Ever get confused over what the difference is between financing concessions and sales concessions? How about if it’s considered a seller contribution or a seller concession? What is an interested party contribution and what does it mean for the loan? These are just some of the questions the Regional Underwriting team frequently fields. In this […]
When working with borrowers, interest rate will be an important discussion factor. But before you start discussing rate with customers, let’s make sure you know the basics. Interest Rate vs. Annual Percentage Rate Mortgages deal with both interest rates and annual percentage rates (APR). An interest rate is what a borrower pays each year to […]
The mortgage industry has its own language which, to beginners, can lead to some confusion. Before you jump head-first into trying to figure out what’s going on in the mortgage industry, you should have the basics down pat. Apart from training or reading an acronyms cheat sheet, signing up for publications that are involved in […]
A version of this post originally appeared in the December edition of Scotsman Guide. Loan officers and listing agents are familiar with homeowner anxiety about real estate appraisals. Questions arise, such as: Does the appraiser penalize me if my house isn’t spotless? Will worn carpeting hurt my value? Will the appraiser look in my closets? […]
The mortgage industry has been abuzz with talk of the new Uniform Residential Loan Application, more commonly referred to as the URLA or 1003. With its mandatory use date fast approaching (March 1, 2021 in case you’re wondering!), we’re here to give you a quick overview of the application including its purpose and what each section […]
There are many mortgage products available to loan originators. However, the most successful originators tend to know every detail about three or four products and most of their customers end up in one of those products. To help you master your company’s most-used products, we’re going to run them all through a PEPPER analysis. But […]
Once you have a solid understanding of how the loans go through the origination process, you’ll have an easier time moving them through. Additionally, the better you can communicate the process to customers, the more satisfied they will be as they will know what to expect, who is working on the loan, and the time […]
Welcome to the mortgage industry. As a loan originator, your success truly depends on two independent and distinct entities: you and the company you work for. The first is obvious – you’re in control of your success through your actions and initiative. But perhaps you didn’t realize your company can either be an enhancement or […]
We face difficult situations both in our personal and professional lives all the time (although remember to not think of them as hard). It’s so easy to become overwhelmed by what you perceive to be solutions to those situations, especially if you find yourself in more than one at a time. Instead of getting overwhelmed […]
Ah 2020 – a year we certainly won’t forget any time soon. It’s a year that brought us a tremendous number of ups and downs, especially for us in the mortgage industry as we navigated forbearance plans with borrowers, record refi and purchase volumes, and fully remote workplaces to meet shutdown mandates. With everything 2020 […]