Income Error Checkup
We analyzed over 3 Million loans, 4.7 Million income calculations and found the top errors and misunderstood guidelines.
How does your team stack up?
Michael Whitbeck
Underwriting SME
Here's what we did
Harnessing insights from an analysis of 3 million loans and 4.7 million income calculations spanning five Government-Sponsored Enterprises (GSEs), our team left no stone unturned in understanding the intricacies of mortgage underwriting. Through a comprehensive examination of both our extensive dataset and the invaluable feedback from our esteemed clientele, Michael Whitbeck, our seasoned Underwriting Subject Matter Expert (SME), meticulously curated a collection of pivotal insights.
From this exhaustive review, we’ve distilled the most commonly misunderstood and misapplied guidelines prevalent in the industry today.
Dataset breakdown
Loans often have more than one income, or multiple borrowers. In total we analyzed over 4.7 million income calculations. Here is the breakdown.
- 2,800,000 Employed
- 777,000 Social Security / Investment
- 445,000 Rental properties
- 270,000 Schedule C
- 195,000 1120S
- 118,000 1065
- 21,000 1120
- 5,000 Schedule F
- 64,000 Other / Military / Unemployment
Why you should get this
Even seasoned underwriters with extensive experience have found themselves susceptible to these errors. In today’s landscape, mere experience no longer suffices.
What did they all say?
I didn't realize we were doing this wrong for years. Our whole team was trained that way.
We understand. Guidelines are intricate and nuanced, and even the most seasoned professionals can overlook them.
Whats in the Checkup?
First
Begin by examining our top five errors to assess whether you or your team may be vulnerable to these issues.
Second
The checkup offers invaluable resources, guideline citations, and actionable steps to rectify any identified issues.
Lastly
Stay ahead of future guideline changes, gain access to underwriting insights, analysis, and industry news by subscribing to our blog.
Don’t let common misconceptions and overlooked guidelines jeopardize your underwriting process any longer. Gain access to our meticulously curated “Income Error Checkup” PDF today and empower your team with the knowledge needed to navigate the complexities of mortgage underwriting with confidence. Click the button below to download your copy and embark on a journey towards error-free underwriting practices.