Sneaky 2106 calculation error
I had an interesting question come in a few weeks back. At first it seemed like a “1 in a 1000 issue” but a few days later another person had the exact same issue. The email question was regarding our 2106 calculator. The client was confused about the result our calculator showed, because it ended […]
Top 3 lessons on FNMA Day 1 Certainty
Over the last twelve months I have been confronted with quickly learning the in’s and outs of Fannie Mae Day 1 Certainty program, this blog is just about the income portion. I have to say I am a huge fan of the product, but just like any other technology, a lack of understanding of what […]
Training Mastermind
Training, and especially ongoing training, is a key area for debate in many mortgage companies big and small. However, there are several reasons to suggest that regular training is well worth the investment because building up the skills within the business will effectively improve your company’s bottom line. In the area of processing, underwriting, and auditing there are less […]
Top 5 things I learned at NAPMW
Over the last few months, my traveling schedule has been getting busier with more opportunities. Personally, I love to get out of my normal environment and see new places and meet new people. On April 5th and 6th I had the pleasure of attending the NAPMW conference in Las Vegas! Before we get to my […]
A better residual income calculator
A few weeks back I read a quote on LinkedIn that was brilliant… “The marketing draws your clients in, your craftsmanship keeps them” I personally have tried out many underwriting programs that have fantastic marketing, to only come to realize that the program itself did not quite live up to the hype of […]
Key Mistakes with Primary Residence Rental Income
Over the last few days we have been putting the final touches on our 2018 underwriting training courses launching March 2nd. While I was reviewing the rental income course I realized we did not provide enough information in one key area. There is a difference for rental income generated from a primary residence on a […]
FNMA does their own tax changes in 2018
Up til a few days ago working with a borrower on a conventional loan who has an active IRS repayment plan meant a decline was probably going to be the result from underwriting. From time to time people underestimate their tax liability when April 15th rolls around and must work out a payment plan to […]
Should we reconsider Santa?
Many people reading this might be asking, “where is the latest mortgage underwriting topic?” Since it is Christmas I am asking for a favor to take a blog-cation to share a Christmas thought I have had this year. The topic I have been thinking about this Christmas season is, should we reconsider Santa?
Exclude Other|Paid Borrower Debt on FHLMC Loans?
Off and on for the last few years I have been a volunteer financial coach at my church using the Financial Peace University program created by Dave Ramsey. This is a fantastic program that provides all you need to know about how to keep a “peaceful” balance of money in your life.
#1 mistake for a cash out delayed financing loan!
The conventional (FNMA/FHLMC) cash out delayed financing exception program seems to carry a lot of misinformation with the program. I think the reason behind this top mistake is it isn’t a widely used program. Unless you work at a lender where the sales staff has a good clientele of rehabbers or investment property purchasers, you may not see this program.