underwriting guidelines: What are 'reserves'? When are they important? - 07/23/14 07:18 AM
What are reserves?  When are they important?
 
 
What are reserves?
 
 
     Reserves, in the mortgage industry, refer to a borrower's assets AFTER the closing of a new loan.  Basically, if the borrower were to lose all income, how much in reserve do they have to continue to make mortgage payments.  Reserves differ from assets, because while some reserves are assets, not all assets are considered reserves.
 
     Generally speaking, reserves are assets which a client can get access to and pull from.  It can get complicated when talking about some types of assets such as retirement … (5 comments)

underwriting guidelines: Fannie Mae post-shortsale guidelines changing - 07/07/14 06:44 AM
Fannie Mae post-shortsale guidelines changing
 
 
     With the updated release of Desktop Underwriter (DU)  to version 9.1, Fannie Mae has implemented some changes to  the automated underwriting system, which should be followed by changes to their selling guide, and therefore the guidelines of every lender in the industry that underwrites conventional loans.
 
 
 
The pertinent changes are:
 
Foreclosure with less than 7 years seasoning (good news)
 
     If a borrower has had a foreclosure withing the previous 7 years from the date of application, it will now be possible to receive an approval through automated … (7 comments)

underwriting guidelines: What is "Fannie direct" & why your lender should be - 11/03/13 04:48 AM
 
What is "Fannie direct" (and why your lender should be)
 
     It's hard to keep up with all of the mortgage industry jargon, especially when one phrase can mean so many different things.  The latest phrase I've gotten many questions on is the"Fannie direct" loan option.  This is an important one to be aware of for both consumers and anyone else in the real estate industry, and could be the difference between getting a loan or getting declined.
 
     Fannie direct simply means a lender sends their loans straight to Fannie Mae, and not to an intermediary servicer.  When most conventional mortgage transactions … (27 comments)

 
John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) Ambassador large

John Meussner

#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Walnut Creek, CA

More about me…

Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,

Address: 23441 S Pointe Dr, Ste 110, Laguna Hills, CA, 92653

Office: (949) 247-7530

Mobile: (484) 680-4852

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