Five most frequent questions about gift funds
Gift funds are still a top question I receive in underwriting, even though the rules have not really changed since I started in the mortgage business. I want to provide the answers to the most frequently asked questions I receive, and the supporting guidelines to help you! First things first, the answers below to the […]
Financed Properties: What Counts? | Blueprint
When you have a borrower that has taken rental properties a little more serious the average rental investor and has multiple rental properties, how many will FHLMC finance? Recent selling guide updates announced on March 16, 2017 (Bulletin 2017-2) provided some immediate clarification to this question. By now we are all familiar with the change […]
Variable Income & Job Change: What You Need to Know
A common question I get in underwriting is “my borrower works overtime at his new job he started “x” number of months ago, can I use it?” . Of course, I must respond with a very common phrase said by underwriters, “it depends!”. Video Lesson – Variable Income In the video lesson attached I answer […]
Dividend income tactics to get over a DTI hump
Sometimes you need that extra income to get your borrower over the DTI hump to move them from declined to qualified. One item that many loan officers want to turn to is dividend and interest income found on the borrowers 1040s. The big question out there is “what is interest and dividend income and […]
Two FHLMC rental income calculator methods
A few months ago we posted a blog focusing on the differences between the rental calculations for other properties the borrower owns when using either FNMA vs FHLMC (REO Showdown Fannie vs Freddie). Since that posting I have had some great conversations with some of our current UberWriter customers and our loyal blog followers. Some […]
Property value relief of Day One Certainty
Continuing on with part two of our blog series about the Fannie Mae Day 1 Certainty program, today we focus on the collateral section of the Day 1 program. Years ago Fannie Mae put in place a property inspection waiver (PIW) offer on well qualified borrowers. The advantages of this offer was lower costs to […]
New Year’s Resolutions
As we wrap up 2016 and get ready for 2017 our team at Blueprint just wanted to take 2 minutes to say thank you! We have had record growth in 2016. We are humbled to report that most of our clients are coming from reading our blogs or recommendations from other mortgage pros using IncomeXpert. […]
Digital Mortgage 2016 – what you missed
The National Mortgage News group (Source Media) just completed its first ever Digital Mortgage conference on Dec 8th & 9th in San Francisco CA. This conference was different than any other industry event I have attended. The speakers, vendors, and information provided was all focused on how new technology is disrupting the buying and lending experience. In […]
The biggest lesson learned
I have two young adult children, my oldest is a senior in college this year. During his high school days and throughout his college time I have repeated this same phrase a hundred times. “College is just the starting point; your biggest lessons will happen when you start to work your trade” When we founded […]
Forgotten income from vehicle depreciation
**updated 05/11/2019** Sometimes we have a borrower that is missing the AUS approval by a mere few dollars, nothing more heartbreaking than a 46% DTI approve/ineligible finding. But do not give up on the borrower that you have worked so hard to earn their business! Make sure you have checked every corner of the application […]