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Mortgage Training: Ask The Underwriter= Questions

The Free Mortgage Training Course on my website this month is: Areas Commonly Missed on the 1003. I originally wrote this mini course out of frustration. Mortgage Professionals (Processors and Loan Officers) don't realise that an incomplete application can stall you loan for up to two days!

Once we recieve the loan in the underwriting department we are still left guessing because the person who called you about the incomplete application only asked you for what they needed to input the loan. Now in order to underwriter the loan I need more information.

It becomes a frustrating process for the lender and the mortgage professional.

This brings me to my questions:

When you take an application do you intend to complete the areas later?

If your borrower does not get back to you do you still submit the loan? Do you find that this slows your loan down?

Live FHA Training available in various states. Mortgage training dates range from April-May. If you are looking to learn technique and theory than contact Alpha Mortgage Training. Our Courses were written by a team of mortgage underwriters with a combined 58 years of conventional and government experience. Our courses will not only help you produce more effective loans, but they will also help you increase your closing ratio.

Posted by D. Bass ~ Blog: Ask The Underwriter on 03/26/2008 12:17 PM

Comments (11)

mortgage training, ask the underwriter, underwriting questions

Post is included in group: MortgageEducation
Post is included in group: National Mortgage Broker Workshop

11 Comments on Mortgage Training: Ask The Underwriter= Questions

Thanks, I will take a look...knowledge is the key!

03/26/2008 12:23 PM

by Pamela Knight (Urban Knight Enterprises, Inc.)

This is great information, my sister is actually trying to find a great loan officer course to get started in the business. I will definitely have her read this. Have a great day!

03/26/2008 12:33 PM

by Lorinda Ward (Acworth Georgia Realtor)

D.Bass, Another great post. It really is great to have an underwriter here on Active Rain.

03/26/2008 12:55 PM

by My Favorite Mortgage.net - Matthew J Blum

If the application is incomplete, it should not have been signed nor submitted. Clients should not be enticed to sign applications that contain blank spaces. Underwriters should recommend corrective action on the loan officers that do this. This really does open the door up for fraud to occur and furthermore, how hard is it to get answers to questions when someone is trying to borrow an amount of money that has at least 6 digits and a comma?

03/26/2008 01:21 PM

by Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance)

I echo Matthew's comment D. Bass (Can I ever use your real name:-).

03/26/2008 01:35 PM

by Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.)

Pamela- Your right Pamela. Old saying: When you know better, you do better!

Lorinda- Thanks Lorinda! I appreciate that!!!

Matthew- Thanks Matt! Your post have been cracking me up!

Mark- If everyone thought like you there would be a lot of unemployed people in the industry right now!

Jason- When I make enough money to NOT have to underwrite: SURE!!! (just kidding I'll underwriter when I'm a millionaire: I'm a problem solver, I get bored very quickly)

03/26/2008 03:36 PM

by D. Bass ~ Blog: Ask The Underwriter (Alpha Mortgage Training)

There are a lot of unemployed people in the economy right now caused by easy credit and easy guidelines. We insist that files get suspended by underwriting if it is not a complete application/submission as I don't want these files to slow down the underwriting on mine.

Thank you for the post. I look forward to future ones.

03/26/2008 03:42 PM

by Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance)

D. Bass, when I take an application I complete everything on it before handing it in. The only thing that sometimes have to wait for is past employer phone numbers or addresses. For some reason Borrowers seem to forget them even if it is only a few months since they left.

03/26/2008 09:19 PM

by George Souto (McCue Mortgage Co.)

George- I can't remember my last employers phone number or address! Thanks for reading my post I really appreciate your feedback.

03/27/2008 09:39 AM

by D. Bass ~ Blog: Ask The Underwriter (Alpha Mortgage Training)

Since findings are based on an internal scoring system and this system is based on a complete application I do not submit until all of those little boxes are checked and blanks are filled in.

While I do not how it scores I am sure it is not good with blanks

Good post

Tony

03/31/2008 09:03 AM

by Tony Grego with AmeriSave

Tony- You absolutely right, you end up having to go back and change information later. Not good at the end of the month!

03/31/2008 10:12 AM

by D. Bass ~ Blog: Ask The Underwriter (Alpha Mortgage Training)