FNMA Guidelines Changes Dec 7, 2019 Posted on December 7, 2019 Christmas season is a fantastic time of the year, but it can be very distracting! The month of December is full of work parties, time with family, and a crazy school schedule for the kids which are all things we don’t normally deal with. This all can lead up to distractions at work! I wanted to create this blog with a quick list of some of […]
Employment offers and contracts Posted on November 12, 2019 When I read LinkedIn from time to time, I have seen some funny memes on why people’s loans have died during the underwriting process. You know the culprits such as buying a new car, taking a cash advance on a credit card, and getting a new job! I agree with mortgage sales leaders that teach their followers about preparing your client to experience the mortgage process with […]
The new income on the block… Restricted Stocks (Part 2 of 2) Posted on October 31, 2019 In my last blog, I set the stage on practical applications for the new RU/RSU income. I also went over some of the guidelines which outline when and how the income can be used. For this installment, let’s get down to the “how” to properly calculate income. In case you missed part 1 here is the link “Part 1 RSU/RU the “new” income on the block..” […]
Restricted Stock Units (RSU) Posted on October 19, 2019 I was at a compliance conference a few weeks back in Pontiac, Michigan, it was a great event put on by FIC Conferences. I had a question come up about Restricted Stocks which to me is a “new” income! Restricted Stocks were added to FHLMC guidelines 09/14/2017 with Bulletin 2017-20. Not many people know of this change to the rules! Freddie added this income as allowable because […]
Foreign Income – What, Why, & How to qualify Posted on August 24, 2019 Let’s imagine you got lucky while you were on your vacation to Australia and won $10,000 at the Crown Melbourne Casino and want to use that income to help pay for your mortgage?? ..sorry Charlie! The foreign income we are going to talk about today is when a citizen earns income from a foreign corporation or government on a regular basis that you want to use to […]
Getting the correct income is more than just math Posted on August 4, 2019 We have upgraded UberWriter with some new functionality. Read on in the blog as we weave some underwriting knowledge with some product update news. One of the lessons I learned during my underwriting career is that the most likely reason a borrower defaults is due to their DTI. The DTI either starts off to excessive or becomes too excessive after the loan closes and they can no […]
Profit and Loss Statements 101 for the Mortgage Business Posted on July 30, 2019 I have been writing blogs for UberWriter since 2013 on many different underwriting topics. While putting together some training information I realized that I have zero blogs about P/L’s in all six years! I was pretty surprised by that statistic since the question of P/L’s comes up quite a bit between April and October mainly for self-employed borrowers who have extended their tax filings. What I wanted […]
Can you use K-1 income with less than 25% ownership? Posted on July 18, 2019 I just read an interesting article on the Freddie Mac site from MBO Partners, it was called “The State of Independence In America”. The findings of this article show that Americans who are independent contractors have grown 4.4% in 2018 total a total of 42 Million adult workers. With that much of the work force involved in this new economy I think we need to sharpen our […]
Rental income and Form 8825 Posted on June 8, 2019 A popular asset to own as part of your retirement plan is real estate. With all the “fix it and flip it shows” that have been around for years, this pushes more and more people to try out real estate as an income source. Heck when I watch Chip and JoAnna tear up a house in Waco Texas and make it spectacular, I think “hey I can do […]
