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Exceptions to the requirement that borrowers be natural persons are: inter vivos revocable trusts, land trusts in some states if the beneficiary is an individual. Contact the lead Fannie Mae regional office to determine acceptability of a land trust as a borrower, and HomeStyle Renovation mortgag...
04/18/2011
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Ask The Underwriter: Monday Mistakes Series I keep a "list" of things I see during my underwrites. I thought it would be a great learning tool for mortgage professionals. The" Monday Mistakes Series" are a couple of things I share with AR on a weekly basis. This weeks top picks: If your borrower...
03/28/2011
8 hour SAFE Act Course (includes a bonus social media course!) August 22nd , 2011 - August 25, 2011 @ 12pm-2pm 8 Hour SAFE Comprehensive CE Refresher Webinar (NMLS #2115) This course was designed to meet the 8 hour continuing education requirement. The course is offered as an ...
03/20/2011
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Ask The Underwriter: Monday Mistakes Series This weeks top picks: FEMA Disaster Area: If the subject property is in a FEMA Disaster Area; make sure the appraiser addresses it. Credit Inquries: Always address credit inquiries; no matter how trivial or obvious they may seem. COMING SOON: Analy...
02/21/2011
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Ask The Underwriter: Monday Mistakes Series Credit Report Fraud Alerts: Address all the credit report fraud alerts; no matter how obvious they may seem. Make sure the credit report reference number matches the credit report reference number on the DU findings or provide a copy of the original cr...
02/14/2011
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Ask The Underwriter: Monday Mistakes Series I keep a "list" of things I see during my underwrites. I thought it would be a great learning tool for mortgage professionals. The" Monday Mistakes Series" are a couple of things I share with AR on a weekly basis. Tax Returns: Don't forget to review Sch...
01/30/2011
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Ask The Underwriter: Monday Mistakes Series Subordinate Mortgages: Provide a copy of the original 2nd mortgage note. Copy of the subordination agreement (..another one that seems obvious, but commonly forgotten!). D. Bass -Mortgage Underwriter & Trainer Tuesday Teasers Starting February 8, 2011:...
01/24/2011
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Ask The Underwriter: Monday Mistakes Series Three loan processors from the same company can provide 3 different Uniform Loan Applications (1003's) and show three different income calculations for the SAME BORROWER!!!! I have a few tips for offices that have more than one loan processor. Check ou...
01/17/2011
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Ask The Underwriter: Monday Mistakes Series I started this series.....and didn't keep it up! So here we go.......... This weeks top picks: Private Mortgage Insurance Certificate: Make sure the loan amount, LTV and appraised value are correct! H.O.A. Questionnaire: Make sure all of the questions ...
01/03/2011
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Ask The Underwriter: Monday Mistakes Series I've decided to start a Monday Series called: Monday Mistakes. During the week I'll be keeping a tally of the mistakes I see. Hopefully this will help realtors and mortgage professionals out when processing, originating or appraising a loan. This weeks...
11/29/2010