There are so many guidelines to remember, and acreage may not be one which comes up too often unless your property is located in a rural area. You just received the appraisal, and the property is located on 100 acres. Your initial thought is “will I be able to get mortgage insurance?” Good news…Enact DOES […]
It’s an ordinary day of underwriting mortgage files and then you see it – a restricted stock unit listed as income for the borrower. Depending on where you work, this may or may not be a common scenario you run into. Regardless, let’s dive into restricted stock units (RSU), how they’re taxed, and how the […]
A version of this post originally appeared on MortgageOrb. What does “agility” mean for mortgage lenders and servicers today, more than a year since the COVID-19 crisis began in the U.S.? One thing is for sure, “agility” doesn’t mean quite the same thing as it did pre-pandemic. So what lessons have mortgage lenders – who […]
As an underwriter, it can seem as though there are many important things to ensure you meet guidelines in a mortgage loan file. From verifying sufficient income to having an acceptable appraisal, there are many details to look after. One such detail is the borrower’s minimum contribution. While this might seem like a basic guideline […]
June is National Homeownership Month, a time to celebrate the benefits that homeownership brings to families, neighborhoods, and communities across America. What is National Homeownership Month? National Homeownership Month has gone through many iterations to get to where it is today. 1920’s: The concept for celebrating homeownership begins as a week-long celebration thanks to local […]
We’ve talked about how important referrals are and how thinking like a spider can help you tap into a variety of groups for consistent, fresh referrals. Thinking like a spider is your main concept for setting up your referral network, but what about actually asking for referrals? That’s what we’ll cover in this post. Why […]
You’re reviewing the loan file and notice a line item under liabilities that indicate John and Jane Smith are co-signers on their son’s car loan. What you’ve just uncovered is a contingent liability. No need to raise the alarm or stop the file – there are just a few things to know about contingent liabilities […]
Whenever a borrower approaches you about purchasing a primary residence, you know how to work through that loan scenario with your eyes closed. Probably same for when you’re looking at a file for an investment property. But what about when a borrower is looking to purchase a 2-4 unit property that will not only be […]
A version of this post originally appeared in the October edition of Mortgage Orb. Perhaps you’ve heard people in the mortgage industry talk about how the pandemic caused a digital acceleration for the industry. We were suddenly shut off from one another and had to find ways to communicate and do business not only with […]
Now that you have your strategies in place, you might be wondering how you’ll find customers. Our advice to you is to think like a spider. What do we mean by this? A spider will get the thing it desires by catching it in its web. According to Alicia Ault of the Smithsonian Magazine, “The […]