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RECENT BLOG POSTS
Mortgage Training Subject: Sales Contracts (Purchase Agreements)It's Friday!  It's the end of the month! ....and I think I'm going to start a little trouble again!  Let's talk about Sales Contracts.  Sales Contracts are not considered Fully Executed unless they are signed by all parties, have all...
03/28/2008
I've spoken to several loan processors and mortgage brokers regarding the Uniform Residential Loan Application (URLA or 1003).  One of the hardest things to convince them is how important it is for them to complete the borrower's birthday and the Declarations section.  The issue is most Automated...
03/27/2008
The Free Mortgage Training Course on my website this month is: Areas Commonly Missed on the 1003.  I originally wrote this mini course out of frustration.  Mortgage Professionals (Processors and Loan Officers) don't realise that an incomplete application can stall you loan for up to two days!Once...
03/26/2008
Mortgage Training; Income CalculationsLoan Originators, I have a few questions for you:How do you calculate Income?  How do you do you document it?  What do you ask the borrower when you take your application?Loan Processors,When you receive the file from the Loan Originator do you immediately ve...
03/24/2008
Mini-Mortgage Training SeriesUnderwriters look at monthly asset statements on a daily basis.  The average processor and loan originator (I'm not talking about my seasoned LO's and processors) usually do not pay attention to the statements they submit.  If the assets are on the 1003 (Uniform Resid...
03/21/2008
Appalachian Technical College and Alpha Mortgage Training have partnered to offer Live FHA Mortgage Training Courses. This course was written by a Mortgage Underwriter to train Mortgage Professionals to work with FHA loans.  This course is taught by seasoned FHA Underwriters. The focus of the tra...
03/20/2008
I have a DO accept with a back ratio over 43. The underwriter will not approve it without compensating factors. Is this standard industry practice?First: Thanks for the Question! This is not "really" standard industry practice.  For government loans yes, but not for conventional.  Also, for gover...
03/18/2008
Assets come in many forms and fashions (literally).  You have the checking/savings, Certificate of Deposits, Retirement Accounts, Stocks, Bonds, etc...  It's important to know what you're looking at so that you can submit the correct documentation.  The goal is to receive the least amount of cond...
03/17/2008
First let me say this:Complete Tax Returns Include ALL SCHEDULES!   This is a heated debate between underwriters and mortgage brokers.  The 1040 is the summary of all the schedules.  We cannot analyze the tax returns if we don't have the information the 1040 is referring to.Here are a few items t...
03/12/2008
Hello fellow Active Rain members...I'm sorry I haven't completed this series I partnered with Appalachian Technical College (in Jasper, Ga & Woodstock, Ga) last week.  It's been an exciting week!  My last post was about incomplete income documents. I wanted to continue on the subject of income.  ...
03/11/2008
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Dionne Bass

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