You’ve likely heard of the importance of social media for loan officers and wondered if it’s really a necessary marketing tactic for your business. In this highly digital world, using social media is a must for most every business, including for mortgage lenders. Whether your organization has a social media presence or not, there’s still […]
Since the inception of the Deferred Action for Childhood Arrivals (DACA) program, there have been many questions around DACA borrowers and the types of considerations given to their files. While you may not need to underwrite these types of files often, there are a few key things to know about DACA borrowers and how the […]
As a loan officer, creating a stellar lending experience for your borrowers should be a top concern for you. This is especially true for first-time homebuyers who likely have little knowledge of what to expect during the homebuying process – creating a better lending experience for them helps to create borrower loyalty for you and […]
This post first appeared in The MReport. Today, first-time homebuyers make up a significant segment of homebuyers, accounting for more than half of all purchase mortgage borrowers. For the third consecutive year, the number of first-time homebuyers exceeded 2 million. The size of this group is unprecedented, and this segment of the market simply cannot […]
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, […]