments)
|
Ask The Underwriter: The Credit Report (This one is short & sweet) - 02/20/08 04:24 PM
The credit report has a wealth of information, but if you just glancing at you'll miss some very important information.
Refinances: When you look at your borrower's credit report you are looking for a 12-24 month mortgage history (depending on your program guidelines) Make sure you look at the number of months the account … (4 comments)
|
Ask The Underwriter: Compensating Factors? - 02/19/08 08:56 AM
Compensating Factors: Information used to strengthen your mortgage loan file. Not a definite, but definitely worth trying.
There are times to let sleeping dogs lie and there are times to let out the battle cry and bring on the: COMPENSATING FACTORS! When your borrower falls short you need HELP!
Here are some examples … (6 comments)
|
Ask The Underwriter: Why hasn't my loan been UNDERWRITTEN yet! - 02/18/08 06:06 AM
In some lender shops before the loan reaches the underwriter it has to go to the set up department/person (and sometimes another step!) By the time it gets to the underwriter eithier 3-4 hours have passed or 24 hours (depending on the lenders turn time).
Incomplete files slow down the mortgage process. Lets take the Uniform … (11 comments)
|
Ask The Underwriter: Finger Pointing - 02/14/08 06:22 AM
Today's underwriting subject is Finger Pointing. I know most of you are asking "What mortgage product is that? I've never seen or heard of that condition? Do you mean when the Underwriter is finger pointing?"
I had a few good underwriting questions I wanted to share with you guys this week. … (3 comments)
|
Ask The Underwriter: AVM versus BPO - 02/13/08 07:34 AM
I received a very good question yesterday. It brought back some memories of an underwriting team I was on in 2005/2006. For the record, It was the first time in my underwriting career the appraiser wasn't upset at the underwriters. The Realtors were on the chopping block! The question was:
AVM versus BPO: I … (6 comments)
|
Ask The Underwriter: Appraisal Review Part 2 - 02/12/08 08:13 AM
I recently commented on an appraiser's blog and I have to admit, I was hesitant at first. The relationship between appraisers and underwriters has always been a little "strained" to say the least. As Appraisers their job is PROPERTY VALUE. That's what they do, they appraise homes daily. An underwriters job is to … (5 comments)
|
Ask The Underwriter: What does an underwriter do? - 02/11/08 05:24 PM
Jimmy Mcall from Legacy Mortgage Service gave me a great heads up today! He let me know that an answer I gave a fellow AR was buried and needed to be seen. Jimmy Mcall from Legacy Mortgage Service has done as awesome job of breaking down what a VA loan is. Most people complicate it and confuse … (2 comments)
|
Ask The Underwriter: Appraisal Review Part 1 - 02/11/08 12:49 PM
Appraisals are under UNDER ATTACK! Okay, I may be exaggerating but I've been blog searching for the last week and I think I can probably get a few high fives when I say they are being scrutinized!
As an Underwriter I understand why my fellow underwriter is asking for the extra comps, comments … (10 comments)
|
Ask The Underwriter: Stated Income...The Right Way - 02/08/08 07:14 AM
Stated Income.....The Right Way
In the past stated income was only for self-employed borrowers. As time passed it slowly begin to expand to salaried borrowers. While a few lenders have gone back to self-employed only, most lenders still offer the product to both.
Times have changed, companies have closed and investors have … (0 comments)
|
Ask The Underwriter: Appraisal Comp Searches Anyone? - 02/07/08 08:54 AM
Hello Everyone,
I was surfing blogs yesterday and came upon a question by Rick Kellow with Ace Lending LLC (who I want to add is a Mortgage Banker, lends in all 50 states and does commercial and Residential Lending!). He asked an Appraiser:
How do you feel about comp searches????
While most of … (0 comments)
|
Ask The Underwriter: Self Employed Borrower Question - 02/06/08 05:46 AM
Rhonda Loyd from Rivera Mortgage in Atlanta,Ga emailed us at asktheunderwriter@alphamortgagetraining.net to ask the following question:
I have a borrower that owns their own company. He pays his housing expenses and his car note and credit cards from his business account. His tax returns show a nice amount of income, but not … (0 comments)
|
Ask The Underwriter - 02/03/08 05:27 PM
Are you having a hard time with the current changes in the Mortgage Industry?
Welcome! if you've got a question for one of our underwriters, please post it here or email us at asktheunderwriter@alphamortgagetraining.net and we'll answer it in the blog
… (2 comments)
|
;)
Links;)
Tags (Tag Cloud);)
Archives
