What Is Form 1007? A Complete Overview for Appraisal Pros
Fannie Mae’s Form 1007, formally known as the Single-Family Comparable Rent Schedule, is a vital document in the appraisal process for investment properties, particularly one-unit properties and single-family homes. This form plays a critical role for both appraisers, who are responsible for its accurate completion, and lenders, who rely on it to evaluate a property’s […]
The Underwriting Process Explained: 10 Essential Steps
As a lender, the mortgage underwriting process is one of the key components of your lending operations. If you’re making loans for home purchases, refinancing existing mortgages, or issuing home equity loans or second mortgages, effective underwriting is a must. This guide offers a clear overview of the key steps in the mortgage underwriting process—from […]
Fannie Mae Asset Depletion: Key Policies & Calculation Guide
Assessing borrowers with substantial accessible liquid assets but limited recurring income can present unique underwriting challenges. Fannie Mae’s asset depletion program offers lenders a way to qualify these borrowers by converting their accessible assets into a usable income stream for mortgage approval. This approach allows underwriters to recognize financial stability beyond traditional employment income and […]
AI Mortgage Lending: Impact, Insights & Future Trends
Artificial intelligence (AI) is dramatically changing how we do our daily work, but what is the right use for mortgage lending? AI and Machine Learning (ML) are powerful tools, but caution is advised in incorrectly applying these tools in certain domains. By reshaping how institutions approach underwriting, risk management, and decision-making, AI holds the promise […]