Wednesday, September 7, 2011

Underwriting Guidelines - All in One Place

Everyone knows there are guidelines for determining whether someone gets approved for a loan, but have you ever actually seen the underwriting guidelines?

Here's a link to the Fannie Mae underwriting guidelines:
http://www.allregs.com/tpl/public/fnma_freesiteconv_tll.aspx

When the Fannie Mae Single Family page opens, click on:
  • 2011 Selling Guide
  • then on Part B, Origination Through Closing
  • and then on Subpart B3, Underwriting Borrowers
From there, you can get to all the guidelines for income, assets, credit, etc.
Every time a lender says a borrower is pre-approved for a mortgage, they are supposed to have checked all of these guidelines. Very few lenders do it. In fact, very few lenders even know where to find the guidelines, so it is impossible for them to check.

In addition to these guidelines, a mortgage broker or banker needs to check the guidelines for the individual lender they intend to use, and then, if the loan will have mortgage insurance, they need to check the mortgage insurance underwriting guidelines.

Ever have a deal fall apart? Your lender didn't read the guidelines!

Have a question about the guidelines? Call us at 303-345-3683.


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

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