If you’ve ever worked in the service industry or know someone who has, you may have an inkling for the importance of tip income for those workers. Many borrowers who work in the service industry such as waiters and waitresses, bartenders, hair stylists, taxi and ride share drivers, and hotel workers depend heavily on tip […]
As you start turning up your thermostat to ward off dropping temperatures, have you ever stopped to think about the permanent heat source in your home and what was considered for underwriting that home? My guess is because you’re an underwriter, you probably have. While many of us may take a permanent heat source for […]
This post originally appeared in the Scotsman Guide. While the temperatures may still be hot, mortgage professionals have been feeling the heat for months. Whether it’s new construction, first-time homebuyers becoming first-time homeowners, refinance opportunities or rate cuts, the selling season is in full effect, bringing with it a high volume of business to lenders. […]
The calculation of rental income from a departure property can have more of an impact on a borrower’s mortgage eligibility than you may realize. While you may not encounter this scenario often, it’s wise to know where GSE guidelines differ for a rental property scenario to help you and your team find the best solution […]
One of the biggest challenges for the mortgage industry during the COVID-19 pandemic is keeping track of all the GSE policy and guideline changes. One of the most impacted parts of the mortgage process is the income calculation, a process that can already be tricky. That’s why we’ve compiled our top 6 tips to calculating […]
If you ask anyone in the mortgage industry if business gets done by transaction or relationship, you’ll hear nearly everyone respond, “it’s all about the relationship.” But we’re doing ourselves a disservice by framing the relationship as the whole picture. Sure, having good rapport and building trust with a borrower is important to your success, […]
With volume at historically high levels, you can’t afford to lose time on originating loans. That’s why when tricky loan applications come your way, like ones from self-employed borrowers, you want to know exactly what to do and what kind of information you need to save time. In this post we’ll discuss some of our […]
With a record 44.7 million Americans with some level of student loan debt, it’s very likely you have experience underwriting mortgages with student loan debt as part of the file. But if you haven’t, I have some tips to help you properly qualify and underwrite mortgages where the debt to income (DTI) includes some sort […]
Recently, Desktop and Drive-by appraisals (no interior inspection by the appraiser) temporarily replaced some interior inspection appraisals as a necessary response to health risks and quarantine orders related to the COVID-19 pandemic. This adaptation was appropriate and necessary to protect the health and well-being of homeowners and appraisers, while keeping the mortgage process moving. However, […]
If you don’t spend a lot of time underwriting manufactured houses (or selling or processing them for that matter), you may become confused with the numerous labels affixed to these types of homes. Today, I’m here to demystify manufactured housing plates and HUD labels and what to do if those labels are missing. Difference Between […]