Today’s blog goes over one of the updates announced in  SEL 2018-08 by Fannie Mae.  I want to focus on the improvements for a borrower using “employment-related assets as income”. Before we get to that update, I have to mention the most asked question I get on this income type is: What are employment related […]

05/20/2019 Update We are updating our post on how to use the Form 91 from FHLMC.  To confirm you are using the correct Form 91 form be sure that you are using the Form 91 dated 05/01/2019 which can be found here ! The cash flow forms such as the FHLMC Form 91 have been […]

The MBA projects that mortgage volume will be about 1.8 Trillion for 2019, which is stable compared to 2018 but down compared to 2017.  The major reason for this downward change is less opportunities for refinances due to the current rates and other factors.   That prediction means we need to stay focused on the primary […]

On Freddie Mac’s home page, you will see the tag line “We Make Home Possible”, when I see changes in the guidelines as outlined on Selling Update 2018-13 I appreciate the effort to make the mortgage process easier on borrowers and live up to their tagline. Let’s face it, many younger borrowers are stuck between […]

Ever wonder why the IRS tax code is currently at 74,608 pages of information? (and yes, this is a rhetorical question).  I am convinced it is a ploy to drive us nuts around tax time.  I mean what did we do to the IRS to mess with us so much! So here is a twist, […]

We have been producing blogs since 2013.  Over the years we have gained followers that are originators, processors, underwriters, and operations managers.  So when I use the word team, lets use one of my favorite southern terms to describe who I am talking too……. All Y’All!!! We have a problem that the team needs to […]

If you have ever worked with a borrower who is an excellent saver but is coming up short on DTI ratio you might be able to use this extra trick to get them approved.  This extra boost to income is following the Fannie Mae guideline under B3-3-.1-09 called Employment Related Assets as Qualifying Income. In […]

I would bet at one time or another you have Googled Freddie Mac Form 91 and gave it a try.  The purpose of this form is to create a uniform way to evaluate self-employed income and other forms of income for your borrower outside of employment income. The form gives you an acceptable format to […]

I have often said that growing a business has many similarities as raising kids.  Every business owner knows that you must spend countless hours helping to form and support your new “baby”.  Part of that support means that a new business has no credit until you help build up business credit.  And that is where […]

When I worked as a mortgage recourse auditor, I had to play a game daily called “where’s waldo”.  I am sure you have heard of this game where you look at book page or online and that drawing has hundreds of characters, scenery items, and some funny random objects… but your goal is to find […]