mortgage underwriting????
Diane Cipa
I guess since we have standards again, folks are experiencing real mortgage underwriting – perhaps for the first time. That’s good but it sure is generating questions. I’ve had numerous e-mails over the past few weeks and decided to post answers to a few questions here.
In my pre-title life, I was a mortgage underwriter – FHA direct endorsement, VA automatic approval and FNMA/FHLMC. I had the pleasure of managing a couple of high volume retail/wholesale underwriting departments, so when you ask what happens in mortgage underwriting? I’ll use my experience to answer that question. I say that because the automated pre-underwriting takes place earlier in the transaction and so when your file "goes to underwriting" it’s going to a human being. The biggest question on everyone’s mind is how long will it take? The actual file review will take about an hour if your case if fairly straight forward and the underwriter has the experience to make decisions on the risks identified in your circumstance. Most of the time lost "in underwriting" is waiting for your turn at the decision table. When I managed underwriting departments our goal was always to get a file in and out inside of 24 hours. In high volume situations we shot for 48 hours, but the reality is that sometimes the flow of files due to rate fluctuations can be overwhelming and the wait can be days. Why? Well, human underwriters are highly trained individuals and there aren’t many of them, especially these days. Mortgage lenders are recreating and retraining underwriting teams. So, are there any tips on how to make the process work for you – maybe make your file go through a bit faster? Your job as a borrower is to first have patience. Secondly, provide as much clear concise documentation as you can to demonstrate you have assets, stable income and a credit profile that demonstrates a willingness to repay the debt. If you fight with your loan officer and complain about having to provide information, your loan offier might be forced to send your file into underwriting without sufficient data to convince the underwriter that you are a good risk or that your circumstances meet the guidelines of the program. So, your file will wait it’s turn only to go into suspense or worst yet, be rejected. If that happens, you end up having to provide the data then go back into a waiting line again. So, be your own best friend, realize that the mortgage underwriting guidelines – while they may seem onerous – are there for a reason – one that you may not understand, however, if you need a mortgage, you’ve got to play the game. Be honest but be thorough. Help your mortgage lender find in your financial profile a willing and able borrower. If you can’t do that honestly, then wait until you can. Fudging the data is fraud and criminal. If you cannot yet demonstrate stability of income or a willingness to repay debt, then start now and create your new financial future by being a more conservative manager of your money. After a year or two of a new financial profile, you should be able to get through the underwriting process successfully. Hope that helps and good luck. 😉Continuing Education for Title Agents
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Posted via email from Title Insurance This is a multi-part message in MIME format. ——=_NextPart_000_0042_01CA15BF.52EA3CE0 ——=_NextPart_001_0043_01CA15BF.52EA3CE0 mortgage underwriting???? Posted by Diane Cipa I guess since we have standards again, folks are experiencing real mortgage In my pre-title life, I was a mortgage underwriter – FHA direct endorsement, The biggest question on everyone’s mind is how long will it take? The actual file review will take about an hour if your case if fairly Most of the time lost “in underwriting” is waiting for your turn at the Why? Well, human underwriters are highly trained individuals and there So, are there any tips on how to make the process work for you – maybe make If you fight with your loan officer and complain about having to provide So, be your own best friend, realize that the mortgage underwriting If you can’t do that honestly, then wait until you can. Fudging the data is Hope that helps and good luck. 😉 Continuing Education for Title Agents Free classifieds for the btn_viewmy_160x33 ——=_NextPart_001_0043_01CA15BF.52EA3CE0 v:* {behavior:url(#default#VML);} Diane Cipa I In my pre-title life, I was a mortgage underwriter – FHA direct = The biggest question on everyone’s mind is how long will it take? The actual file review will take about an hour if your case if fairly = Most of the time lost "in underwriting" is waiting for your = Why? Well, human underwriters are highly trained individuals and there = So, are there any tips on how to make the process work for you – maybe = If you fight with your loan officer and complain about having to provide So, be your own best friend, realize that the mortgage underwriting = If you can’t do that honestly, then wait until you can. Fudging the data = Hope that helps and good luck. 😉 Continuing Education for Title Agents Free classifieds for the Title = ——=_NextPart_001_0043_01CA15BF.52EA3CE0– ——=_NextPart_000_0042_01CA15BF.52EA3CE0 R0lGODlhoAAhAOYAAP////j8/vf39+74/PH4+u/v7+Xx9t/v9dbv9+bm5tDs9svq9c/m8Mbo9N7e ——=_NextPart_000_0042_01CA15BF.52EA3CE0–
Continuing Ed for Title Agents
Mortgage Underwriting???
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underwriting – perhaps for the first time. That’s good but it sure is
generating questions. I’ve had numerous e-mails over the past few weeks and
decided to post answers to a few questions here.
VA automatic approval and FNMA/FHLMC. I had the pleasure of managing a
couple of high volume retail/wholesale underwriting departments, so when you
ask what happens in mortgage underwriting? I’ll use my experience to answer
that question. I say that because the automated pre-underwriting takes place
earlier in the transaction and so when your file “goes to underwriting” it’s
going to a human being.
straight forward and the underwriter has the experience to make decisions on
the risks identified in your circumstance.
decision table. When I managed underwriting departments our goal was always
to get a file in and out inside of 24 hours. In high volume situations we
shot for 48 hours, but the reality is that sometimes the flow of files due
to rate fluctuations can be overwhelming and the wait can be days.
aren’t many of them, especially these days. Mortgage lenders are recreating
and retraining underwriting teams.
your file go through a bit faster? Your job as a borrower is to first have
patience. Secondly, provide as much clear concise documentation as you can
to demonstrate you have assets, stable income and a credit profile that
demonstrates a willingness to repay the debt.
information, your loan offier might be forced to send your file into
underwriting without sufficient data to convince the underwriter that you
are a good risk or that your circumstances meet the guidelines of the
program. So, your file will wait it’s turn only to go into suspense or worst
yet, be rejected. If that happens, you end up having to provide the data
then go back into a waiting line again.
guidelines – while they may seem onerous – are there for a reason – one that
you may not understand, however, if you need a mortgage, you’ve got to play
the game. Be honest but be thorough. Help your mortgage lender find in your
financial profile a willing and able borrower.
fraud and criminal. If you cannot yet demonstrate stability of income or a
willingness to repay debt, then start now and create your new financial
future by being a more conservative manager of your money. After a year or
two of a new financial profile, you should be able to get through the
underwriting process successfully.
Title Industry
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.shape {behavior:url(#default#VML);}mortgage
underwriting????
guess since we have standards again, folks are experiencing real =
mortgage
underwriting – perhaps for the first time. That’s good but it sure is
generating questions. I’ve had numerous e-mails over the past few weeks =
and
decided to post answers to a few questions here.
endorsement, VA
automatic approval and FNMA/FHLMC. I had the pleasure of managing a =
couple of
high volume retail/wholesale underwriting departments, so when you ask =
what
happens in mortgage underwriting? I’ll use my experience to answer that
question. I say that because the automated pre-underwriting takes place =
earlier
in the transaction and so when your file "goes to =
underwriting" it’s
going to a human being.
straight
forward and the underwriter has the experience to make decisions on the =
risks
identified in your circumstance.
turn at
the decision table. When I managed underwriting departments our goal was =
always
to get a file in and out inside of 24 hours. In high volume situations =
we shot
for 48 hours, but the reality is that sometimes the flow of files due to =
rate
fluctuations can be overwhelming and the wait can be days.
aren’t
many of them, especially these days. Mortgage lenders are recreating and
retraining underwriting teams.
make
your file go through a bit faster? Your job as a borrower is to first =
have
patience. Secondly, provide as much clear concise documentation as you =
can to
demonstrate you have assets, stable income and a credit profile that
demonstrates a willingness to repay the debt.
information, your loan offier might be forced to send your file into
underwriting without sufficient data to convince the underwriter that =
you are a
good risk or that your circumstances meet the guidelines of the program. =
So,
your file will wait it’s turn only to go into suspense or worst yet, be
rejected. If that happens, you end up having to provide the data then go =
back
into a waiting line again.
guidelines
– while they may seem onerous – are there for a reason – one that you =
may not
understand, however, if you need a mortgage, you’ve got to play the =
game. Be
honest but be thorough. Help your mortgage lender find in your financial
profile a willing and able borrower.
is
fraud and criminal. If you cannot yet demonstrate stability of income or =
a
willingness to repay debt, then start now and create your new financial =
future by
being a more conservative manager of your money. After a year or two of =
a new
financial profile, you should be able to get through the underwriting =
process
successfully.
Industry
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