ask the underwriter: Be Kind to Your Underwriter
- 01/06/20 04:21 AM
This new year I've had time to reflect on the past year, I wanted to start this new year as a "MASTER BLOGGER" and blog three times a week and build my business and help people achieve their closing goals! Underwriting is the same way, we want to help people achieve the dream of HOME-OWNERSHIP! Most of the time we are able to accomplish this. There are also times we find that we can help them achieve the dream of home-ownership, but not at the original terms we offered in the beginning. There is another side to underwriting that is rarely talked about. After the loan has closed and … (1 comments)
ask the underwriter: Monday Mistakes:
- 10/24/11 08:56 AM
Monday Mistakes: Purchase Agreements I haven't posted a Monday Mistake in ages! So I've got a ton of tips stored up.....just need the time to get them posted!!! Today's post is short and sweet: You must provide the appraiser with the sales contract......and all addenda. If the sales price changes, the appraiser must be alerted.
8 Hour SAFE Comprehensive CE Refresher Webinar (NMLS #2115). Register for this course and receive the following bonus course: "7 Rules for Generating Leads Through Social Media" presented by Internet Mortgage Marketing Expert Jackie Kiadii! (A $59 Value!).
D. Bass ~ Mortgage Underwriter … (3 comments)
ask the underwriter: SAFE Act Course by Alpha Mortgage Training
- 09/23/09 03:37 AM
SAFE Act Course on November 16th We are currently an approved provider of SAFE Act Courses. We are currently offering an early bird discount of $279 for early registration in anticipation of approval for our 20 hour SAFE Act course. This course is scheduled for November 16 and will be $395 after October 31st FHA Jumpstart: Here's a FHA Mortgage Training Course that fits in everyone's budget! Jump into FHA with the information you need to get your loan approved. This course was designed for you to hit the ground running. This course goes over the information you need to get your … (1 comments)
ask the underwriter: Mortgage Training: Tips from Underwriting Sense..into the mind of an Underwriter
- 08/17/09 02:55 AM
Tips from the course: Underwriting Sense....into the mind of an Underwriter WHAT'S wrong with MY Internet printout!!!! The Internet is slowly but surely eliminating the need for paper. While this is a good thing for the environment it is a....difficult transition for organizations that have to verify documents! Internet printout are okay if they: Identify the borrower as the employee or owner of the account Identify the credit reporting agency, employer or financial institution Show the headers, footers and the banner portion of the printout from the web page (and included all pages printed Include the URL (Uniform Resource … (2 comments)
ask the underwriter: Mortgage Training: Tips from Underwriting Sense..into the mind of an Underwriter
- 08/04/09 01:17 AM
Mortgage Training: Tips from the course: Underwriting Sense....into the mind of an Underwriter WHY do you NEED the tax bill and hazard insurance dec page? Here's a question we get often! I have had to go to bat with Brokers, Processors and Account Executives regarding this condition! We don't ask for these documents to give you a hard time or to make you go back to your borrower! There is actually a legitimate reason we ask for it. When a schedule of Real Estate Owned is submitted with "free & clear" properties listed we have to have accurate verified taxes and insurance … (0 comments)
One 1003 Please!!! I'm going to be completely honest with you: Ask The Underwriter: D. Bass has actually denied a loan due to multiple 1003s. Before you click unsubscribe...hear me out! The loan had four (4) 1003s in it and every on every single 1003 the borrowers worked at different jobs and made a different amount of income! And.....No.... this was not during the stated income era...it was actually quite recent. One thing you have to understand is all the underwriter has to go by is in … (0 comments)
ask the underwriter: Freddie Mac Going back to 45% DTI
- 10/19/08 12:50 PM
Upcoming Changes to Freddie's Credit Requirements These credit changes will be published in the November Guide Bulletin and will be will be effective for Freddie Mac settlements on and after February 2, 2009: Eliminate purchases of all mortgages originated with stated income and/or stated assets, including borrower selected programs, lender-branded and marketed programs, and system-selected programs such as Loan Prospector® Accept Plus. Establish a maximum debt-to-income ratio of 45 percent for all mortgages they purchase, except for Streamlined Refinance Mortgages. They made a few other changes I will talk about later this week, but we expected the DTI to go back down didn't … (9 comments)
ask the underwriter: Mortgage Training: Underwriting Sense...into the mind of an underwriter!
- 03/31/08 04:12 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 what you need to know: What The Underwriter Is Looking For!
This course goes over: Areas Commonly Missed on the 1003- we will go over the areas that slow your loan down in underwriting (you'll be very surprised!) AUS Tips- the industry is moving back to DU (FannieMae) & LP (Loan Prospector) … (2 comments)
ask the underwriter: FHA Mortgage Training in Georgia (Live)
- 03/31/08 03:53 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 focus of the training is learning the FHA mortgage process. If you aren't currently doing FHA loans or need a refresher course, this is the course for you. We offer Live & Instructor Led On-line Training. This course is taught by seasoned DE Underwriters and breaks down the FHA mortgage process in … (2 comments)
ask the underwriter: Mortgage Training: Ask The Underwriter=Sales Contract
- 03/28/08 05:07 AM
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 completed stipulations (if any).
...but there's something else: We have to be able to read it! In this era of paperless underwriting, faxed and emailed copies it gets a little tricky. How many of you out there send underwriters sales contracts without all the addendums and contracts faxed so many times you get … (9 comments)
ask the underwriter: Mortgage Training: Ask The Underwriter= More Questions!
- 03/27/08 03:05 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 and the declaration information. So here are my questions for you today: Do you think asking the borrower for their birth-date is a waste of time? Do you take the time to ask the borrower the questions in the Declarations section (see below) on the Application or do you complete it yourself after … (7 comments)
ask the underwriter: Mortgage Training: Ask The Underwriter= Questions
- 03/26/08 05:17 AM
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 in the underwriting department we are still left guessing because the person who called you about the incomplete application only asked you for what they needed to input the loan. Now in order to underwriter the loan I need more information. It becomes a frustrating process for the lender and the … (13 comments)
ask the underwriter: Mortgage Training: Ask The Underwriter
- 03/24/08 06:44 AM
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 make sure the income documents submitted match the application? When the underwriter cuts your income do you find out why? I've received a few questions regarding income and documentation. I was curious to know how people are handling their income calculation & documentation.
Live FHA Training available in various states. Mortgage training … (9 comments)
ask the underwriter: Mortgage Training: Incomplete Series: Assets Cont'd
- 03/21/08 03:19 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 have look at the loan again based on the correct amount of assets. This is a quick list of a few things you can look for when providing the underwriter documentation for assets: RETIREMENT FUNDS- Provide the most recent statement. Only use 70% of these funds. A few words to look for: … (7 comments)
ask the underwriter: Ask The Underwriter: Question regarding DO
- 03/18/08 03:25 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 compensating factors in the file (during the underwriting process) for HUD in case they have any questions later. 1. First I would talk to my Account Executive to find out if giving compensating factors is a new company policy or if this is a condition the underwriter "feels" will make the loan … (6 comments)
ask the underwriter: Ask The Underwriter: Incomplete File Series= Asset Documents
- 03/17/08 12:19 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 check for when looking at Bank Statements or Verification of Deposits:
1. Look for at least 2 months bank history when verifying "seasoned" funds to close or reserves - if the account only shows a month or they don't have another month they need to provide a paper trail for the … (8 comments)
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 look for: W-2 Information does not match the figures reported on the 1040's Real Estate taxes or mortgage interest reported, but the Schedule of Real Estate owns shows no property listedReal Estate owned, but no deductions taken for real estate taxes or mortgage interest paid.Borrower's application shows they are not self-employed, but … (8 comments)
ask the underwriter: Ask The Underwriter: Incomplete File Series= Income Docs
- 03/11/08 04:30 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 discuss the Verification of Employment and the weirdest thing happen last week..... Someone emailed me that very question! I've actually had several questions regarding the Verification of Employment. I asked the last two mortgage professionals to email me a copy of the VOE (with the borrower's personal information blacked out). I … (9 comments)
ask the underwriter: Ask The Underwriter: Incomplete File Series=Income documentation
- 03/04/08 03:57 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 a few things:
1. Does the pay stub have your borrower's full name and address on it? 2. Is the Year to Date (YTD) consistent with the number of months the borrower has been employed? 3. Does the Social Security Number (or last 4 digits of the number) match the check stub? 4. … (6 comments)
ask the underwriter: Ask The Underwriter: I'm going to start some trouble at the end of the month!
- 02/26/08 01:12 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 me contract anymore!
1. What do the guidelines say? 2. Did you meet the guidelines? 3. Does the condition fall within the guidelines? Now If your file is not strong (appraisal, job history, credit) or fraudulent (yea..I know....like someone would admit it!) let it go. Like I said....that's all I have for you. Any questions? Check out … (13 comments)
This new year I've had time to reflect on the past year, I wanted to start this new year as a "MASTER BLOGGER" and blog three times a week and build my business and help people achieve their closing goals! Underwriting is the same way, we want to help people achieve the dream of HOME-OWNERSHIP! Most of the time we are able to accomplish this. There are also times we find that we can help them achieve the dream of home-ownership, but not at the original terms we offered in the beginning. 
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