Rodney Mason - Conv, FHA, VA, USDA, Renovation

You have my pay stub, why do you need to verify my employment?  I recently had a borrower ask this question.  They couldn't understand why we needed to contact their employer to verify their employment.  A Verbal Verification of Employment is nothing new in the underwriting guidelines.  In fact, ...

Yes, it is true.  FHA mortgages for 580+ FICO borrowers are making a comeback.  In the last 2-3 years, the minimum credit score requirement for FHA loans has changed many times.  Just a few short years ago, there was no minimum credit score required for an FHA mortgage.  Soon, most all mortgage c...

What a difference a few days can make.  The turmoil in Egypt continues to dominate the national news.   It was just two weeks ago today that I was in Port Said, Cairo, the Pyramids of Giza and Alexandria.  Egypt was the last stop on our 11 night cruise to the Eastern Mediterranean. Just yesterday...

As we begin 2011, underwriting guidelines remain the tightest that many in the mortgage and real estate industries have seen in recent years.  Today's rules/requirements echo those of the pre-2000 era.  Given that a great number of today's players in the real estate industry have been in the indu...

The first Sunday in January is typically a big closing day for Broadway shows.  Today was no exception.  A number of shows on the Great White Way lowered their curtains today for the final time.  Some show closing days are: Bloody Bloody Andrew Jackson Donny & Marie: A Broadway Christmas Brief En...

How Much Money Do I Need to Bring to Closing?  This is a question that gets asked early on with every closing.  The reality is that its too early to have an exact amount.  At the time of your loan application, you are provided with an estimate that details your total estimated settlement charges....

Why does it sometimes seem that underwriting guidelines vary from mortgage company to mortgage company?  Well, it is because, sometimes they do.  Each agency (Fannie Mae, Freddie Mac, FHA, VA, USDA) sets the minimum guidelines for the approval of a mortgage that they will back if it defaults.  An...

On Wednesday, I had my assistant go through and update some of my marketing pieces.  I always keep a copy of  everything saved on my laptop, but our marketing department is always updating them so I wanted to make sure I had the most current ones available.  given that we have so many pieces it d...

On December 23, 2010, Fannie Mae announced an increase to its mortgage pricing structure.  This new pricing is effective with mortgage loans with purchase and mortgage backed securities delivery dates after April 1, 2011.  You can expect to see all mortgage lenders implement these pricing changes...

With FHA mortgages continuing to take more of the market share, questions often arise regarding what are the potential repairs might be required when the buyer is obtaining an FHA mortgage.  In late 2005, HUD revised their minimum property standards requirements for FHA mortgages.  Prior to this ...