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 […]
One of the perks of having my job is that I get to meet with thousands of loan officers every year (although not right now during this pandemic). After meeting with so many successful loan officers, I have a really good grasp on what characteristics those LOs have that make them so good at their […]
In these busy times, it may seem like you don’t have enough time to review each file thoroughly before you send it to your underwriter. However, spending the extra few minutes to review some key elements of your loan file can save you a significant amount of time later in back and forth with your […]
Remember when manufactured housing used to equate to mobile homes? Remember when loan officers avoided underwriting loans for manufactured housing for fear of low commissions, foreclosure risks, and the added complexities of underwriting those types of “unreliable” homes? For some, these myths still flood our thoughts when a potential borrower approaches us about a loan […]
Working for or owning a cannabis business has become a commonplace form of employment in the U.S. Why? Well, there is a high demand and it’s legal for medical or recreational purposes in many states. Published statistics reflect that there are currently 24 states in the U.S. that allow the legal use of marijuana and […]
We’re in a unique situation….pipelines are full but given the coronavirus pandemic, we’re having to keep up with changes in the law, changes in business guidelines, and borrower inquiries. Using our days productively is now more critical than ever. If you feel like you’ve been stuck in a productivity rut recently or that you’re not […]
Solar power is gaining momentum in the U.S., and we’re moving towards incorporating this cleaner, more efficient source in many areas of our lives, including our homes. Solar energy technology has come a long way in the last 100+ years: solar cell technology was first produced in the late 1800’s, and solar panels as we […]
If you saw our recent post covering mortgage stats and homebuying trends from 2019, you may be wondering why it’s so important to know those overall trends like who’s buying houses. The reason to study these trends is to help you stay up to date with how buyers and sellers are behaving in the market. […]