Ask The Underwriter: Monday Mistakes Series
I keep a "list" of things I see during my underwrites. I thought it would be a great learning tool for mortgage professionals. The" Monday Mistakes Series" are a couple of things I share with AR on a weekly basis.
Tax Returns:
- Don't forget to review Sch A of the tax returns. Take the number under unreimubursed expenses and divide the number into 12. That number needs to be DEDUCTED from the borrower's monthly income.
- Provide the 1065 & the 1120S with the tax returns; K-1's are provided but rarely do I see the ENTIRE tax returns.
D. Bass -Mortgage Underwriter & Trainer
Tuesday Teasers Starting March 8 2011:
- Analyzing the Self-Employed Borrower $39
- Closing Quality Loans $69
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