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 […]
Reuse existing appraisal to save money
Sometimes when competing for a new loan, your running “neck and neck” on the offered interest rate and need to find little edge to win over your competition, and that edge is lower costs. One of the biggest expenses for a refinance is the appraisal. Did you know you can re-use the borrower’s appraisal one […]