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Tag: underwriting
Credit Scores for the Ages
It’s funny how sometimes a post will take on a life of it’s own within the comments…such is the case with my recent interview of Jillayne Schlicke. My intentions were to call out to Washington State LOs to make sure they’re up to speed with the new year approaching…the comments have turned into a discussion [...]
Posted: November 8th, 2008 under General Real Estate, Mortgage and Lending.
Tags: age, credit-scores, FHA, underwriting
Comments: 4
IndyMac Leaves the Mortgage Arena
This announcement from IndyMac came via a press release today:
“…effective July 7, 2008, that we will no longer accept any new loan submissions or rate locks in our retail and wholesale forward mortgage lending channels, except for our servicing retention channel. We plan to honor all of our existing rate-locked loans and will continue to [...]
Posted: July 7th, 2008 under Mortgage and Lending.
Tags: finance, indymac, loans, Mortgage and Lending, News, underwriting, wholesale
Comments: 20
The Difference between a 679 and a 680 Credit Score
UPDATE: This information has changed and is no longer valid. Please visit this post for updated information.
Fannie Mae and Freddie Mac released significant changes that will take place on March 1, 2008 impacting how conforming mortgages are priced. Fannie and Freddie state these amended guidelines are due to the rising delinquencies seen during [...]
Posted: December 3rd, 2007 under Buyer Information, General Real Estate, Mortgage and Lending.
Tags: conforming, credit-score, fannie-mae, freddie-mac, Mortgage and Lending, underwriting
Comments: 42
Are you really preapproved or are you just prequalifed for a mortgage? Part 2
A preapproval is the next step after becoming prequalifed. Essentially, this means that you are supplying all of the documentation that is required to support your loan scenario. Everything you have told the Loan Originator needs to be backed up for a “full doc” loan. The LO will review your documentation (W2s, paystubs, asset accounts, [...]
Posted: October 14th, 2007 under Buyer Information, General Real Estate, Mortgage and Lending.
Tags: aus, home-purchase, preapproval, prequal, underwriting
Comments: 18
Quick reminder to lock in your mortgage
On the first Friday of every month, the Jobs Report comes out. Tomorrow is the big day. As I’ve written about this topic before, this economic indicator tends to have a huge impact on mortgage interest rates.
It is the consumers choice to float or lock a mortgage interest rate. My preference is generally always to [...]
Posted: September 6th, 2007 under Buyer Information, General Real Estate, Mortgage and Lending.
Tags: jobs-report, lock-confirmation, locks, mortgage-interest-rates, underwriting
Comments: 9
If your loan ain’t vanilla, you may be in for a rocky road.
Just a week ago, I wrote about what you should do if you’re contemplating obtaining a mortgage. If you’re all ready in the process, I have a few extra tips for you. Contact your Mortgage Professional as soon as possible to:
Make sure you loan is approved. Not preapproved, not prequalified: I’m talking your supporting documentation has been [...]
Posted: August 9th, 2007 under Agent Advice, Buyer Information, General Real Estate, Mortgage and Lending.
Tags: mortgage-guidelines, non-conforming, non-traditional-mortgage, underwriting
Comments: 13
So You Think You Might Need a Mortgage?
The mortgage industry is facing historic times with the tightening of underwriting guidelines, programs disappearing and lenders not able to fund loans and/or closing shop. The subprime meltdown is spilling into the prime mortgage markets. Here is what you need to do if you’re considering buying a house and you’re not paying cash for your [...]
Posted: August 1st, 2007 under Agent Advice, Buyer Information, General Real Estate, Mortgage and Lending.
Tags: ARM, credit, full-doc, Mortgage and Lending, purchase, refinance, stated-income, underwriting
Comments: 50
