Underwriting Help Desk

What is considered payment shock by mortgage lenders. How do lenders calculate payment shock. What is considered low payment shock. How is low payment shock considered a compensating factor. Can you give a few case scenarios of payment shock.

What is the role of a mortgage underwriter at a mortgage lender. What is the main function of a underwriter. What does a mortgage underwriter exactly do. How long does it take the underwriter to clear to close.

What does COs mean in mortgage terms. How is the process of COs.

WHAT IS SETTLEMENT AND CLOSING? HOW DOES SETTLEMENT AND CLOSING WORK IN THE MORTGAGE PROCESS. WHAT DOES SETTLEMENT MEAN FOR A HOUSE? WHAT IS SETTLEMENT IN MORTGAGE. WHAT IS A SETTLEMENT MORTGAGE. WHAT DOES SETTLEMENT FEE MEAN IN MORTGAGE. WHAT IS THE DIFFERENCE BETWEEN SETTLEMENT AND A CLOSING.

• This discussion was modified 1 year, 11 months ago by  Gustan Cho.

What does it mean by REOs?

Can you explain what LOX mean from my mortgage underwriter?

Question: In the middle of approving someone to purchase property , which was going to be investment loan. Their home catches on fire total loss. Their home was paid for, they are now residing in hotel. Rental well we know terrible. So my thinking buy something so have a place to put head. what investors would allow to purchase home being owner occupied. While they have property in name. They will be residing in home, after renovations to be done. Don’t even have a home in mind. But I may know of one that they could purchase, and live in for a year or so. Until they decide what they will do.

To me I don’t think issue, have proof that they will have to reside in home.

Like to introduce you to Tricia James. Tricia is one of the most talented wholesale lenders who always goes above and beyond. She is working on a client with a recent 120-day mortgage late payment that dozens of other wholesale lenders could not do. She knows how to structure a deal and present it the right way. She is hands down a five-plus star wholesale mortgage professional. Here is a podcast she did a few months ago.

https://www.youtube.com/watch?v=ZxFyJIvQ6JU&feature=youtu.be

The team at Gustan Cho Associates are experts in helping borrowers qualify and get approved for non-qualified no income document mortgages. We can help borrowers without traditional income sources with our no-ratio mortgage programs. A credit score over 660 is required, as well as at least one tradeline open 24 months or more. Down payments and reserve requirements will vary.

• This discussion was modified 3 years, 4 months ago by  Gustan Cho.
• This discussion was modified 3 years, 4 months ago by  Gustan Cho.
• This discussion was modified 3 years, 4 months ago by  Gustan Cho.
• This discussion was modified 3 years, 4 months ago by  Gustan Cho.
• This discussion was modified 3 years, 4 months ago by  Gustan Cho.
• This discussion was modified 8 months, 3 weeks ago by  Sapna Sharma.

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About Us At Gustan Cho Associates

About Us At Gustan Cho Associates: Gustan Cho Associates is a national mortgage company licensed in multiple states wtih no lender overlays

This question is for Michelle McCue. Alex and I have a disagreement on can a high school graduate qualify for a mortgage if they have a full time job after high school. I say yes because high school is treated no differently than college on the past two years of full time schooling . Please give us your take and guidelines on the loan programs. I have done loans for recent high school graduates.

• This discussion was modified 3 years, 4 months ago by  Gustan Cho.

Anyone know why mortgage lenders do not like log homes? Log homes are stronger and has better insulation.

• This discussion was modified 3 years, 4 months ago by  Gustan Cho.

There are instances when mortgage underwriters will require reserves from borrowers. What does reserves mean? Can equity in the home or 401k be used for reserves? How about if you have a paid off vehicle or precious metals? Or what if you have hard core cash. Can those be used for reserves?

What’s the LTV that an investor can use for rental income? Is it still 75%?

What is Gustan Cho Associates? Gustan Cho Associates is the parent company of GCA stand for Great Community Authority (GCA) FORUMS and dozens of subsidiaries and affiliate partners. We are a not-for-profit information and resource center of mortgage and real estate content. We do not sell viewer information nor sell leads. Our support, operations, and licensed staff originate, process, and close all inquiry leads in house or refer them to reputable member partners. Our moderators and advisors have a track record of being able to qualify, approve, and close mortgage loans other lenders cannot do. Gustan Cho Associates power GCA stand for Great Community Authority (GCA) FORUMS and its sub-forums.

• This discussion was modified 3 years, 5 months ago by  Gustan Cho.
• This discussion was modified 3 years, 5 months ago by  Gustan Cho.
• This discussion was modified 3 years, 5 months ago by  Gustan Cho.
• This discussion was modified 2 years, 4 months ago by  Sapna Sharma.
• This discussion was modified 2 years, 3 months ago by  Sapna Sharma.
• This discussion was modified 1 year, 10 months ago by  Sapna Sharma.
• This discussion was modified 1 year, 9 months ago by  Sapna Sharma.
• This discussion was modified 5 months, 1 week ago by  Sapna Sharma.

Why is it that homebuyers and homeowners have a hard time financing homes that is build on ten or more acres. What is it with acreage that lenders do not like?