Mortgage Underwriting News in Loan Processing
Friday, February 17, 2012 - 7:29pm
Confusion is common when it comes to gift documentation requirements between conventional and government loan types. Below I’ve summarized donor, gift letter and documentation requirements for each conventional lending. Be sure, however, to check for lender overlays and additional restrictions and requirements as lenders may apply their own requirements and restrictions beyond those set forth by...
Friday, February 3, 2012 - 4:21pm
Though all of today’s technological improvements allow lenders a better opportunity to validate loan application information for loan applicants, such advances have also increased the risk for identity theft with so much personal data moving through so many extra portals and moving through so many extra pairs of hands. Let’s think about it. We take loan applications that contain social security...
Friday, January 20, 2012 - 4:27pm
One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have helped me over the years in one way or another and that often provide ongoing information that is helpful and informative on an ongoing basis. With USDA 100% financing being such a high demand product in today’s market, this week I...
Friday, January 6, 2012 - 6:10pm
Happy New Year to everyone and best wishes for health and happiness in 2012! As we all return from the holidays a few pounds heavier, it’s a great time to reflect on the successes of 2011 and set realistic goals for our new year. One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have...
Friday, December 16, 2011 - 7:15pm
There’s nothing an underwriter hates more than a sloppy, incomplete file that a processor is insisting be rushed through the system. Processors that make a habit of submitting poorly processed files often blow their reputation with underwriters who deserve quality loan files to review so that they can do the best possible job of analyzing the borrower’s credit profile to quickly determine whether...
Friday, December 2, 2011 - 5:32pm
It all starts with the loan application and quite frankly, if the 1003 isn’t thorough and accurate from the get-go, it can stop your file dead in its tracks once it hits underwriting. From an underwriting standpoint, nothing is as important as a complete and accurate loan application because the 1003 is the window to the file; it’s the “book” that tells the story. In the previous two weeks, I’ve...
Friday, November 18, 2011 - 7:19pm
It all starts with the loan application and quite frankly, if the 1003 isn’t thorough and accurate from the get-go, it can stop your file dead in its tracks once it hits underwriting. From an underwriting standpoint, nothing is as important as a complete and accurate loan application because the 1003 is the window to the file; it’s the “book” that tells the story.
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Friday, November 4, 2011 - 6:37pm
Something happened this week and it was big enough that I’m sure you’ve heard or read about it unless you’ve been camping out under a rock. Let me say this- Allied Home Mortgage. So you’ve heard?
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I can only imagine the water cooler conversations that have taken place in the past few days since the announcements were made of federal suits...
Friday, October 7, 2011 - 6:24pm
I learned about something recently that I’ve never dealt with before in all my years processing FHA loans. I’d heard the term “sweat equity” maybe once or twice over the past 20+ years but never actually had a transaction cross my desk that involved it. However, apparently sweat equity options are making a come back in certain areas of the country so I felt it important I dive in to gain a better...
Friday, September 9, 2011 - 5:59pm
As you’re likely aware, USDA Guaranteed Rural Housing is changing guarantee fees from 3.5% to 2.0% for purchase transactions and implementing a new annual fee of .3% effective for all GRH loans that are not committed before October 1, 2011. This news was originally announced in RD AN 4551 which was issued February, 3rd.
Go to http://www.rurdev.usda.gov/SupportDocuments/an4551.pdf to read the...
Friday, August 26, 2011 - 5:39pm
Buckle your seat belts everyone because the next 45 days are going to be bustling with a lot of major agency program changes that are very important for all of us to keep track of and plan ahead for. Because so much is happening so quickly and in such rapid succession, I myself had to start maintaining a chart just to stay on top of it all. I’ve found this to be very helpful so I hope it helps...
Friday, August 12, 2011 - 4:29pm
Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide. The revisions listed in this newest...
Friday, July 29, 2011 - 5:00pm
Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide. The revisions listed in this newest...
Friday, July 22, 2011 - 4:35pm
Mortgage Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgage Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgage Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide. The revisions listed in this newest...
Friday, July 8, 2011 - 3:25pm
Part 1-FHA Updates to Condominium Approval Qualification Requirements and Process
Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page...
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Fri, February 17th, 2012
Confusion is common when it comes to gift documentation requirements between conventional and government loan types. Below I’ve summarized donor, gift letter and documentation requirements for each...
Fri, February 17th, 2012
The Consumer Finance Protection Bureau (CFPB) has been busy. The Bureau was created by congress and officially started business in July 2011.
Need FHA Training? CLICK HERE: http://www.FHA-Classes....
Fri, February 17th, 2012
There is no doubt that one of FHA’s most attractive benefits is the FHA Streamline Refinance. These were designed by FHA to be easy, fast and without any tedious underwriting that would threaten or...
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