File Locks and Role Management
We live in a world where we have many safety features preventing catastrophe’s, such as child locks on car doors or windows. They can sometimes be frustrating as an adult, and we may think that they are unnecessary because, after all what is the harm if I open the window? But we don’t play the […]
FHLMC updates appraisal re-use rules
A few years back I wrote a blog explaining the rules that allow a lender to re-use the borrower’s appraisal for an additional transaction. (See the blog here: Recycle Rules For Appraisals). Looking over that blog I found some interesting comments in 2016 ranging from “you are crazy, that is not possible and a few appraisers stating this was just another […]
PUD, Condo, or Co-op?
As subject matter experts on Project Reviews, we have often been invited as guest speakers to discuss the topic of project types and how they differ. Being outside the scope of their usual credit review, this subject is always of interest to curious underwriters of all experience levels. PUDs, condos, and especially co-ops, are exotic […]
2018 Tax Reform and Alimony Income Calculations
Our last blog we talked about how the changes to the 2018 1040 tax form affected mortgage underwriting requirements. The key topic in that blog was that mortgage calculations were the same, but the location on where to find the income has changed on the 2018 1040 form. Today’s topic is on Alimony, the new tax code has really “flipped the script” on the […]
2018 Tax Reform Act & Mortgage Underwriting
I know if you are in the mortgage business and clicked this link you’re wondering how you’re affected by the changes to the 2018 1040 form, not to worry, we have your back. We have done the work at UberWriter to make sure our training and products are up to date, and that you can use these tools to calculate your borrower’s income with […]
AGI vs SAM Income Calculation Methods
One great thing about being involved with UberWriter is the chance to discuss different topics with mortgage professionals from different positions and companies. This allows quite a variety of questions and opinions to be shared. One question that does come up is “Does UberWriter use the AGI (Adjusted Gross Income) or SAM (Schedule Analysis Method) […]
Unreimbursed Business Expenses change from FNMA
When people ask me about my career in the mortgage business as an underwriter, the questions comes up “well what do you actually do?”. The best way I can describe the job is “jack of many trades, but master of none”! While working as an underwriter you learn to become good at topics such as […]
Underwriting bad habit costs thousands in revenue
One of the quotes I try to live by when developing content is: “If you can’t explain simply, you don’t understand it well enough” – Albert Einstein A good income report demonstrates knowledge and communicates complex details simply. In the day to day auditing review of loans I can tell you that many loans close without […]
Two questions to ask if using business assets
When I am teaching about underwriting topics, Allregs makes some guidelines very clear which leaves no room for any grey area. Then there are those guidelines that are just vague. They seem almost to have limitless interpretation. Using business funds as cash to close is high up on my list as the “leader of the […]
Employment related assets guideline
Today’s blog goes over one of the updates announced in SEL 2018-08 by Fannie Mae. I want to focus on the improvements for a borrower using “employment-related assets as income”. Before we get to that update, I have to mention the most asked question I get on this income type is: What are employment related […]