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 […]
When a borrower pursues the homebuying process, they may come across the opportunity to assume another borrower’s home loan. But how do you approach these assumptions during the underwriting process? Our very own Robert Grolemund, Regional Underwriter, explains what an assumption is, why it may be an option for borrowers, and what Enact requires for […]
[Updated March 2024; originally published July 29, 2021] It’s an ordinary day of underwriting mortgage files and then you see it – a restricted stock unit (RSU) listed as income for the borrower. How will you handle this type of income? Depending on where you work, this may or may not be a common scenario […]
The mortgage process involves diligence and timeliness to ensure that borrowers can meet their closing date – that diligence is also required to master the appraisal review process. Ensuring you know the ins and outs of the appraisal review is imperative to help your borrowers meet that end goal on time. Yet, you may encounter […]
Accessory Dwelling Units (ADU), previously known as in-law suites or accessory units, may be popping up more in the loans you’re working on. They may add value to a homeowner’s property and provide more housing opportunities for family members to live – around 61% of homeowners have cited multigenerational housing as their primary motivation for […]
Referrals and networking are key tactics that many of us rely on to generate business in the mortgage industry. These strategies are used to help build one’s sales pipeline. But how do you proceed at the underwriting stage when your borrower profile involves a non-arm’s length transaction? Our very own Natalie Stokes, one of our […]