Covers mortgage industry news, policy changes, and new underwriting guidelines.
Fannie Mae’s Form 1007, formally known as the Single-Family Comparable Rent Schedule, is a vital document in the appraisal process for investment properties, particularly one-unit properties and single-family homes. This
Manual underwriting remains a key part of the mortgage approval process when borrowers fall outside the parameters of automated underwriting systems (AUS)—such as those with non-traditional income, limited credit history,
Our managing director Michael Whitbeck was invited on the Lykken on Lending podcast with LenderTool Kit’s Brent Elmer to talk about the importance of Verified Approval Letter versus a Pre-Qualification
On December 27, 2020 the IRS announced a two-year exception as part of the Consolidated Appropriations Act that impacts the meals and entertainment deduction rule for businesses. This exception will
This time of the year we all have an important to-do list item…. tax preparation. I try to make sure I turn in my numbers to my CPA by my
As a person that has worked, trained, and mentored in the mortgage underwriting world for 27 years, I definitely guessed the profit and loss situation wrong! My best guess was
October brings us into another fall season, with that comes a change in temperatures, your favorite football team may or may not be your favorite after September’s games, and the
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
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
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
