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ByDustin Dumestre
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This guide covers upfront costs for mortgage loans prior to closing. What would you do as a borrower if a lender asked for upfront costs for mortgage loans? The mortgage process is time-consuming and involves a lot of work for both the lender and the loan applicant. The borrower must complete a 4-page mortgage loan…
ByMike Gracz
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In this blog, we will cover and discuss the acceptable sources of verifiable funds for closing. With the majority of qualified (QM) mortgage products being overseen by the federal government, there are very strict rules and regulations on what type of funds are acceptable for use when buying or refinancing a home. Funds that are…
ByGustan Cho
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HUD, the parent of FHA, does not require you to pay off the outstanding unpaid collection account balances in order to qualify for FHA Home Loans. However, FHA will count a percentage of any outstanding non-medical collection account balances.
ByGustan Cho
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This article is on delegated versus nondelegated mortgage underwriting by lenders. We will cover the main difference between delegated and nondelegated mortgage underwriting. Many experienced loan officers still need to fully understand the difference between delegated versus non-delegated underwriting and versus being a mortgage broker. Delegated underwriting is when the lender’s in-house mortgage underwriters underwrite…
ByMargarett Jurilla
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This blog is about overlays in underwriting on government and conventional loans. The mortgage industry went through a major overhaul after the subprime crisis. Mortgage companies have two different types of guidelines. Lenders must meet the minimum agency guidelines of HUD, VA, USDA, Fannie Mae, and Freddie Mae. Lenders not meeting the minimum agency guidelines…
ByGustan Cho
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This guide covers getting a home loan approved after denied by a bank for your mortgage. There should be no reason why mortgage borrowers to be denied after getting pre-approved. The only reason why a pre-approved borrower gets denied for a mortgage loan after pre-approval is because they were not properly qualified in the first…
ByGustan Cho
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This guide covers DTI calculations in community property states mortgage guidelines. DTI calculations in community property states are calculated differently than non-community property states. The spouse, even though they are not on the mortgage note, is taken into consideration. Community property states require that the debts of the spouse are also the responsibilities of both…
ByGustan Cho
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In this blog, we will cover the role of mortgage underwriter during the mortgage process. The role of mortgage underwriter is to underwrite the borrower’s file and make sure they qualify for a home mortgage. The mortgage underwriter is hands down the most important person during the mortgage process. The mortgage underwriter determines whether or…
ByGustan Cho
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This guide covers how do mortgage underwriters calculate income of borrowers. Income is the most important aspect of qualifying for a mortgage loan. Homebuyers can have prior bad credit and low credit scores and still qualify for a home loan if they have income. There are strict lending guidelines with regards to income and the…
ByGustan Cho
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This guide addresses the issue of credit tradelines not reporting to credit bureaus. When faced with this situation, finding solutions can be frustrating and challenging. I experienced this and will share my experience dealing with credit tradelines that must be reported to credit bureaus. There were no answers available, and the automated systems of the…
ByGustan Cho
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This blog will cover the FHA Total Scorecard and how it works. The United States Department of Housing and Urban Development (HUD) FHA TOTAL Scorecard enables mortgage underwriters to analyze and evaluate mortgage borrowers’ overall credit/income worthiness and instant automated eligibility or denial by FHA. Borrowers who want to qualify for FHA loans need to…
ByGustan Cho
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This guide covers preparing for mortgage process in Illinois. Preparing For Mortgage Process In Illinois is different than other states. Illinois is not a community property state. This means that a spouse’s debt is not counted if the spouse is not on the mortgage loan nor is the spouse’s credit. Preparing For Mortgage Process In…
ByAlex Carlucci
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Closing costs on the Loan Estimate versus Closing Disclosure will most likely be different. The itemized closing costs on the Loan Estimate (LE) is normally over-disclosed since most costs and fees were estimated on the very high end. If closing costs are higher than 10% of the disclosed amount, the loan officer/lender is liable for…
ByGustan Cho
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In this blog, we will discuss and cover the warehouse line of credit used by mortgage bankers and correspondent lenders. Understanding How Warehouse Line Of Credit Works In The Mortgage Process is important in understanding the overall mortgage loan process. Both mortgage bankers and mortgage brokers are licensed professionals. Licensing Requirements of Mortgage Brokers Versus…
ByGustan Cho
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In this blog, we will cover and discuss how do mortgage underwriters qualify borrowers. Credit scores and income is what determines whether a borrower meets the minimum requirements for a lender to review a mortgage application how do mortgage underwriters qualify borrowers is by reviewing all documents provided by the borrower? In this article, we…
BySapna Sharma
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This blog will cover preparing for home loan before applying for a mortgage for a smooth mortgage approval without stress. Preparing for home loan before entering a home purchase contract will minimize stress during the mortgage process for home buyers. The main reason for stress during the mortgage process and a last-minute mortgage denial is…
ByGustan Cho
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This guide covers changing lenders during underwriting process before closing. The mortgage approval process does not have to be stressful if the borrower is properly qualified and the loan officer has set proper expectations for the mortgage process. Alex Carlucci, a senior loan officer at Gustan Cho Associates, explains the number one reason for a…
ByAli
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This guide covers how holidays affect the mortgage process and can delay home closings. As the holidays come around our lives get very hectic. If you are in the process of obtaining a mortgage loan, you may have realized the process does slow down around the holidays. The support staff at mortgage companies are human…
ByApril Ramirez
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This guide covers the loan officer document checklist. This article on the Loan Officer Document Checklist is a series of training worksheets that will be prepared and saved on the Mortgage Learning Center archives for both new and experienced loan officers who came on board at Gustan Cho Associates. All loan officers must ensure all files…
ByApril Ramirez
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In this blog, we will cover employer distance requirements on primary home mortgages. Employer Distance Requirements On Primary Home Mortgages is a requirement on all loan programs. Lenders want to make sure that the distance from the new home purchase to their work location is reasonable. FHA, VA, and USDA loans (Government Loans) only offer…
ByGustan Cho
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This guide covers how underwriters qualify income to approve mortgage loans. Many mortgage loan applicants do not have the role of the underwriter and how underwriters qualify income. Mortgage loans must be documented in accordance with the mortgage guidelines of the individual loan programs. We will use FHA on this blog since FHA are the…
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