Tag Archives: Mortgage underwriting

Two for Tuesday – Income Calc’s

Two for Tuesday – Happy MonTuesday today!  Hope you had a great memorial day weekend making memories.  I did.  Back at it today addressing some topics that keep coming up recently, INCOME.  There is a way to look to look at the supporting information that a client sends you in order to calculate income to qualify.  #Checkitout  #SellWell

Two for Tuesday – Must know FHA guidelines!

#TwoforTuesday – Must know FHA guides that can help you save a loan and get it closed.  You need to know these guides to avoid issues on a loan upfront.  Ton’s of questions on these two things recently.  I’m here for “I gotta guy” questions.  Let’s get a loan done together! #SellWell #TheSalesJUICE

Monday Motivation – Looking for two things!

Looking for these two things this week – 1. Two new Broker’s to help, close more loans, and generate business with.  2. Two things on a refinance, equitable interest and vested interest.  Check it out below;

#SellWell

Throwback Thursday – Guidelines Galore

Some JUICY things to help you create “yes’s” are in effect today or coming soon.  #ThrowbackThursday as Fannie and Freddie open up the guidelines again.  Some great announcements on guides below.  If you do loans in Michigan you will want to know this too.  #GoGet’em #SellWell  I’m in the office all day to help with your “I GOTTA GUY” questions.  Have a great day.

Whacked Out Wednesday

Hey y’all, the mortgage JUICE is going to flow today.  Let me say in sitting with a set up team member and asking ops today about what is the most Whacked OUT things broker’s do to their loans, so we can avoid them… Two things came up, both center around FEE’s.

First and foremost, make sure you are OVER-DISCLOSING your fees.  For example, in the appraisal area, put the cost of an appraisal and one re-inspection, in the credit area, put the cost of a credit report and the cost of one credit supplement.  I would go to the length of actually rounding up title fees’ if I was disclosing.  It’s easier to over-disclose and go down than the other way.  It sets you as and LO up for success.  TO under promise (setting worst case cost expectations up front) and allows you to OVER DELIVER (and in the end the costs are less).

Now here’s the biggest mistake I see others doing.  When you are disclosing or having a lender disclose, make sure on a LENDER PAID LE, that the BROKER COMMISSION AMOUNT IS NOT ON THE LE>  Some are just so used to disclosing their income and now with the new disclosures it actually levels the playing field for originators.  YOU NO LONGER need to have your Broker fee on the LE unless you are going Borrower Paid.