MEET THE UNDERWRITER? A RARE OPPORTUNITY AND A WELCOMED ONE!

YESTERDAY WAS A BANNER DAY!I  And another fabulous ActiveRain experience.

I MET THE UNDERWRITER!

Yesterday I, and one of my Homefinders.com network broker partners, had the pleasure of meeting with an experienced UNDERWRITER for over an hour. 

"WHAT'S THE BIG DEAL", you ask?  Fact is, having an opportunity to sit with an discuss underwriting policies and procedures with an active underwriter is a big deal. 

The last thing a Buyer's Agent want to hear is "THE LOAN WAS REJECTED".   How often are real estate agents and brokers faced with barriers to settlement that begin with the loan officer calling and informing the buyer's agent that the loan was rejected because:

• The appraisal is low.
• The appraisal is high.
• Another appraisal is needed.
• The buyer's debt ratio has changed (not for the better).
• The underwriter needs documentation. .
• The underwriter wants. . .
• etc., etc., etc.

IF WE COULD ONLY ALWAYS PREPARE.  There are many causes of such a call, all beginnine with the underwriter rejecting the loan or asking for more, more, more.   So often when the loan officer calls, the causes of the rejection are not always clear, explained or obscure.  I have always believed that education and training on the part of buyers agents will help avoid these problems.

WHEN OPPORTUNITY KNOCKS.  The offer came from a loan officer whom I met through an ActiveRain post who is interested in providing mortgage services for Homefinders.com buyer-clients.  The decision to "MEET THE UNDERWRITER" surprised me and it took me only a nanosecond to accept the invitation and begin to prepare for the meeting. 

WHAT SHALL I ASK?  The meeting had no itinerary, so I decided to simply prepare a list of questions covering the relationship between the

• underwriter and the loan officer
• underwriter and the investors
• underwriter and the loan types offered
• underwriter and MI companies
• underwriter and LTV, income/debt ratios
• underwriter and AMCs
• underwriter and appraisal problems/reviews
• underwriter and title companies
• underwriter and funding resources
• underwriter and contract dates/contingencies

and more, more, more.

OVER MY PAY GRADE?  Perhaps, perhaps not.  One thing for sure is that I'm not bashful when it comes to asking experts for help.  So, a few days ago, I contacted Charles Dailey, an ActiveRain friend to help me prepare by suggesting questions.  Charles' experience is clear.  Just read his blog and you'll meet a very experienced mortgage professional.  JUST WHAT I NEEDED.  I also asked several experienced real estate agents and brokers for suggestions.  I also belong to the ActiveRain group, UNDERWRITING. 

I WAS PREPARED.  The meeting was held in the mortgage company offices in Parkville, MD.  The meeting was, in a word, fantastic.  The information gained was helpful, informative, insightful and the exchange of information and experience was invaluable. 

WHEN OPPORTUNITY KNOCKS, open the door and let it in.  You never know what you'll gain unless you try.

 

                                

Understanding the role of the underwriter is helpful when representing home buyers and sellers.

ACTIVERAIN MEMBERS.  If you would like to share this post with others, click the "Suggest" button at the top. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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