Mortgage Guidelines’ Post

VA loans with 500 credit scores means you may have to meet the VA Manual Underwriting guidelines VA manual underwriting basics with a 500 credit score; 24 months’ rent history is a must https://bit.ly/48GT8Qd

What is Underwriting? Underwriting is the process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower’s creditworthiness and the quality of the property itself. #laurieenosrealtor #underwriting #realtor #realtorrochesterny #buyahomewithme #kellerwilliamsgreaterrochester

We had a very hard and complicated deal that was under LOI and in underwriting. We agreed to help on this deal with the business owner having gone through a tough experience with previous potential lenders and was in a tight pickle—maybe against our better judgment. Underwriter comes back with follow up questions and keeps checking in once a week to try to get the answers. Borrower does not respond in over a month. Underwriter puts a deadline for the answers and says if answers are not in by then, the deal will have to be declined due to incomplete submission. The deadline passes and the next day, the borrower sends in the answers. Only so much you can do—business owners have to want to help themselves. 

Hello Friends here is a complete free package of #Credit_Underwriting_videos, you can spend few hours and can learn deep knowledge on #How_to_PD & Underwriting of Various Credit Profiles, What are the #Income & #Non_Income (Surrogate) #Eligibility_Programs available for #Loan_Eligibility_Calculation, What are the #Credit_Verifications & How to read them and many more Important Underwriting Videos, Go by below #playlists and enjoy grabbing the #knowledge without spending a single penny, knowledge that neither available in any #book nor teach in during #job. PROFILE WISE PD AND CREDIT UNDERWRITING RELATED VIDEOS: https://lnkd.in/ggqCAFyY LOAN ELIGIBILITY PROGRAM: INCOME BASE PROGRAMS & SURROGATE PROGRAMS https://lnkd.in/gdXAYjZJ PRODUCT, POLICY & PROCESS DEVIATIONS AND THEIR MITIGANTS RELATED VIDEOS https://lnkd.in/g2t_ekNi CREDIT UNDERWRITING REPORTS RELATED VIDEOS: https://lnkd.in/gnfZNafc MOCK TEST & REAL TIME EXAMPLES & DISCUSSION – PRACTICES https://lnkd.in/gzcsdmCj RECOMMENDATION NOTES // CAM FORMAT // PD SHEET / CASE SNAPSHOT RELATED VIDOES https://lnkd.in/gKfrfa8m CREDIT UNDERWRITING & LOAN ORIENTATION & LENDING RELATED VIDEOS https://lnkd.in/dCHj4Fkj

What’s up with incorrect or invalid acceleration notices? Issuing one is a critical step for lenders when a borrower defaults. Here are some interesting takeaways from leading cases. The ruling in Lombard v Skyjets (a case that just keeps giving, if you’ve been following my recent posts) confirmed that the lender's enforcement action was effective notwithstanding that its acceleration notice specified events of default that had not occurred, and failed to reference other valid grounds of enforcement on which it later sought to rely. The court took into account that the loan agreement contained no contractual obligation for the lender to identify the relevant EoDs in an acceleration notice, so the borrower was no worse off as a result of the notice referencing an invalid ground than if it had not referenced any ground at all. The court specifically noted that the loan agreement did not contain any relevant cure rights which the borrower could have relied on to remedy the EoDs in question. In contrast, the court in Jafari-Fini v Skillglass found that an invalid acceleration notice by the lender had no effect at all, as it did not trigger any of the rights or remedies that would typically be available to it under the facility agreement following an event of a default by the borrower. The notice therefore, being of no consequence, did not lead to a breach of contract. For a breach to occur, it must violate the express or implied terms of the agreement or a duty of care. Links in the comments👇

2023 tax returns are starting to roll in . . . are you up to date with your annual reviews? If not, MBL Solutions can help you get caught up! Let your internal team focus on new loan requests while we clear out the annual review backlog. We are used to working alongside internal credit teams, whether it be to provide overflow underwriting capacity or to manage a specific area such as annual reviews. We help you keep your pipeline flowing smoothly and your borrowers happy. Check us out at www.mblhelp.org or message us here in LinkedIn for more information. #creditunions #underwriting #mblsolutions

Do you want to become a more efficient and effective loan originator? Hey Sierra is the tool to turn to! Providing precise and comprehensive guidance at your fingertips. That means no more wasting time sifting through underwriting guidelines to qualify potential loan scenarios!

AngelAi is your all-knowing underwriter in your pocket! Speak to borrowers with absolute certainty, get quick and overlay-free loan qualifications, and predict outcomes with certainty. Use AngelAi today! It's like having a loan crystal ball! Justin Simpers

Do you want to become a more efficient and effective loan originator? Hey Sierra is the tool to turn to! Providing precise and comprehensive guidance at your fingertips. That means no more wasting time sifting through underwriting guidelines to qualify potential loan scenarios!

Do you want to become a more efficient and effective loan originator? Hey Sierra is the tool to turn to! Providing precise and comprehensive guidance at your fingertips. That means no more wasting time sifting through underwriting guidelines to qualify potential loan scenarios!