ARCHIVED BLOG POSTS
2008
I received 2 phone calls today both after 7pm! Both were very angry phone calls regarding conditions that were impossible to get. It's the end of the month everyone's cranky, no one's closing the amount of loans they want to, etc....Okay 3 things and then I'm outta here before NO ONE lets me co...
02/26/2008
Hi D. Bass,I have read quite a few of your blogs and I like the way you educate all of us on UW questions. I have a question that I would like to ask you:If DU findings come back as Refer/Eligible: Refer due to DTI at 67% but borrower has compensating factors (700+ score, 3 months reserves, 10% d...
02/25/2008
I spoke to an underwriter buddy of mine today. She reminded me of something I'd like bring to yourattention. DU (FannieMae) and LP (Loan Prospector) still have the potential to be stated income loans! Oh....... the findings that I received that showed no income verification was needed (talking...
02/21/2008
The credit report has a wealth of information, but if you just glancing at you'll miss some very important information. Refinances: When you look at your borrower's credit report you are looking for a 12-24 month mortgage history (depending on your program guidelines) Make sure you look at the ...
02/20/2008
6
Comments
Compensating Factors: Information used to strengthen your mortgage loan file. Not a definite, but definitely worth trying.There are times to let sleeping dogs lie and there are times to let out the battle cry and bring on the: COMPENSATING FACTORS! When your borrower falls short you need HELP! H...
02/19/2008
In some lender shops before the loan reaches the underwriter it has to go to the set up department/person (and sometimes another step!) By the time it gets to the underwriter eithier 3-4 hours have passed or 24 hours (depending on the lenders turn time).Incomplete files slow down the mortgage pr...
02/17/2008
3
Comments
Today's underwriting subject is Finger Pointing. I know most of you are asking "What mortgage product is that? I've never seen or heard of that condition? Do you mean when the Underwriter is finger pointing?" I had a few good underwriting questions I wanted to share with you guys this week. I wi...
02/13/2008
8
Comments
I received a very good question yesterday. It brought back some memories of an underwriting team I was on in 2005/2006. For the record, It was the first time in my underwriting career the appraiser wasn't upset at the underwriters. The Realtors were on the chopping block! The question was: AVM ...
02/12/2008
5
Comments
I recently commented on an appraiser's blog and I have to admit, I was hesitant at first. The relationship between appraisers and underwriters has always been a little "strained" to say the least. As Appraisers their job is PROPERTY VALUE. That's what they do, they appraise homes daily. An und...
02/12/2008
Jimmy Mcall from Legacy Mortgage Service gave me a great heads up today! He let me know that an answer I gave a fellow AR was buried and needed to be seen. Jimmy Mcall from Legacy Mortgage Service has done as awesome job of breaking down what a VA loan is. Most people complicate it and confuse...
02/11/2008
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Dionne Bass
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