ask the underwriter: Mortgage Training: Underwriting Sense...into the mind of an underwriter! - 03/31/08 11:12 AM
Appalachian Technical College and Alpha Mortgage Training have partnered to offer Mortgage Training Courses. This course is taught by seasoned mortgage underwriters.
The Mortgage industry has shifted.....you need to shift with it! This is the course for you. Underwriting Sense will give you the information you need to get your loans to the CLOSING table.
HOW?..by telling you … (2 comments)
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ask the underwriter: FHA Mortgage Training in Georgia (Live) - 03/31/08 10:53 AM
Live FHA Mortgage Training in Woodstock,Ga & Jasper,Ga at Appalachian Technical College.
Appalachian Technical College and Alpha Mortgage Training have partnered to offer Live FHA Mortgage Training Courses. This course was written by a Mortgage Underwriter to train Mortgage Professionals to work with FHA loans. This course is taught by seasoned FHA professionals. The … (0 comments)
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ask the underwriter: Mortgage Training: Ask The Underwriter=Sales Contract - 03/28/08 12:07 PM
Mortgage Training Subject: Sales Contracts (Purchase Agreements)
It's Friday! It's the end of the month! ....and I think I'm going to start a little trouble again! Let's talk about Sales Contracts. Sales Contracts are not considered Fully Executed unless they are signed by all parties, have all the addendums attached and of course … (9 comments)
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ask the underwriter: Mortgage Training: Ask The Underwriter= More Questions! - 03/27/08 10:05 AM
I've spoken to several loan processors and mortgage brokers regarding the Uniform Residential Loan Application (URLA or 1003). One of the hardest things to convince them is how important it is for them to complete the borrower's birthday and the Declarations section. The issue is most Automated Underwriting Systems (AUS) require the birth-date … (7 comments)
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ask the underwriter: Mortgage Training: Ask The Underwriter= Questions - 03/26/08 12:17 PM
The Free Mortgage Training Course on my website this month is: Areas Commonly Missed on the 1003. I originally wrote this mini course out of frustration. Mortgage Professionals (Processors and Loan Officers) don't realise that an incomplete application can stall you loan for up to two days!
Once we recieve the loan … (11 comments)
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ask the underwriter: Mortgage Training: Ask The Underwriter - 03/24/08 01:44 PM
Mortgage Training; Income Calculations
Loan Originators,
I have a few questions for you:
How do you calculate Income? How do you do you document it? What do you ask the borrower when you take your application?
Loan Processors,
When you receive the file from the Loan Originator do you immediately verify the income? Do you … (9 comments)
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ask the underwriter: Mortgage Training: Incomplete Series: Assets Cont'd - 03/21/08 10:19 AM
Mini-Mortgage Training Series
Underwriters look at monthly asset statements on a daily basis. The average processor and loan originator (I'm not talking about my seasoned LO's and processors) usually do not pay attention to the statements they submit. If the assets are on the 1003 (Uniform Residential Loan Application) the underwriter will … (7 comments)
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ask the underwriter: Ask The Underwriter: Question regarding DO - 03/18/08 10:25 AM
I have a DO accept with a back ratio over 43. The underwriter will not approve it without compensating factors. Is this standard industry practice?
First: Thanks for the Question!
This is not "really" standard industry practice. For government loans yes, but not for conventional. Also, for government loans the underwriter usually writes the … (6 comments)
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ask the underwriter: Ask The Underwriter: Incomplete File Series= Asset Documents - 03/17/08 07:19 AM
Assets come in many forms and fashions (literally). You have the checking/savings, Certificate of Deposits, Retirement Accounts, Stocks, Bonds, etc... It's important to know what you're looking at so that you can submit the correct documentation. The goal is to receive the least amount of conditions as possible!
Here a few items to … (8 comments)
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ask the underwriter: Ask The Underwriter: Incomplete File Series= Income Documents - 03/13/08 03:32 AM
First let me say this:
Complete Tax Returns Include ALL SCHEDULES!
This is a heated debate between underwriters and mortgage brokers. The 1040 is the summary of all the schedules. We cannot analyze the tax returns if we don't have the information the 1040 is referring to.
Here are a few items to … (8 comments)
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ask the underwriter: Ask The Underwriter: Incomplete File Series= Income Docs - 03/11/08 11:30 AM
Hello fellow Active Rain members...
I'm sorry I haven't completed this series I partnered with Appalachian Technical College (in Jasper, Ga & Woodstock, Ga) last week. It's been an exciting week!
My last post was about incomplete income documents. I wanted to continue on the subject of income. I was going to … (9 comments)
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ask the underwriter: Ask The Underwriter: Incomplete File Series=Income documentation - 03/04/08 11:57 AM
Most borrowers check stubs are issued by ADP or other well known pay check processing companies, but some borrowers (my husband included) have "different" check stubs.
When these "different" check stubs are submitted the underwriter often asks for additional documentation, but you can beat them to the punch by looking for … (6 comments)
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ask the underwriter: 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)
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ask the underwriter: 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)
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ask the underwriter: 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)
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ask the underwriter: 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)
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ask the underwriter: 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)
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ask the underwriter: 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)
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