underwriting: What is delaying my mortgage approval?!?!? - 09/14/11 01:54 PM
Want your closings to be smoother? Learn this very important role within the mortgage industry. Even if you "think" you know but you don't sit in a high volume mortgage lender every day I encourage you to read.
We industry insiders have a terrible habit of using industry terms to our customers and clients. Mortgage folk tend to throw around words like "conditions", "decision engine", "stips", and a slew of other words which are easily understood when you know the context. These are words that each directly affect your loan or your client's loan and are each ordered and filled by … (1 comments)

underwriting: But the underwriter *does* have the right ... - 07/15/11 10:11 AM
Yesterday I was at an event with a group of my favorite REALTOR organizations and, as always, the chat eventually turned to how crappy some other lender is. I was listening, politely, and understanding some things the agent may not have understood about how loans can get askew during the process until they said, "You know, these underwriters think they can just ask for anything from us!"
Right on. They can.
Underwriting guidelines are there for a purpose - to serve as a guideline for making wise lending decisions. Underwriters do have the "right" to ask for additional supporting documentation in … (64 comments)

underwriting: Would You Prefer To Argue Or Close Your Loan? - 11/13/09 10:41 AM
Many of you who regular read my writings know I often write what others are thinking even if they don't want to publish it. This, of course, makes me the point of contention for some while other appreciate my openness and *transparency*. That word is so abused these days - especially by those people who claim that by telling you the costs of the mortgage up front they are somehow the only people in the industry you can trust. Hogwash and bologna.
In my years in the industry I have seen thousand (and thousands) of mortgage applications. The greater majority of those applications have … (4 comments)

underwriting: How To Help The Loan Go Smoother and Faster - 10/27/09 05:26 PM
It's easy to complain about how long it takes a loan to close - even loan officers do it. The truth is if everything is in order and the property is acceptable the loan should close within 21 to 30 days of the receipt of all documents by the lender. This is not 21 days from application date nor is it 21 days from contract date. It is exactly as stated: 21 to 30 days from the date a full application is received.
The tug-of-war between agents and loan officers can be turned around if both remember to stand on the … (7 comments)

underwriting: Pre-Approval, Approval, Conditional, Cleared - What the ____?! - 10/24/09 01:49 PM
Ancient Mortgage Proverb: No deal is ever 100% certain until the loan is completely paid off.
There exists a chasm in communication, familiarity and point of view between agents and loan officers. Sometimes we try to act like it does not exist and we really wish it was not so. I know this chasm exists, just as you do for many reasons, because I have had real estate agents - very good agents - try to convert to loan officer at my companies and I have seen this chasm immediately appear. Sales are fairly and generally black and white, go or … (67 comments)

underwriting: Four Hour Approval? Hardly - 10/25/07 12:26 PM
In a time of much needed transparency and truth in advertising I would think all Active Rainers would be very cautious with the words they choose to use in advertising - especially on Active Rain. Unfortunately I see it is not so. A fellow rainer is advertising a FOUR HOUR APPROVAL. They don't exist - well, not from the first phone call.
Four hour pre-approvals, yes. Four hour approval on a conventional, FHA or non-prime loan isn't possible unless all of the supporting documentation including title, insurance, appraisal, supporting borrower documentation including assets, income and credit.
So, unless you already have the appraisal, … (6 comments)

underwriting: Rapid Acquisition: What it is and how to avoid getting bitten. - 09/03/06 05:58 PM
Rapid acquisition is familiar to all of us in the investor niche. It's something a lot of Loan Officers who don't regularly deal with investors could run into with your clients like a brick wall. Here's what you need to know as a Real Estate Agent about Rapid Acquisition:
If your client has purchased 2 properties in the last 6 months or 4 properties in the last 24 months there may be a rapid acquisition issue. Some lenders who are using the rapid acquisition condition will allow a ONE UNIT exception provided the borrower has a credit score above their normal guidelines … (2 comments)

underwriting: When can we close? - 07/24/06 06:34 PM
Sounds easy to ask, doesn't it? "When can we close?"Sure, everyone would like to hear, "Oh, just whenever you're ready!"The truth? Whether you are a real estate investor looking for a mortgage for acquisition, rehab or construction or you are a homeowner just looking to purchase a home there are a couple of points you need to be aware of when it comes to closing speed and dates for any mortgage loan.Closings are not demandable even by your real estate agent - a common fallicy among inexperienced agents. Many moving parts are involved in closing on a purchase or a refinance. … (1 comments)

 
Ken Cook, Writer For Hire (Digital Content Creator) Rainmaker large

Ken Cook

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Marietta, GA

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Address: Marietta, GA, 30062

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