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Manual underwriting guidelines refer to the set of criteria and procedures that lenders use when assessing mortgage or loan applications manually, without relying solely on automated systems or credit scores. Manual underwriting is often used when borrowers do not meet the standard criteria for automated underwriting or have unique financial situations that require a more in-depth analysis. While specific guidelines can vary from one lender to another, here are some common aspects of manual underwriting guidelines for mortgages:

1. Credit History: Lenders will review the borrower’s credit history, including credit reports and scores, but may be more flexible in considering factors like late payments, bankruptcies, or foreclosures if they can provide valid explanations and show improved financial responsibility.

2. Income Verification: Borrowers must provide comprehensive documentation of their income, including pay stubs, tax returns, and bank statements. Lenders will assess the stability and consistency of income to determine the borrower’s ability to repay the loan.

3. Debt-to-Income Ratio (DTI): Lenders will calculate the borrower’s DTI ratio by comparing their monthly debts (e.g., credit card payments, car loans, and other obligations) to their gross monthly income. Lower DTI ratios are generally more favorable for loan approval.

4. Employment History: Borrowers are typically required to have a stable employment history or a source of income. Lenders may consider factors like job stability and potential for future income growth.

5. Reserves: Lenders may require borrowers to have a certain amount of savings or financial reserves to cover unexpected expenses or mortgage payments in case of financial hardship.

6. Non-Traditional Credit: In some cases, borrowers with limited or no traditional credit history may be considered if they can provide alternative forms of credit, such as rental payment history or utility bill records.

7. Collateral: The property being financed will undergo a thorough appraisal to determine its value and condition. The lender will assess whether the collateral meets their standards.

8. Compensating Factors: Borrowers with weaker credit or higher DTI ratios may still be approved if they can demonstrate compensating factors, such as a substantial down payment, a history of on-time rent payments, or significant cash reserves.

9. Manual Review Process: Manual underwriting involves a more detailed and hands-on evaluation of the borrower’s financial situation, which can lead to longer processing times compared to automated underwriting.

10. Flexibility: Manual underwriting allows for more flexibility and a case-by-case assessment, which means that decisions can vary depending on the lender’s policies and the unique circumstances of the borrower.

It’s important to note that manual underwriting is typically used for certain types of loans, such as FHA (Federal Housing Administration) loans, VA (Veterans Affairs) loans, and USDA (United States Department of Agriculture) loans, where borrowers may have less conventional credit profiles or lower credit scores. Each lender may have its own specific guidelines and criteria for manual underwriting, so it’s essential to work closely with the lender and understand their specific requirements.

Sammy The Bull Gravano Breaks the Silence as a Made Man. The second mafioso and the underboss of the Gambino Mafia Family. Seems like a sincere man and someone who is honest on what he is saying.

https://youtu.be/9ECEWShKAoM?si=Dg1QCSD0K0XlnXwY

My first grandson, Alexander. My oldest, daughter Monica Cho first child, Alex.

John Gotti used to be a flamboyant mobster whose fall was his big mouth and arrogance

https://youtu.be/sPL7S8QcJOs?si=XSEWVHTZJyiQoh3u

Former President Donald Trump wins the Iowa Caucaus in a landslide with 54% of the voters. Historic biggest win 🏆 in history. Ron DeSantis comes in second with 20% of the vote and Nikki Haley comes in third at 17%. DeSantis drops out of the 2024 Presidents race and decided to support Trump. Not Haley.

Here is 30 Dementia Joe Lying Cheating Biden Bloopers. This idiot is out of control

https://youtu.be/Aa8Kotg3dyY?si=UMzk1bGY0Qc7cd6P

Sammy the Bull Gravano was John Gotti right hand hand man and the number two mobster in charge. He murdered 19 man and was the hit man with the most number of hits. Sammy The Bull turned out to be a RAT for the FBI and join the witness protection program. Now with the release of his book , he gives a one on one interview with Diane Sawyer. Good video about the life of a real gangster hit man.

https://youtu.be/SUVj-wIegx4?si=f9yfg05za2pWrRWh

Here is a video clip of Chase enjoying playing with Stella in the snow. This is the German Shepherd puppy’s first major snow storm since he was born in January 25th, 2023. I adopted Chase four month ago and he had a rough time since he became 💔 a member of our family because he couldn’t play with our other dogs because he had two different types of worms, one which was an intestinal damaging worm that could have taken up to a year to heal. With a negative worm test last week, he has a lot of catching up to do being a playful puppy. Will post more videos

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Many clients come to us with the impression that their medical bills do not matter when it comes to home buying. They say that they were told that medical bills “don’t matter” or “don’t count”, leading them to believe that their score is somehow recalculated without the medical bills when buying a home. The truth is they DO count. If they are in collection status, they lower the credit score. They count the same as any other collection, even in the mortgage versions of FICO scores. Of course, what the lender actually means is that they do not count into the DTI, but the impression that a client gets is often incorrect. Medical bills can definitely lower the credit score, even to the point of disqualifying an applicant.

Congratulations on another nice five-star customer review for Alex Carlucci of NEXA Mortgage, LLC dba Gustan Cho Associates. Alex Carlucci always goes above and beyond for his borrowers and everyone becomes Alex’s life long friend.

I have sent an increase and rental request through my Property management company. Luckily for me, I’ve been able to convert some of those leads into future purchasers anyone have any ideas on how we can convert other leads to future borrowers.

Many heard about the Rothschild Family how they control the World 🌎 and the controversial things they do from financing wars to cannibalism to pedophilia, to the imnense power they have. The Rothschild Family is the World’s most powerful Family and many people heard stories about how they finance wars and with finance both parties to the war, as well as many other controversial things about them. Here is a link to a short informative video about the world’s best most powerful Family.

https://youtu.be/IbWl40xgw0A?si=neJ4-9wnq4KJ9dAU

We are going to launch John Parker’s websites and show the progress in this section. John, think about the layout, template, functionality of the following websites:

• http://www.bestvamortgageloans.com
• http://www.vastreamlinerefinancelenders.com
• http://www.fhastreamlinerefinancelenders.com
• http://www.realtormlocareers.com
• http://www.nexamortgagecareers.com

Half the nation’s mortgage loan originators and 60,000 real estate agents left the mortgage industry and real estate business as of 7 months ago. More realtors and more loan officers left the real estate and mortgage industries.

https://youtu.be/hocJn_xcm5s?si=jqXHitTWPRnjhd7d

10-Year Treasuries fell slightly to 3.92% which has been hovering between 3.72 to 4.15 the past four weeks fluctiating mortgage rates and relieving the fear rates may go higher for consumers, realtors, and loan officers. 30-year fixed rate mortgages trading down -0.29 putting rates at 6.49%. 15-year fixed-rate mortgages dropped -0.013 placing 15-year fixed-rate mortgage rates at 5.90% for prime borrowers. 5/1 ARM fell 0.67 pricing mortgage rates at 5.90%. Housing inventory remains tight and inventory lags with the demand for homes nationwide. Part of the imbalance of falling rates, high inflation, skyrocketing home prices, and a weak unpredictable economy with questionable validity on numbers and data released is a large percentage of homeowners who purchased homes two to four years ago have locked in mortgage rates around 3.0% and at the same time home prices have gone up an average of 50% over a period of three years, many homeowners do not want to sell and intend in staying put. If the circumstances were different, so will the homeowners agenda and may consider selling the current home or keeping the current home as a rental and purchase a new home whether upgrading or downsizing. Mortgage rates increased more than double of what it was just two years ago. The sudden interest rate jump to 8% have Americans with the mentality of not being able to justify investing in a new home for their primary home as well as investment homes. Many first-time home buyers who were qualfied and pre-approved around mid 2020 through the coronavirus outbreak in February 2021 who decided to wait because they were under the impression of a housing market correction and mortgage rates plummeting from 3.625% found it disappointing and disheartening that home prices have gone by 20% to 50% or more depending on the area and state and mortgage rates skyrocketing past 8.0%. Many homebuyers are now priced out of the market due to the sudden massive spike in housing prices. The monthly housing payment would have gone up from 50% to 100% where they can no longer afford with their wages. Wages have not kept up with inflation and high cost of goods and services. Americans still feel betrayed by the media and politicians at all level of government due to the deception, lies, truth being not told, fake news, political divide, and economic uncertainty in the nation. The country is maliciously divided by political party and the ideology globalists and extreme liberals are putting out is enough to make the American people not trust anything they hear until it has been fact checked and confirmed by reliable sources. Deaths from people who took the coronavirus vaccine and its boosters is increasing. More younger Americans in good health and shape are dying in their sleep due to blood clots or are getting diagnosed with fatal cancel losing their life prematurely. Many believe it is due to the coronavirus vaccine. The coronavirus vaccine has been cause of these premature deaths or illnesses of healthy individuals and many from all levels of society and profession swear the coronavirus vaccine has been engineered, created, and promoted to be the death tool and the solution to depopulate the world.

How do mortgage loan originators surviving these days during times of high mortgage rates, volatile and uncertain secondary mortgage markets, skyrocketing inflation numbers, one of the worst economies the United States is going through, surging home prices, politcial unrest and the media not reporting the truth, and uncertainty in the housing and mortgage markets. Home prices have increased 50% or more in the past three years, mortgage rates have gone from 3% to 8% in a 18 month timespan, mortgage companies closing their doors without much notice, and lenders laying off not just processors and underwriters but loan officers as well and cutting important expenses that should not be cut.

I have never purchased mortgage leads since I started the mortgage business. Are there any good mortgage lead companies?

There are many conflicting questions and theories about the COVID-19 Vaccine. Why is it that so many healthy people are dropping dead after taking the coronavirus vaccine? WHY is Joe Biden and his administration pushing so hard for Americans to get vaccinated? WHY is the federal, state, and local government requiring government employees to get vaccinated or they would get terminated. I think there are two sides to this topic and need the facts. The media has a coverup and that is a fact. Why are members of the United States Military required to get vaccinated? Why are the Globalist and Satanist like George Soros, Bill Gates, The Rothschild Family, Barack Obama and Michael Robinson Obama, the Clinton’s promoting getting vaccinated and depopulation. Please state your comments.

70% of Americans are concerned about the country is in major trouble at all fronts. Joe Biden poll numbers are nearing under 30% which has been the lowest than any modern history including lower than Jimmy Carter. Tainted with crimes against the state along with his son Hunter Biden and his brother James Biden, Joe Biden is branded with the name Biden Crime Family. Corruption is obvious and the Department of Justice and the press is turning the other way. Here is a story about the Biden Crime Family from Sean Hannity of Fox News

https://youtu.be/MlLwDhADJcI?si=jeKH5l6HYuOG1CkD

Ex-playboy Karen McDougal Tells all the affair she had with Former President Donald Trump when Trump was married to Melania Trump with CNN Anchor Anderson Cooper. Why would anyone even a slut tell a news Anchor about a private affair with two people.

https://youtu.be/xo2ISWrQAsU?si=CZpG7TkfN63hrqyp

THIS Message is for Mr. Mike Neill. Can GCA Oakbrook Terrace get loan officers from AXEN do third party processing? Mr. Bill Burger-King said we could. Can we explore that possibility.

How long would Viral Website Developers take for creating a brand new website go viral?

Which internet tool has the most accurate data for daily unique visitors for your website? Which SEO Ranking Tool is best to check your domain authority and domain Ranking?

Mortgage Rates Today: January 10, 2024— 30-year fixed mortgage rates are steady. 15-Year Mortgage Rates Increase. Today, the current average mortgage rate on a 30-year fixed mortgage is 7.35% compare to last week when the mortgage rate was 7.29% while the average rate on a 15-year mortgage is 6.49%. The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.24%. The APR was 7.22% last week. APR is the all-in cost of your mortgage loan. On a 30-year jumbo mortgage, the average rate is 7.20% @ source bank rate. With today’s interest rate of 7.35%, a 30-year fixed mortgage of $100,000 costs approximately $689 per month in principal and interest (taxes and fees not included), the GCA Best Mortgage Calculator shows. Borrowers will pay about $148,054 in total interest over the life of the loan.

The average interest rate on a 15-year mortgage (fixed-rate) is 6.49% compared to last week, the 15-year fixed-rate mortgage rate was at 6.35%.

The APR on a 15-year fixed is 6.43% compared to 6.30% this time last week. At today’s interest rate of 6.49%, a 15-year fixed-rate mortgage would cost an estimated $870 per month in principal and interest per $100,000. You would pay around $56,681 in total interest over the life of the loan.

Mortgage interest rates are determined by a complex interplay of various economic, financial, and individual factors. Here are some of the key factors that influence mortgage interest rates:

Economic Conditions: The overall health of the economy plays a significant role. When the economy is strong, with low unemployment and robust economic growth, interest rates tend to rise. Conversely, during economic downturns or recessions, rates tend to fall as central banks may lower their policy rates to stimulate borrowing and spending.

Central Bank Policies: Central banks, such as the Federal Reserve in the United States, set short-term interest rates through their monetary policy. Changes in these rates can have a cascading effect on longer-term interest rates, including mortgage rates.

Inflation: Inflation erodes the purchasing power of money over time. Lenders typically require higher interest rates to compensate for the expected loss in value of the dollars they will be repaid in. Therefore, when inflation expectations rise, mortgage rates tend to go up.

Supply and Demand: The supply and demand for mortgage loans in the secondary market can affect rates. When there’s high demand for mortgages and a limited supply of funds, rates may rise. Conversely, when there’s less demand or more supply, rates may fall.

Creditworthiness: Your personal credit score and credit history influence the interest rate you’ll be offered. Borrowers with higher credit scores and better credit histories are typically offered lower interest rates because they are considered less risky.

Loan Term: The term of the mortgage (e.g., 15 years, 30 years) can also impact the interest rate. Shorter-term loans often come with lower interest rates than longer-term loans because they pose less risk to lenders.

Down Payment: A larger down payment can often lead to a lower interest rate. Lenders may view borrowers who make a substantial down payment as less risky.

Type of Mortgage: Different types of mortgages, such as fixed-rate and adjustable-rate mortgages (ARMs), have different interest rate structures. ARMs typically start with lower initial rates but can adjust over time, while fixed-rate mortgages maintain the same rate for the entire loan term.

Market Conditions: Mortgage rates can be influenced by market sentiment, investor demand for mortgage-backed securities, and geopolitical events. These factors can lead to short-term fluctuations in rates.

Regulatory Environment: Government policies and regulations can impact mortgage rates. For example, government programs and incentives can make certain types of mortgages more attractive to lenders and borrowers.

It’s important to note that these factors can change over time and can interact in complex ways. Mortgage rates are also influenced by a wide range of regional and local factors, making it essential for borrowers to shop around and compare offers from different lenders to find the best mortgage rate available to them based on their unique financial circumstances.

What determines APR? APR stands for “Annual Percentage Rate.” It is a financial term used to express the true cost of borrowing or the annualized cost of a financial product, such as a loan, credit card, or mortgage. The APR includes not only the interest rate on the borrowed funds but also any additional fees, points, or other costs associated with obtaining the loan or credit.

The APR provides borrowers with a more comprehensive understanding of the total cost of borrowing, making it easier to compare different loan or credit offers from various lenders. Lenders are typically required to disclose the APR to borrowers to ensure transparency in lending practices and help consumers make informed financial decisions.

It’s important to note that the APR is expressed as a percentage, and a lower APR generally indicates a more favorable loan or credit offer because it represents a lower overall cost of borrowing. However, it’s essential to consider other factors, such as loan terms, repayment schedules, and your specific financial situation, when evaluating loan or credit options. Demand for mortgage loans is down despite lower mortgage rates.

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The CPI numbers were released this morning higher than expected. TThe Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The consumer price index numbers released this morning show the CPI increased 0.3% in December and 3.4% from a year ago. What this means is the CPI was higher by 0.30% than one year ago. Excluding volatile food and energy prices, the CPI rose 0.3% for the month and 3.9% from a year ago, compared with respective estimates of 0.3% and 3.8%.

Mortgage rates was not affected by the release of the CPI numbers.

https://www.youtube.com/watch?v=OiloFSVyfkk

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

What is the best artificial intelligence tool for blogging with original content

This message is directed to Ravinder Sharma the Chief Executive Officer of Viral Website Developers and Sapna Sharma the Chief Technology Officer at Gustan Cho Associates. What makes a Website viral on getting organic traffic for lead generation? How is Viral Website Developers different from the competition in creating Websites that generate organic leads. Can you please share your thoughts and business platform.

Here is the second part of Jeffrey Epstein Pedophile Island Guest Report. Shocking Report on former President Bill Clinton, Former New Mexico Governor Bill Richardson, Globalist Bill Gates, Democrat Senate Minority Leader and hundreds more high society members. Everyone on the Jeffrey Epstein Pedophile Island Guest List is on pins and needles about the Jeffrey Epstein Pedophile Island Guest Report. Bill Clinton storms into the Vanity Fair Press Headquarters and demands not to write any derogatory stories about his good friend Jeffrey Epstein

https://www.youtube.com/live/dhsaX2CQt3g?si=g_qZ56_r2Zvc_WrU

Joe Biden is hands down the worst President of the United States far worse than former President Jimny Carter polls show. If the election were to be held today, Joe Biden would lose in every state in the nation and Former President Donald Trump would win in a landslide. The ill-fated bidenomics is considered a joke by many. Former President Barack Obama running the White House behind the scenes is not cutting it. Barack Obama and other Democrats and Globalists puppeteering the Dementia stumbling struggling Joe Biden is trying to get Biden off the election ballot for 2024 due to his mental health deterioration and aggressive Dementia affecting his business decisions and stumbling posture and lack of control and his ability to control his bowels. Barack Obama seems like he is planning on preparing Former First Lady/Man Michael Robinson Obama aka Michelle Obama as the candidate for President for 2024. Many experts and political analysts believe it will be hard to win the Presidency and Take Control of Congress without cheating at the polls. Hillary Clinton and Gavin Newsom are the other potential Presidential candidates besides Big Mike Obama

Here are the best updated numbers for everything Mortgage Statictics including the number of loan officers as of January 2024. A lot of Mortgage Companies, even companies who we worked for are no longer in business. For example, Loan Cabin, Inc. Is completely closed and two states California and Texas revoked their NMLS full eagle Mortgage Lender and Mortgage Broker licenses. Here is the statistics for mortgage industry

https://www.statista.com/topics/1685/mortgage-industry-of-the-united-states/#topicOverview

statista.com

Topic: Mortgage industry in the U.S.

Find the most up-to-date statistics and facts on the mortgage industry in the United States