Zone of confusion

Most of us have yearly traditions, for example I completed my second year of spending New Years Eve in Florida versus good old snowy Michigan!  Although this is a new tradition, I looked forward to it this year, and have it blocked off my calendar for 2022! Some traditions are not quite as fun, but […]

Employment offers and contracts

employment offer

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 […]

The new income on the block… Restricted Stocks (Part 2 of 2)

In my last blog, I set the stage on practical applications for the new RU/RSU income.  I also went over some of the guidelines which outline when and how the income can be used.  For this installment, let’s get down to the “how” to properly calculate income.  In case you missed part 1 here is […]

Restricted Stock Units (RSU)

I was at a compliance conference a few weeks back in Pontiac, Michigan, it was a great event put on by FIC Conferences.  I had a question come up about Restricted Stocks which to me is a “new” income!  Restricted Stocks were added to FHLMC guidelines 09/14/2017 with Bulletin 2017-20.  Not many people know of […]

Foreign Income – What, Why, & How to qualify

foreign income

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

income trending

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 […]

Profit and Loss Statements 101 for the Mortgage Business

profit and loss

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!

income calculation

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 […]