Rental income has been a popular guideline topic over the last year. Obtaining the required documentation and accurately determining the amount of rental income that can be considered can have a significant impact on a borrower’s ability to qualify. Since rental income is a broad topic, we’ll focus on one of the most common scenarios […]
In a recent webinar, our own Mike Derstine, EVP and Chief Risk Officer, and Mary Kay Scully, Director of Customer Education, dove into the key economic trends of 2024, providing a comprehensive overview of the housing and mortgage markets. The discussion highlighted significant growth in personal consumption, a strong labor market, and the impact of […]
The best part about the mortgage industry is that we have the capability to work with many types of borrowers and meet them where they’re at in their homebuying journey. For potential homeowners who have fluctuating or variable income, you may wonder how to best handle this income type on loans in your pipeline. We’ve […]
Borrowers come with many stories and backgrounds. That’s why you’ll need to be prepared on how to best navigate their various types of assets and reserves. We’ve got you covered! Marilyn Richter, Regional Underwriter at Enact, dives into some best practices on how to handle assets and reserves when you need an underwrite for your […]
Manufactured housing requirements have certainly seen some revisions since we last covered this topic in 2020! We’ve seen significant improvements to single wide manufactured housing and HUD data plate and certificate label guidelines. But how will these updates impact you and your customers? With over 20 million Americans living in manufactured homes and this number […]
You’ve got a borrower interested in buying a condominium (condo for short) – great! But how do you approach the mortgage loan process if the condo is non-warrantable? Understanding what makes a condo warrantable vs. non-warrantable is key to navigating loans with this property type. And, you’ll be able to help your borrowers understand how […]
We know how important appraisals are to getting hopeful homeowners to close on their dream home. Yet, if information is shared during these reports that may sway whether the borrower gets the correct market valuation for their potential house or not, discrimination may have occurred. That’s where appraisal bias may come into play, with the […]
Everyone needs some time off, our borrowers included! We have all had situations where a borrower takes leave from work for one reason or another. Sometimes by choice and sometimes directed by his or her employer. If you were not made aware that a borrower is on leave when you initially began reviewing the loan […]
Affordability has been top of mind for many in the housing industry, yet homeownership for many low to moderate income prospective borrowers feels out of reach. That’s why those of us in the mortgage industry understand the importance of assisting qualified borrowers to responsibly achieve the dream of homeownership, regardless of income level. One avenue […]
In recent years, the mortgage industry has seen a rise in occupancy misrepresentation. It can be difficult to identify this type of misrepresentation during the origination process. However, with the increasing frequency, it’s important for all industry participants to be aware of common red flags and steps that can be taken to help decrease the […]