Don't Shoot The Messenger!
Do not shoot the messenger. It is a fun cliche, is it not? However, it is more than a cliche, it is truth. Why do so many of us act like three year old children when given news we do not like? The...
View ArticleRough Day?
Rough day? I had an experience recently I'd like to share, so people understand why underwriters are so rigid in requiring what Fannie Mae mandates, and they require it to be submitted prior to...
View ArticleBack In The Old Days
I always hear how people miss the good old days. I am not sure I do. I prefer progress. But lately, the mortgage industry has been regressing, and I would say that we have not been making progress; we...
View ArticleWhat Is A LoanSafe?
There is a service called LoanSafe that attempts to root out mortgage fraud for lenders. One of the most interesting thing it checks is to see if a mortgage borrower has any interest in any way, in any...
View ArticleGift Money And The Gift Tax
I often have people ask me if they can lend their son or daughter down payment money instead of giving it as a gift. Or some want to lend the money and then forgive the loan over time to avoid the gift...
View ArticleA Tsunami Of Loans!
Mortgage volume ebbs and flows, like a tsunami. Sometimes it comes rushing in and business gets heavy and underwriting turn times swell to 2 weeks from 3 days! And then the tide of business eerily...
View ArticleUnreimbursed Business Expenses Hurt Me? Help Me?
Unreimbursed Business Expenses (UBE) is one of the newest issues to trip people up on mortgage applications. Fannie Mae and Freddie Mac have really cracked down on enforcing that lenders deduct any UBE...
View ArticleChange of Circumstance Form? Needed When Marrying, Divorcing, Breathing,...
What in the whole wide universe is a Change of Circumstance form? It sounds like the most bureaucratic, idiotic, useless, pointless, and needless document ever. Wise reader, it is. As part of recent...
View ArticleDeferred Student Loans Are Not Deferred?
It used to be that when I was qualifying a mortgage borrower and they told me that their student loans were deferred, I could normally count on not using that debt against them in their debt ratios....
View ArticlePool Tables, Patio Furniture and Chandeliers Have No Value?
Often times when a buyer and seller are negotiating over the sale of a home, the buyer indicates they would like to have certain personal property from the home. There are times when the seller is OK...
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“IRS Form 4506”, Sounds Harmless Enough…
The IRS 4506 is an IRS form used to request a copy of your tax transcripts from the IRS. Mortgage lenders now require a borrower to sign a 4506 to get a loan. It is an anti-fraud measure and data...
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401(k) Loan To Buy A House?
Is it a good idea to borrow against your 401(k) to get the down payment to buy a home? If your employer allows you to borrow from your 401(k) plan, and most do, you can take the lesser of 50% of your...
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Top 15 Questions to Ask a Lender or Broker Before You Apply for a Mortgage Loan
It may seem odd that someone in the mortgage business wants to discuss how to help consumers find the best mortgage lenders and mortgage brokers. With 30 years experience as a mortgage lender, I can...
View ArticleAutomated Underwriting Versus Human Underwriting
When you’re ready to buy a new home, one of the first things you have to do is take steps to get your financing in place. Mortgage approval is based in part on an automated underwriting process. Unless...
View ArticleQualifying For A Mortgage With Rental Income
I have clients who are buying a rental property or who are buying a primary residence and already own rental property and think they need to provide a copy of a current lease for the rental property as...
View ArticleGetting A Mortgage Loan With Solar Panels On Your House
With the popularity of electric cars and solar panels increasing, it’s important to point out that having solar panels on your house may impact your ability to get a mortgage. Many times, buying solar...
View ArticleWhat Can Stop You from Buying a House? Common Obstacles and How to Overcome Them
You have a down payment saved up, a good credit score, and a low debt to income ratio; it is time to buy your dream home. However, something prevents you from buying the home. What can stop you from...
View ArticleWill a Business Loan Affect Getting a Mortgage? Maybe.
If you own a business and have a loan for it, and you are planning on buying a home, you might be wondering if the business loan will affect whether or not you can get a mortgage. A business loan can...
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