Ask The Underwriter

Today's underwriting subject is Finger Pointing.  I know most of you are asking "What mortgage product is that? I've never seen or heard of that condition? Do you mean when the Underwriter is finger pointing?" I had a few good underwriting questions I wanted to share with you guys this week. I wi...

I received a very good question yesterday. It brought back some memories of an underwriting team I was on in 2005/2006.  For the record, It was the first time in my underwriting career the appraiser wasn't upset at the underwriters.  The Realtors were on the chopping block! The question was: AVM ...

I recently commented on an appraiser's blog and I have to admit, I was hesitant at first.  The relationship between appraisers and underwriters has always been a little "strained" to say the least.  As Appraisers their job is PROPERTY VALUE.  That's what they do, they appraise homes daily. An und...

Jimmy Mcall from Legacy Mortgage Service gave me a great heads up today!  He let me know that an answer I gave a fellow AR was buried and needed to be seen.  Jimmy Mcall from Legacy Mortgage Service has done as awesome job of breaking down what a VA loan is.  Most people complicate it and confuse...

Appraisals are under UNDER ATTACK!  Okay, I may be exaggerating but I've been blog searching for the last week and I think I can probably get a few high fives when I say they are being scrutinized! As an Underwriter I understand why my fellow underwriter is asking for the extra comps, comments fr...

 Stated Income.....The Right WayIn the past stated income was only for self-employed borrowers.  As time passed it slowly begin to expand to salaried borrowers.  While a few lenders have gone back to self-employed only, most lenders still offer the product to both. Times have changed, companies h...

Hello Everyone, I was surfing blogs yesterday and came upon a question by Rick Kellow with Ace Lending LLC (who I want to add is a Mortgage Banker, lends in all 50 states and does commercial and Residential Lending!).  He asked an Appraiser:  How do you feel about comp searches????While most of u...

Rhonda Loyd from Rivera Mortgage in Atlanta,Ga emailed us at asktheunderwriter@alphamortgagetraining.net to ask the following question:I have a borrower that owns their own company.  He pays his housing expenses and his car note and credit cards from his business account.  His tax returns show a ...

Are you having a hard time with the current changes in the Mortgage Industry?Welcome!  if you've got a question for one of our underwriters, please post it here or email us at asktheunderwriter@alphamortgagetraining.net and we'll answer it in the blog