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Mortgage and Lending - iLoan - NMLS ID#4474 - NMLS 79048
A place that borrowers can come to learn more than the basics of mortgage lending. It's also a place where industry professionals can come to find content for their clients.
In the last 4 years, an effort has been made on the part of mortgage lenders to ensure precise accuracy on income, liabilities but also on making sure that their money is really their money.  Consequently they look for “Indications of Borrowed Funds.”  One such indicator of potential borrowed fun...
More and more, people are finding that their intent to occupy a home when getting a mortgage may not mean what they think it means.  More and more, loan officers are also finding out that it may not mean what they think it means.  One of the Mortgage Loan Officer national testing questions asked ...
It’s important in life and in mortgage lending that you be yourself.  Accordingly, when your loan officer is presenting you and your loan application to an underwriter, you do everything you can to be as accurate and honest as possible.  You take a detailed loan application and cough up unending ...
Most lenders will restrict the number of properties an investor can finance to a total of four properties.  This restriction was recently loosened to allow for up to ten financed properties.  There are unique restrictions regarding credit score, Loan to Value (or LTV)and reserve requirements that...
A good mortgage loan officer is like a financial psychiatrist for residential housing.  Years of training and experience are packed into our minds for the purpose of reacting correctly to buyers’ financial profiles, stories and desires.  The moral of the story?  All those years of training and ex...
A time ago, we had written about the “on again and off again” itemized deductibility of private mortgage insurance.  It’s been a real saga.  Let’s do a little history: In 2007, congress passes the Mortgage Forgiveness Debt Relief Act which allowed qualified private mortgage insurance to be wholly...
For a long time, we’ve been trying to figure out what we can do for our VA clients besides being highly trained, offering superior interest rates, and providing high-touch service.  We had talked about doing something more for some time now and finally thought we should get off our laurels and ge...
These days, any time a lender sees a square peg and a round hole, they tend to run for the hills. In the case of homebuyers seeking a mortgage with H1B visa status, too often this is the  case. If they’d patiently take the “outside in method” of loan structuring (start with Fannie Mae/Freddie Mac...
Many would say that perhaps Fannie Mae should have become tighter on their guidelines for condos back in 2008 and now that they’re seeing recovery, start to loosen up (kind of like the private mortgage insurance companies did).  The opposite is happening as clearly Fannie Mae wants to limit their...

Charles Dailey

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