Blog entries tagged with "lp":


lp: Market Updates - 05/30/08 09:13 AM
Good morning all,
July 1st will bring about more changes to the mortgage industry. DU and LP (Automated approval systems) are undergoing some modifications, some of which include; stricter debt-to-income ratios, higher reserve requirements and higher credit score requirements. If you currently have clients shopping for a home who have been … (0 comments)

lp: Automation in Credit Decissions and Scoring - 03/18/08 09:40 AM
 This just in! I'd like you to meet the newest underwriting staff at 'Lost in Space Mortgage, LLC'. Each has their own specialty in underwriting. On the far left, that's R2DU, a clever thing that specializes in Fannie-Mae underwriting. Next in line, that's LPD2, a Freddie specialist who I'm told has a … (4 comments)

lp: How Much Information Do You Really Want Your Client to Have? - 08/07/07 10:44 AM

This basic question comes up time and time again, sometimes from realtors and sometimes from associates. That basic question is, how much information do you really want your client to have? David Helm and I, who work together as adjunct faculty at a technical college, often compare notes. More often than … (2 comments)

lp: Are you really approved for that mortgage? -- FHA - 04/24/07 03:42 PM

Consumer -  "I have been approved for that mortgage."
Me (loan officer) - "How do you know this for sure?"
Consumer - "Because I was told by the loan officer that they ran it in their system and it came back with an approval." 
Me -  "That sounds great. So did you show them … (24 comments)

lp: Short Sales and Loan Prospector: A Response from Freddie Mac - 01/24/07 06:44 PM
What effect will “short sales” have on a borrower’s credit and ability to secure another home loan?  Without the public Notice of Default that precedes a foreclosure and notifies the credit bureaus, will “short sales” slip under the automated underwriting radar?     In my earlier post Short Sales vs. Foreclosures….Your Credit Will Suck … (2 comments)

 
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