How to handle non occupant borrowers
We all can relate to those hard to find answers on questions about non occupant borrowers. This has a lot to do with how infrequent an application with these borrowers comes along. After all who wants to put their credit on the line for another person. Thus it causes questions in the underwriting emails boxes of the […]
Five most frequent questions about gift funds
Gift funds are still a top question I receive in underwriting, even though the rules have not really changed since I started in the mortgage business. I want to provide the answers to the most frequently asked questions I receive, and the supporting guidelines to help you! First things first, the answers below to the […]
Does co-signed debt count to borrower DTI? (SEL 2017-04)
The answer to this question has changed for the better as of April 25, 2017. Fannie Mae continues to improve and streamline the loan approval process with SEL 2017-04. In the past lenders were required to take a few steps to exclude co-signed debts from the borrower. Step one was to confirm the other party […]
What properties count towards number of financed properties?
When you have a borrower that has taken rental properties a little more serious the average rental investor and has multiple rental properties, how many will FHLMC finance? Recent selling guide updates announced on March 16, 2017 (Bulletin 2017-2) provided some immediate clarification to this question. By now we are all familiar with the change […]
Can you use variable income with a recent job change?
A common question I get in underwriting is “my borrower works overtime at his new job he started “x” number of months ago, can I use it?” . Of course, I must respond with a very common phrase said by underwriters, “it depends!”. Video Lesson – Variable Income In the video lesson attached I answer […]
Dividend income tactics to get over a DTI hump
Sometimes you need that extra income to get your borrower over the DTI hump to move them from declined to qualified. One item that many loan officers want to turn to is dividend and interest income found on the borrowers 1040s. The big question out there is “what is interest and dividend income and […]
Two FHLMC rental income calculator methods
A few months ago we posted a blog focusing on the differences between the rental calculations for other properties the borrower owns when using either FNMA vs FHLMC (REO Showdown Fannie vs Freddie). Since that posting I have had some great conversations with some of our current UberWriter customers and our loyal blog followers. Some […]
Property value relief of Day One Certainty
Continuing on with part two of our blog series about the Fannie Mae Day 1 Certainty program, today we focus on the collateral section of the Day 1 program. Years ago Fannie Mae put in place a property inspection waiver (PIW) offer on well qualified borrowers. The advantages of this offer was lower costs to […]
What is FNMA Day One Certainty?
Good news for the mortgage lending world, we have an advocate in our marketplace who wants the same goals for our companies as we do! Who is this silent partner? It is none other than Fannie Mae! And they want to help us get more approved borrowers and reduced operations costs for our companies. Fannie […]
New Year’s Resolutions
As we wrap up 2016 and get ready for 2017 our team at Blueprint just wanted to take 2 minutes to say thank you! We have had record growth in 2016. We are humbled to report that most of our clients are coming from reading our blogs or recommendations from other mortgage pros using IncomeXpert. […]