Employment offers and contracts
When I read LinkedIn from time to time, I have seen some funny memes on why people’s loans have died during the underwriting process. You know the culprits such as buying a new car, taking a cash advance on a credit card, and getting a new job! I agree with mortgage sales leaders that teach […]
Foreign Income – What, Why, & How to qualify
Let’s imagine you got lucky while you were on your vacation to Australia and won $10,000 at the Crown Melbourne Casino and want to use that income to help pay for your mortgage?? ..sorry Charlie! The foreign income we are going to talk about today is when a citizen earns income from a foreign corporation […]
Getting the correct income is more than just math
We have upgraded UberWriter with some new functionality. Read on in the blog as we weave some underwriting knowledge with some product update news. One of the lessons I learned during my underwriting career is that the most likely reason a borrower defaults is due to their DTI. The DTI either starts off to excessive […]
Mortgage Profit and Loss Statements 101 | Blueprint
I have been writing blogs for UberWriter since 2013 on many different underwriting topics. While putting together some training information I realized that I have zero blogs about P/L’s in all six years! I was pretty surprised by that statistic since the question of P/L’s comes up quite a bit between April and October mainly […]
Condo Review… Step by Step
For those of us who have worked in the mortgage industry long enough to become comfortable and familiar with all the jargon and acronyms, it can be hard to remember what it was like to feel overwhelmed and uncertain about the mortgage process. We are modern-day alchemists who can turn a 1003 and some pay […]
Income calculation – Explained!
When I worked as a mortgage recourse auditor, I had to play a game daily called “where’s waldo”. I am sure you have heard of this game where you look at book page or online and that drawing has hundreds of characters, scenery items, and some funny random objects… but your goal is to find […]
Let’s talk FHA & self-employed borrowers!
One of the more challenging areas in building UberWriter is getting agreement from FHA DE’s on the details of determining self-employed income. I spent my career mainly working in the conventional, jumbo, and MI contractor worlds. In these positions, I have worked on numerous borrowers who have anything from a simple schedule C, up to […]
Asset income can save your loan
When working with borrower’s just into retirement years they sometimes come with a unique challenge of FANTASIC credit, TONS of assets, but low-income due to being retired. Nothing more frustrating then telling a perfect borrower like this “sorry I can’t get you a mortgage due to your income” UGGGGG!!! Little used income tip Here is […]
Do Co|Signed Debts Affect Borrower DTI? (SEL 2017|04)
The answer to this question has changed for the better as of April 25, 2017. Fannie Mae continues to improve and streamline the loan approval process with SEL 2017-04. In the past lenders were required to take a few steps to exclude co-signed debts from the borrower. Step one was to confirm the other party […]
What is FNMA Day One Certainty?
Good news for the mortgage lending world, we have an advocate in our marketplace who wants the same goals for our companies as we do! Who is this silent partner? It is none other than Fannie Mae! And they want to help us get more approved borrowers and reduced operations costs for our companies. Fannie […]