Fannie & Freddie Drop P/L Requirements
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 at earliest they may remove the P/L after you filed your 2021 returns, but to my surprise the following happened. On February 2, 2022 as […]
Crazy Year To Date Income
When January rolls around we often see encouraging messages, stories, tweets, or other social media posts encouraging us as we cross into the new year. A common word I hear used is “Perspective”. Perspective is an interesting word, Webster’s Dictionary gives it a few different examples to explain it’s meaning. One of the meanings it […]
New Job Income
Working in the mortgage business means you get a little more involved in your clients life then the typical financial transaction. Speaking for myself, that is an enjoyable part of being in the profession. Over the years I have met people as clients that have developed friendships due to these transactions. When I started in […]
Tax Extension Deadline
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 IRS loses it’s patience! That’s right, the IRS says as of October your procrastination comes to an end. This means all business and personal tax […]
COVID Procedures for Profit and Loss Income Review
COVID 19 continues to create challenges with determining income for borrowers with more complex pay types such as self employment. The most common questions for a self employed borrower is “How do I meet agency guidelines for unaudited profit and loss statements”. The what, why, and how First we need to understand what a profit […]
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 […]
Zone of confusion
Most of us have yearly traditions, for example I completed my second year of spending New Years Eve in Florida versus good old snowy Michigan! Although this is a new tradition, I looked forward to it this year, and have it blocked off my calendar for 2022! Some traditions are not quite as fun, but […]
Employment offers and contracts
When I read LinkedIn from time to time, I have seen some funny memes on why people’s loans have died during the underwriting process. You know the culprits such as buying a new car, taking a cash advance on a credit card, and getting a new job! I agree with mortgage sales leaders that teach […]
The new income on the block… Restricted Stocks (Part 2 of 2)
In my last blog, I set the stage on practical applications for the new RU/RSU income. I also went over some of the guidelines which outline when and how the income can be used. For this installment, let’s get down to the “how” to properly calculate income. In case you missed part 1 here is […]
Restricted Stock Units (RSU)
I was at a compliance conference a few weeks back in Pontiac, Michigan, it was a great event put on by FIC Conferences. I had a question come up about Restricted Stocks which to me is a “new” income! Restricted Stocks were added to FHLMC guidelines 09/14/2017 with Bulletin 2017-20. Not many people know of […]