Ask The Underwriter: I'm going to start some trouble at the end of the month!

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Education & Training with Alpha Mortgage Training

 I received 2 phone calls today both after 7pm!  Both were very angry phone calls regarding conditions that were impossible to get.  It's the end of the month everyone's cranky, no one's closing the amount of loans they want to, etc....

Okay 3 things and then I'm outta here before NO ONE lets me contract anymore!

 

1.       What do the guidelines say?                               

2.       Did you meet the guidelines?

3.       Does the condition fall within the guidelines?

Now If your file is not strong (appraisal, job history, credit) or fraudulent (yea..I know....like someone would admit it!) let it go.

Like I said....that's all I have for you. Any questions?

Check out my website:

                               

 

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Anonymous
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Anonymous
D.Bass, I have seen on some of my wholesale lenders where they actually place an * next to conditions that Fannie requires.  That is like stone no exceptions.
February 27, 2008 06:23 AM #1
Rainmaker
44,584
D. Bass
Alpha Mortgage Training - Atlanta, GA
Blog: Ask The Underwriter

Remember,

I'm not talking about conditions that are on the findings and that are fanniemae guidelines...I'm talking about conditions that are not on the findings or in the guides.....

February 27, 2008 06:42 AM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert
D. Bass, I thought I understood what you were saying in this blog, but then I read your response to Matthew Blum, and I am not sure what point you are trying to make.  Can you elaborate on this a little more?
February 27, 2008 12:42 PM #3
Rainmaker
44,584
D. Bass
Alpha Mortgage Training - Atlanta, GA
Blog: Ask The Underwriter

Hey George!

Sorry about that I was in a hurry yesterday morning: 

When lenders run DU or LP Findings have a copy faxed to you along with the approval.  The two people who called me the night before were trying to understand how the conditions on their approval related to the findings from FNMA/FHLMC or the guidelines. 

I often hear from people who complain about their conditions, but I try not to post the conditions...just the solution.  The 3 questions above are what I told them to go back to their account executive or underwriter with.  I talked to both of them yesterday afternoon and both said the conditions were removed.

Matthew, I hope this clears this up for you too...

February 28, 2008 05:48 AM #4
Rainer
150,001
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)

First of all, why were you taking calls after 7???  Regarding conditions on an underwriting report...it seems to me that there are two schools of thought that underwriters come from....the first is the "How do we make this deal work" school of thought and the other one is the "What's wrong with this file" school.

Some conditions make perfect sense.....I hate those because I should have caught them or at least have expected them before I submitted the file....other ones leave me scratching my head.  I just had one where the underwriter made me get a letter from my borrower's ex stating that they were broken up and no longer had access to the credit card.  Even though the card in question had a zero balance and he was only an authorized user on the account.  If it didn't affect the ratios, why did she care?  

The pisser about this file was that the guy was 700+, good job stability..the whole ball of wax....she shouldn't have made me make him go back to the ex for a letter.

Anyway, I look forward to reading your blog!

 

Bob Mitchell

ValueList Real Estate Services, Inc. 

February 28, 2008 10:32 AM #5
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life
D Bass - Ok, you've got a new subscriber here....being a Mortgage Broker I figured you were a good fit.  Sometimes I feel for you folks, especially considering of how many were in the biz throwing a bunch of crap at ya.  Must of been hard on the eyes and brain cells.  The more complete the file, the more efficient the process and the eventual closing.  I was lucky enough to train under an individual who used to underwrite for years.  I too look forward to tuning into your posts.
February 28, 2008 11:21 AM #6
Rainer
84,141
Joe Adams
Major Mortgage USA/Branch Manager - Montrose, CO
D Bass, I am luck that I have 2 underwriters on staff that I can go talk to and they really work hard to help get deals done.  And I enjoy your blog to help all of us understand the process
February 28, 2008 11:23 AM #7
Rainmaker
44,584
D. Bass
Alpha Mortgage Training - Atlanta, GA
Blog: Ask The Underwriter

Bob....they were my friends!  I was just helping out (as usual).  Also that condition is exactly what I'm talking about!  Show me that in the guidelines.  All zero balance credit cards have the potential to be charged up later....and by the way: You are definitely talking to an underwriter that ask the question: "How do we make this deal work"  I'm glad to know you'll be reading my post. 

Jason...Thank you!  Please take advantage of the asktheunderwriter@alphamortgagetraining.net email.  I answer underwriting questions and help with different scenarios...

February 28, 2008 11:27 AM #8
Rainmaker
44,584
D. Bass
Alpha Mortgage Training - Atlanta, GA
Blog: Ask The Underwriter
Joe...On staff underwriters are the best.  It bridges the gap that develops between sales and support.
February 28, 2008 11:29 AM #9
Rainmaker
191,571
Jackie - computer-training-atlanta.com
770.498.7333 - Atlanta, GA

D - I just wanted to leave this quick note to let you know how valuable this blog is - I hope a lot of originators & processors read these posts because I can see how the information will help them increase their closings.

 

March 03, 2008 12:28 PM #10
Rainmaker
44,584
D. Bass
Alpha Mortgage Training - Atlanta, GA
Blog: Ask The Underwriter

Jackie,

Thank you so much for the support.  I Hope you tell 100 of your closet mortgage friends! 

March 04, 2008 11:44 AM #11
Rainmaker
246,706
Katrina Madewell
Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196 - Tampa, FL
Tampa FL Homes for sale | Tampa Bay - (813) 777-1196
D - Just tell them to go get a life!   ...Well that is a fun thought anyway!   Some of these 'newbie's' need to chill out and remember you are just trying to do a job here... and a good one like the rest of us!
March 05, 2008 12:24 AM #12
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Rainmaker
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D. Bass

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