Home : Blogs : D. Bass ~ Blog: Ask The Underwriter : Ask The Underwriter

Mortgage Training: Ask The Underwriter=Sales Contract

Mortgage Training Subject: Sales Contracts (Purchase Agreements)

It's Friday! It's the end of the month! ....and I think I'm going to start a little trouble again! Let's talk about Sales Contracts. Sales Contracts are not considered Fully Executed unless they are signed by all parties, have all the addendums attached and of course completed stipulations (if any).

...but there's something else: We have to be able to read it! In this era of paperless underwriting, faxed and emailed copies it gets a little tricky.

How many of you out there send underwriters sales contracts without all the addendums and contracts faxed so many times you get into a "heated discussion" with the underwriter because he/she can't read it?

Let me know!

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 03/28/2008 12:07 PM

Comments (9)

mortgage training, sales contracts, ask the underwriter, questions

Post is included in group: MortgageEducation
Post is included in group: Christian Mortgage and Real Estate Professionals
Post is included in group: National Mortgage Broker Workshop

9 Comments on Mortgage Training: Ask The Underwriter=Sales Contract

You're right....I've gotten things faxed to me that have been faxed back and forth several times and that had small print to start with.....thanks for the reminder....oh, I got the subscription thing worked out....thought you would like to know.

Bob Mitchell

ValueList Real Estate Services, Inc.

03/28/2008 12:17 PM

by ValueList Real Estate Services, Inc.

Are these courses free?

03/28/2008 12:18 PM

by Jennifer Butz (Georgia Lending Partners, LLC)

Bob- No problem! I crack up when I see the size of these sales contract. You can give them to your daughter or niece for her Malibu Barbie!

Jennifer- I sent you an email.

03/28/2008 01:53 PM

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

Oh yes...I've seen things that have been faxed so many times they're not even recognizable as a P & S! I usually try to scan and e-mail, or send a clean copy without sigs along with the signed one. I've never gotten in a heated discussion though...I figure it's in everybody's best interest to work together! That attitude has served me well so far!

03/28/2008 07:09 PM

by Maine Real Estate Broker, Barbara Hershey (Court Street Realty, Maine)

D. Bass if I get a signed contract from the Borrower or their Realtor that is hard to read, I try to get another one even if it is unsigned so that the Underwriter can read what it says. The FHA Amendatory Clause Form is another one that can shrink to a point that you can't almost make out what it says after it is faxed to everyone.

03/28/2008 08:08 PM

by George Souto (McCue Mortgage Co.)

Barbara- We love people like you!!!

George- You always come up with the correct answer. I usually suggest they send the copy that they started out with (the one with maybe one persons signature on it) Isn't it amazing with that with the invention of the fax machine nobody has time to go anywhere anymore! L.O.L.

03/28/2008 08:42 PM

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

This is always a big problem. Does not help that much of Indiana does not use high speed internet or the number of folks that do not use email.

Just worked a home show this weekend and I would say about of1/3 of the folks did not use email (from the ones not fibbing about a email address)

Good post

Tony

03/31/2008 09:08 AM

by Tony Grego with Sagamore Home Mortgage

Tony- Wow, I'm from Chicago and I didn't know that. But then again, Illinois is a prairie state with Chicago being the largest metro area. If you drive one hour outside of Chicago your looking at cows and corn fields!

03/31/2008 10:16 AM

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

What's wrong with cows and corn fields! *grin*

One thing I used to stress to Realtors when I worked with them is to ALWAYS have a LEGIBLE copy of the contract. If I couldn't read it, I would tell them before I went on. I found that if we communicated up front, then there wasn't an issue afterwards.

04/21/2008 09:13 PM

by RealMortgageTraining.com

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?