When submitting a loan for underwriting approval, it’s important to have an idea of the basic criteria your borrower will be judged on. In the most general terms, lenders want to make sure the borrower has the ability to pay, the willingness to pay, and the appropriate collateral in case they can’t pay.
Ability to pay
A […]

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It has to be discussed. It’s never any fun, but the bottom line is that it is reality. In a perfect world we could skip this topic completely and move on to discussing new and exciting marketing campaigns and tools. But since we all live in the real world, here we are. I intend for […]

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One of the questions I like to ask my new students is “Who is your primary target?” Many times this question is followed by a moment of awkward silence as the loan officer wonders if this is a trick question. It pains me to say this, but I must confess that an alarming number of […]

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Podango has a real estate & mortgage training channel. It’s not being updated, but the stuff that’s there is pretty good.

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One of the best ways to meet new Realtors is to cold call open houses. This can be tricky though as you are infringing on their own sales efforts. Here’s some strategery for working it.
First, be VERY observant of their time. If there are people viewing the house, hold back, or return a little later. […]

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A list of IT terms that relate to the mortgage industry
Active Server Pages (ASP)
Interactive software that is installed on your server (or your web hosts server) that allows web browsers to pull database information from your web site.
American National Standards Institute (ANSI)
The US member of the ISO that works to standardize computer issues
AUS (Automated Underwriting […]

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Once the loan has been underwritten, you will receive the underwriting decision via fax or email from the underwriter. It may also be available on the lender’s website if they use online technology. You will need to review the underwriting decision thoroughly to make sure the loan was underwritten with the appropriate loan amount, interest […]

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Submitting the loan package to the lender is all about presentation, thoroughness and accuracy. The neater, more complete your file, the easier the underwriter’s job becomes, improving your chances for a clean approval. If all the information is in the file and easily accessible, there will be fewer holes in the loan and the underwriter […]

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The hazard insurance is insurance coverage on the property that will pay out to the lender in the event of a total loss. Therefore, the lender needs to be listed as the mortgagee on the policy (the mortgagee is the party to whom the insurance will pay out in the event of a loss) and […]

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Credit scores have become more of a factor in people’s lives than ever could have been imagined. Your credit and credit scores can affect your ability to buy a home, get a car, get a credit card, take out a personal loan, obtain homeowner’s insurance, obtain auto insurance, get overdraft protection at your bank, rent […]

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