Have you had any challenges with your MI company of choice lately? They definitely have been taking a beating over the past 8 months as many of their stock prices have spiraled (not in a good way).
From Condo's, warrantability, cash out restrictions, credit score limitations to DTI ratios...it's a whole new ball game. Not only do you have to prequalify the client via AUS, but you then have to step up to the MI Midway Arcade and try to find one where you can have a shot at winning a stuffed animal!
A number of our investors have developed "Cheat Sheets" that are updated weekly (sometimes multiple times per week) trying to keep up with the different MI companies changes. As if DU 7.0 wasn't a screw-job enough, now you have to pass a 2nd level of underwriting via the MI company.
The last 3 conventional loans I have done have forced me to become an expert at the "ring toss" and fortunately, I won 3 stuffed animals.
Anyone else experiencing the same headaches?
Comments (0)Subscribe to CommentsComment