mortgage underwriting questions: Ask The Underwriter: Questions
- 10/04/10 10:41 AM
QUESTIONS: When should I average the borrower's income? ANSWER: You can average the borrower's income if they do not receive a salary and when the pay stubs provided do not provide a consistent gross amount. Sales Professionals and Nurses are two examples. Most sales professionals receive bonus and commission income and Nurses makes differential pay. I personally like to average teachers income (depending on the state), because unless you have the teachers contract it is sometimes difficult to arrive at the correct income. Coming Soon! Tuesday Teasers: Free 30 minute weekly Webinars starting October 26th 11:30 am. Join us for a … (2 comments)
mortgage underwriting questions: Ask The Underwriter: I'm going to start some trouble at the end of the month!
- 02/26/08 01:12 PM
I received 2 phone calls today both after 7pm! Both were very angry phone calls regarding conditions that were impossible to get. It's the end of the month everyone's cranky, no one's closing the amount of loans they want to, etc.... Okay 3 things and then I'm outta here before NO ONE lets me contract anymore!
1. What do the guidelines say? 2. Did you meet the guidelines? 3. Does the condition fall within the guidelines? Now If your file is not strong (appraisal, job history, credit) or fraudulent (yea..I know....like someone would admit it!) let it go. Like I said....that's all I have for you. Any questions? Check out … (13 comments)
QUESTIONS: When should I average the borrower's income?
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