Ask the Mortgage Underwriting Help Desk

HOW MUCH ARE CLOSING COSTS ON FHA and VA Streamline Refinance. How much are closing costs for FHA streamline refinance? What is the funding fee for a VA streamline refinance? Are closing costs higher on FHA streamline refinance versus VA streamline refinance? What is the process from application to closing on FHA and Streamline Refinance. Can the borrower roll all of the closing costs on the new streamline refinance FHA or VA loan.

What is title when you buy or refinance a house? How does the title process work? What prevents title from being transfered.

To protect from title issues when purchasing property, buyers should purchase title insurance, hire a real estate agent, and conduct a home inspection. What prevents the title claims against title. What constitutes defect in title.

What is occupancy fraud. How is occupancy fraud determined. Is occupancy fraud a serious crime? Would a mortgage lender send an investigator to check on the borrower’s occupancy type? How do lenders verify owner occupancy. What happens if the borrower committed occupancy fraud, what are the consequences. Who gets in trouble if there was occupancy fraud committed. Who investigates occupancy fraud.

What is the loan estimate in the mortgage process? What is the closing disclosure? What is the difference between the loan estimate and closing disclosure? Can the loan estimate and closing disclosure be issued the same day? Does the closing disclosure mean the mortgage loan is approved? Should the closing disclosure closely mirror the loan estimate?

What is a credit supplement. Why do mortgage lender need to do a credit supplement on a borrower. For what reasons? How does the credit supplement process work. Can you run several case scenarios where a mortgage processor or underwriter need to do a credit supplement and the importance of credit supplements. Do credit supplements delay the mortgage process and the closing?

What is predatory lending in the mortgage industry. What is meant by predatory lending. What are the most common predatory loans. How do I know if a loan is predatory. Which answer is an example of predatory lending. Is predatory lending against the law and not legal? How does a loan officer realize that the loan he or she is originating borders on predatory lending.

What are high-cost mortgage loans? What is the difference between high-cost versus high-priced loans. What is true about high-cost loans. Why can’t mortgage loan originators not understand high-cost loans and the violation of high-cost. What is high-cost lending. What is high-cost predatory lending. What is a high-priced loan? Can you please explain high-cost requirements. What are protections against high-cost mortgage loans.

What are judgments? What are deficiency judgments? What are examples of judgments? Can you please run a few case scenarios how a derogatory or delinquent account turns in a judgment? Can I get a mortgage loan with a judgment? How do I clear up a judgment? Can I vacate a judgment? What are considered judgments? What are the four types of judgments? What happens if a defendant does not pay a judgment? What happens after a judgment is entered against you. What does a judgment for the defendant mean? What is a default judgment? How long is the statute of limitation on judgments? How can you resolve a judgment and get on the road to rebuilding your credit.

What does being judgment proof mean? How can you qualify for a mortgage with an outstanding judgment? Can you get approved for a mortgage if you are judgment proof? How can you get rid of a judgment.

What is delayed financing and how does delayed financing work? What are the disadvantages of delayed financing? What is the 90 day rule for delayed financing. What is the difference between delayed financing versus cash-out refinancing. What are the benefits for delayed financing. What type of mortgage loan program does delayed financing apply to? Does Texas have special rules and guidelines on delayed financing?

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.

I have a client who has been in the United States for 20 years and runs a successful construction company but don’t have a green card. Can we do ITIN loans or what other loan program can this person qualify for. His son can buy it as an investment property. His son has a green card. Can his son buy it as an investment property on a hard money loan? Or how about a DSCR LOAN?

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 is an APR? What is the difference between regular interest rate versus APR? How do you calculate APR on my mortgage interest rate? Is there a formula to calculate APR? Can we go over case scenarios calculating APRs?

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.

What does it mean by REOs?

Can you explain what LOX mean from my mortgage underwriter?

How long after a car repossession can I get a mortgage? Is there a waiting period? How can someone get a mortgage after they had a car repossessed and it shows on the credit report.

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

Greetings all, I have a commercial scenario, below are the details.  What rate could we offer?

commercial
refinance
in LA
on Westin
currently occupied to child care center
government program
DSCR is 1.49
building appraised for $1.2mn
$500k loan currently on property
mortgage she’s paying is $3500
income from child care center is $5400
good DSCR

You can email me at taylorgilmore86@gmail.com

A borrower’s investment property is worth approximately $1.5M (CA 94551) and the first loan is amounting to $625K and needs to have at least $450K as a second lien. FICO is 738.

I have a scenario where my borrower would like to renovate their current home (No Mortgage) and the cost for the renovation would range from $50-60K. She’s a Teacher, Salaried with a $52K/year. With a FICO 635 Credit Karma and just bought a new car.

What can we offer her or her options?

Thank you

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.

gustancho.com

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.

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

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%?

I have a broker that is representing the seller in a transaction that is falling out.

Buyer has home listed in Canoga Park for $900k that they need to sell before they will qualify on a home.

Would it be possible to lend in this situation and if so what would be a range of possible rates?

I’m still collecting information but I’d like to give them some general feedback.

Best regards,

Taylor Gilmore