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Loan Processing

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August 1, 2015 – New Forms Required!

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Written By: Glenn Michaels

On August 1, 2015 new forms are required for all real estate finance transactions except for Home Equity Lines of Credit (HELOCS) and Home Equity Conversion Mortgages (HECMS – reverse mortgages) along with Mobile Homes not affixed to the land.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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Quality Vs. Production

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Written By: Frankie Lacy

Most lenders are in full swing of the busy summer season. Many of us have seen an uptick in submissions as families purchase new homes and few seek to refinance their existing home. With this increase in business comes an increased demand on underwriters to decision loans as quickly as possible. 

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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Packaging a Loan for Non-Delegated PMI Review

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Written By: Frankie Lacy

Underwriters that work for mortgage shops that are non-delegated with private mortgage insurance (PMI) vendors must submit loan packages for review. Those packages are subsequently reviewed by the PMI company’s underwriting team. These packages may also be reviewed by PMI management, sales professionals, and auditors. 

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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The Score is the score or is it?

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Written By: Glenn Michaels

Lenders of all kinds when examining a credit report always look at the borrower’s credit score. Very often I have heard from lender’s the saying, “The Score is the Score”. The credit score can be manipulated by a borrower if a borrower knows that in the near future they will be buying a home, an automobile, or any other big ticket item.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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There is a New Employee Benefit That Will Assist You in Buying a Home

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Written By: Glenn Michaels

Homegrants.com, is a down payment assistance program where employers contribute a predetermined amount of funds into an Employer/Employee Housing Trust Fund Account. The participating employers make a lump sum donation/contribution to the administering non – profit organization in the special housing trust fund.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


Will the Adjustable Rate Mortgage and Interest Only Mortgages increase in popularity?

Written By: Glenn Michaels

Borrowers who reside in expensive markets may desire an Adjustable Rate Mortgage and/or an Interest Only Mortgage. Borrowers who obtained an Adjustable Rate Mortgage saw an interest rate and monthly payment reduction. In some cases the payments was 3o – 35% less than borrowers that obtained a fixed rate mortgage.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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Out with the old in with the new?

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Written By: Glenn Michaels

The mortgage industry ended 2013 with no change in loan limits beginning in 2014. On January 10, 2014 Qualifying Mortgages begin, but there are still lenders out there that will do non – Qualifying Mortgages. The more things look like they change the more they do not.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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What is a lender to do?

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Written By: Glenn Michaels

When it comes to the appraisal it is extremely important that the underwriting and Quality Control efforts be present in every loan. Most lenders require the underwriter to review every appraisal report and a percentage of mortgage loans be reviewed by Quality Control.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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8 Things that can Kill a Mortgage Loan Approval

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Written By: Glenn Michaels

Today almost every lender does automated underwriting and can furnish an applicant with an approval pretty quickly subject to underwriter validation. Rates move up and down or stay the same; normally an uptick in the rates will not invalidate a loan approval as most lenders will issue an approval with a maximum rate. The mortgage volatility is not here, so rates are not moving up or down quickly.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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Title I Home Improvement Loans

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Written By: Glenn Michaels

Everyone has heard about FHA loans that are insured by the United States Department of Housing and Urban Development (HUD). However not everyone knows that FHA first mortgages fall under Title II loans.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.