How to use FNMA 1039 on Form 8825
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 […]
Income calculation – Explained!
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 […]
Sneaky 2106 calculation error
I had an interesting question come in a few weeks back. At first it seemed like a “1 in a 1000 issue” but a few days later another person had the exact same issue. The email question was regarding our 2106 calculator. The client was confused about the result our calculator showed, because it ended […]
What if my self-employed borrower changes tax filing types?
One of the main reasons we built the UberWriter income analysis tool was to help borrowers with complex income, which usually means self-employed. Changing tax filing types can throw a curve ball to most loans. Self-employed borrowers are challenging, however, sometimes you are offered the opportunity to help a potential client get the loan others […]
Top 3 lessons on FNMA Day 1 Certainty
Over the last twelve months I have been confronted with quickly learning the in’s and outs of Fannie Mae Day 1 Certainty program, this blog is just about the income portion. I have to say I am a huge fan of the product, but just like any other technology, a lack of understanding of what […]
Training Mastermind
Training, and especially ongoing training, is a key area for debate in many mortgage companies big and small. However, there are several reasons to suggest that regular training is well worth the investment because building up the skills within the business will effectively improve your company’s bottom line. In the area of processing, underwriting, and auditing there are less […]
Top 5 things I learned at NAPMW
Over the last few months, my traveling schedule has been getting busier with more opportunities. Personally, I love to get out of my normal environment and see new places and meet new people. On April 5th and 6th I had the pleasure of attending the NAPMW conference in Las Vegas! Before we get to my […]
Let’s talk FHA rental income
Last week’s blog we went over the differences for self-employed borrower’s income calculations between FHA and the conventional loan programs from Fannie & Freddie Mac. The article was well received, and we were able to get a good amount of feedback from the “pro-deduction” versus “anti-deduction” camps on why they calculated income using the process they advocated for, […]
Let’s talk FHA & self-employed borrowers!
One of the more challenging areas in building UberWriter is getting agreement from FHA DE’s on the details of determining self-employed income. I spent my career mainly working in the conventional, jumbo, and MI contractor worlds. In these positions, I have worked on numerous borrowers who have anything from a simple schedule C, up to […]
A better residual income calculator
A few weeks back I read a quote on LinkedIn that was brilliant… “The marketing draws your clients in, your craftsmanship keeps them” I personally have tried out many underwriting programs that have fantastic marketing, to only come to realize that the program itself did not quite live up to the hype of […]