Written By: Glenn Michaels
There are certain situations where the borrower must show that they have reserves after closing. Individuals purchasing or refinancing three and/or four family homes with FHA financing must provide evidence that they will have three (3) months of PITI reserves. The reserve does not include funds received from a gift. The reserves must be the borrower’s own money.
Written By: NAMU® Staff Writer
In cases where borrowers are unable to qualify due to unacceptable credit, lenders may provide credit repair coaching as a customer service benefit.Providing this service will allow the consumer to reapply at a later date with more success. Prior to issuing an adverse action, explore all options for approval. This will allow you to provide detailed information to the borrower regarding areas where their credit application can be improved.
Written By: NAMU® Staff Writer
In December 2014, Fannie Mae issued a selling guide update regarding the required methods for analyzing self-employed borrowers whose income is reported on Schedule K-1 for S-corporations or Partnerships. In August 2015, Fannie Mae issued a selling guide update that delayed the implementation of these new rules until February 2016. On June 28, 2016 Fannie Mae issued another update which clarified some of the policies outlined in the original selling guide update from 2014. As a result, it is now mandatory that all lenders begin to analyze self-employed income utilizing these new rules.
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As the voice of today's mortgage underwriter, the National Association of Mortgage Underwriters® (NAMU®) offers a variety of mortgage underwriting training webinars, certification programs, mortgage underwriter job postings, job placement resources, networking opportunities and more. Get certified as a mortgage underwriter today, and let us help you find that right mortgage underwriting job. From networking opportunities through our members-only NAMU® Discussion Group to salary requirements, average mortgage underwriter salaries and more.
In partnership with our sister organization, the National Association of Mortgage Processors® (NAMP®), we now offer an online directory of contract processors (www.ContractProcessor.org) as a cost-effective way for contract mortgage processors to advertise their services; at the same time, allow mortgage brokers/lenders an easy way to locate qualified contract processors.
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Use our advanced search tools to find contract processors by specialty or location. Find the right contract processor for your needs by comparing quotes, reviews, and full profiles on each contract processor.
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After searching for contract processors, compare details from their listings. It's easy to search and find the contract processors that you need. Read details and learn more about them.
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Once you find the contract processors that you like, contact them to get more information. Feel free to contact multiple contract processors to get more responses and ensure you get the best results!