Ask The Underwriter: Monday Mistakes Series
I've decided to start a Monday Series called: Monday Mistakes. During the week I'll be keeping a tally of the mistakes I see. Hopefully this will help realtors and mortgage professionals out when processing, originating or appraising a loan.
This weeks top picks:
1.) Taking a commissoned borrower's gross income from a paystub and dividing it by the number of months. Example: A commissoned borrower gives you a paystub dated peroid ending 7/18/10. You cannot take the YTD and divide it by 7.
2.) DU findings #24 ask you to re-run the loan with "xyz" information. I know DU findings appear pretty standard, but there are several conditions buried deep in the findings that will bite you in the "xzy" if you don't meet them.
3) Submitting tax returns without all the scheudules! Need I say more?
Tuesday Teasers: Coming Soon..
D. Bass
Mortgage Underwriter & Trainer
Blooming for you!
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