Basic Guidelines- Mortgage Underwriting
4
Basic Guidelines Ltv< 83% DTI<43% AUS DO/du- Fannie- findings Lp- Fred- feedback certificate Total scorecard - FHA Form 1003- Uniform Residential Loan Application Form W2 Form- Tax data/ employer to IRS If ltv>83%, mortgage insurance is necessary Upfront mi vs monthly mi 1-4 unit property: single, duplex, triplex, quadplex Detached On single lot, single dwelling Least risky Up to 95% ltv Attached Shared wall(s) At most 90% ltv Condos <80% ltv No more than 4 stories Ownership is with HOA Occupancy type Primary: >6 months, 5%DP Secondary: <less than 6 months Rent/investment; 25% DP Credit bureaus: credit info for consumers Transunion, Experian, Equifax FCRA (fair credit reporting act) Consumer can challenge reports Regulations for loan docs
-
Upload
raza-hassan -
Category
Documents
-
view
217 -
download
0
description
Basics of procesing and origination
Transcript of Basic Guidelines- Mortgage Underwriting
Basic Guidelines
Ltv< 83%
DTI83%, mortgage insurance is necessary
Upfront mi vs monthly mi
1-4 unit property: single, duplex, triplex, quadplex
Detached
On single lot, single dwelling
Least risky
Up to 95% ltv
Attached
Shared wall(s)
At most 90% ltv
Condos
6 months, 5%DP
Secondary: 80% require Escrow a/c
-State of California requires Escrow a/c wit ltv>90%
-County/Govt has first lien on property: hence tax payments are ensured by lender
-Initial Escrow Account Disclosures.
-Aggregate Adjustment
Three Major categories of Loan Docs
-Loan Application (L B): acceptable if borrower provides property address, credit info, SSN, Name etc.
-Initial Disclosure (L B): generated after sign. TIL, GFE, Form 4506-T (authority to retrieve tax data from IRS) 4506T at initiation and closing; SSA Form for conventional loans, Intend to continue,
-Credit Docs (L) :
