Time to re-read that FNMA student loan payment section
A few weeks back I was working on a purchase loan that was submitted to underwriting for review, nothing out of the ordinary at first, the borrowers had great credit, long term jobs, and a solid down payment. After review of the loan the borrower had one issue with a DTI that was over (48%) […]
FNMA guidelines on interest and dividend income
This installment of the Underwriting guy video blog is Interest / Dividends / Capital Gains. Today we will review the following What the guidelines from FNMA on using interest /dividend/capital gains What documents are needed to support these income types How do you calculate income from these sources Learning how to properly add in these […]
Multiple Financed Properties – what does and does not count?
Video Overview – Multiple Financed Properties The FNMA Multi Property Loan can be intimidating if you have not yet had to originate or underwrite a borrower who is a little more complex than your first time investment property purchaser. The first thing you have to understand is how many properties that FNMA and FHLMC will […]
UberWriter Has Launched
UberWriter is exiting beta and launching on March 2, 2015. Thanks to all of our beta users in helping refine and improve the site. In this video Michael reviews the history of how UberWriter started and what it has grown into over the last 2 years.
New FNMA change is declining more borrowers
Video Overview – FNMA SEL-2014-16 Have you looked at the new FNMA SEL-2014-16 posted in December of 2014? If you work with self employed borrowers who own a partnership (1065 tax form) or S Corp (1120S tax form) you need to know the details of this announcement. Borrowers who would have been approved weeks ago […]
Finally a 1084 that is easy and makes sense
If you have been following the blogs on UberWriter you know we are not fans of the 1084 form for many reasons. On our blog entitled “FNMA 1084 and FHLMC 91 Are Useless” we outlined all the holes in that form and why we have that opinion. For example how the 1084 form does not work for […]
What tax form does an LLC use?
Over the last few years the popularity of business owners setting up LLC’s has increased. LLC’s have many advantages over sole proprietorships and standard partnerships. Many business owners call the LLC “the perfect hybrid business model”. LLC’s have a low cost to set up, are easier to meet the accounting paperwork on when you first […]
Part 4: Where is that box on the tax return
For the last installment we are going to look at the 1120S and 1120 corporation returns inside the lens of the cash flow analysis form. These two business entities really differ from sole proprietors and partnerships because they have the most legal separation between the shareholders and the business itself in terms of liability for […]
Part 3: Where is that box on the tax return?
Today I want to review partnership cash flow adjustments (or 1065 forms). The 1065 is much more like a Schedule C income than it is like a corporation. The 1065 is a bit more complex then Schedule C, but it holds many of the same legal characteristics that a sole proprietor would have. Examples include […]
Part 2: Where is that box on the tax return?
Continuing on with our series on “where is that box”, today I wanted to add the “why” to the items for cash-flow analysis. Working on underwriting for so many years I got used to just adding up the numbers from the proper forms and moving on. But when I was training underwriters or taking calls […]