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"Underwriting Guidelines"
If you have been aware of what is going on in the mortgage business, you know that loan approvals are more difficult to obtain and the amount of scrutiny that each loan file goes through is extremely extensive. But, if your last experience obtaining a home loan was several years ago, you may not [...]
Continue Reading →Over the past year or so, I have been giving youupdates on how stringent the underwriting processhas been. The lenders have been squeezing the approvalsreally tight, making sure that all the paperworkis thorough and complete, and that there arevirtually no unanswered questions in their file. They want to make sure that their decision willnot be [...]
Continue Reading →This is a reprint of an article by Kenneth Harneyof the Washington Post, a syndicated columnistwho often writes about real estate and financingissues. If you’re thinking about applying for a home mort-gage later this spring, here’s some important news:Beginning June 1, your lender is likely to order asecond full credit screening immediately beforeclosing. The last-minute [...]
Continue Reading →Years ago, there was a lot of buzz about the futureof mortgage lending, and how we were going to seethe day when we would be doing paperless loanfiles. Ha! Even when the loans were being created withvery little documentation, paper files still existedbut they were very skinny. Now that the emphasis is on creating loans [...]
Continue Reading →Have you been watching the Winter Olympics? The results of some of the sports are clear cut -the fastest time wins the medal like in bobsled,alpine skiing, speed skating. Other sports, however, are judged and theresults may be more subjective – ice skating,ski jumping, and the wild snowboarding trickevents. Condo approvals by lenders tend to [...]
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