Mortgage Training: Tips from the course: Underwriting Sense....into the mind of an Underwriter
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 the file. If the borrower signs a 1003 with 4 (four) different employment and income sections: What would you think???
Before your processor (or YOU!) submit your loan, make sure there is just one 1003 (i.e. handwritten and typed...etc.) in the file. Make sure they match!
So there you have it. Ask The Underwriter does not claim to be perfect or claim to approve every loan! .......and by the way...I really would love to hear what you think......
Alpha Mortgage Training offers instructor led on-line courses on a monthly basis. Live training available in some states. If you are looking to learn technique and theory than contact Alpha Mortgage Training. Our Courses were written by a underwriter with conventional and government experience. Our courses will help you increase your closing ratio.
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