What Does a Mortgage Underwriter REALLY Do? The Mortgage Process For VA Loans & Conventional Loans 🏡
Вставка
- Опубліковано 6 жов 2024
- #homeloan #Mortgageunderwriter #Underwriter
Clearly I love doing loans! Need a mortgage or want to chat about your scenario? I am licensed in 46 states for purchase and refinances. Here is how to contact me
1) Book a call with me: calendly.com/j...
2) Apply for a mortgage now at www.zerostressmortgage.com If you apply please text me your full name and email address letting me know so I can look for your app:) TEXT 707-478-0637
3) Call me 707-478-0637
SOCIAL FUN
Instagram @jenbeeston
Facebook Jenniferbeestonmortgage
Jennifer Beeston, SVP Mortgage Lending, Guaranteed Rate Mortgage
Top 1% in the nation 2016-2020
More Helpful Content:
Home Loan Basics: • What is a Short Sale? ...
Loan Programs: • VA Mortgage Loans - St...
VA Loans: • VA Mortgage Loans - To...
Real Estate Breaking News: • FHA Loan & VA Loan Cha...
Mortgage Rates/Refinancing: • Is NOW the Best Time t...
Jennifer Beeston NMLS ID:247743; State License Numbers: AK - AK247743, AL - 72998, AR - Licensed, AZ - 1007541, CA - CA-DOC247743, CO - 100516570, CT - LO-247743, DC - MLO247743, DE - MLO-247743, FL - LO66900, GA - 70357, HI - HI-247743, IA - 33839, ID - MLO-2080247743, IL - 031.0054184, IN - 41478, KS - LO.0039219, KY - MC717200, LA - Licensed, MA - MLO247743, ME - Licensed, MI - 247743, MN - MN-MLO-247743, MO - MO-247743, MT - 247743, NC - I-189119, ND - NDMLO247743, NH - Licensed, NM - Licensed, NV - 66544, NY - Licensed, OH - MLO-OH.247743, OK - MLO20600, OR - 247743, SC - MLO - 247743, SD - MLO.08498, TN - 205478, TX - Licensed, VA - MLO-40552VA, VT - VT247743, WA - MLO-247743, WI - 247743, WV - LO-247743, WY - 8
GR NMLS ID #2611 www.nmlsconsumeraccess.org
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
help buying a home, Jennifer Beeston, Guaranteed rate, mortgage lending, first time home buyer, real estate, VA loan first time home buyer, first time home buyers tips and advice, first time home buyers, conventional loans, conventional loan, FHA loan, FHA 203k loan, FHA, FHA loan 2020, VA loan, mortgage loans, underwriting, home loan, underwriting process mortgage, mortgage, loan officer, underwriting process, mortgage process, what is underwriting, underwriting meaning, underwriter
As an UW, I appreciate your explanation of the importance of our role. We all want the consumer to get approved while putting together a solid and saleable loan file. 😊
Thankyou! Underwriters get a bad rap but they are the ones who often find ways to help a borrower get into their dream home. I hope you are having a good year!:)
If you don’t mind me asking, how do you like being an underwriter? It’s something I am extremely interested in ❤️
@@soulsunshineeatery4797 hi Courtney sorry for the delay. I absolutely love underwriting, I've been doing it forever and can't imagine doing anything else.
@@hollyjblue no worries at all! Awesome good to hear! Wow since this comment I’ve actually got a job offer as a loan analyst lol so my step would be underwriting! Thank you again for even replying 🥰❤️
@@soulsunshineeatery4797 Wow, good for you! Good luck to you and your future as an Underwriter 😉
I have been binge watching your videos - both as a person who may (finally!!! I'm almost 34!) be a first time homeowner this year, and who is also interested in getting into this business. I appreciate the way you present stuff so much! I process consumer loans at a credit union and the mortgage part always seems so....foggy and mysterious. Consumer lending gives me a tiny glimpse of what these other things mean and why, and your videos are really tying a lot together for me.
I am glad they are helping:)
Please tell me I’m not the only one that could listen to Jennifer talk about anything and still be smiling like a fool. Anybody?
Please tell my husband how to do this asap. LOL Thank you:)
Excellently explained!!! I’m showing this to all my buyers. Thank you!
❤️❤️❤️
Thank you Jennifer for this succinct and concise explanation!
Thankyou Jason!
As a Underwriter thank you for that. A lot of times the “feel good” conditions are actually more our way of addressing a red flag without getting a ton of extra documents from the borrowers! Trust me we never want to send a file back! I appreciate your explanation of what we do!! People say oh y’all are just the ones that approve of deny the loans and there’s sooo much more too it!
We appreciate you!!!!:)
I’m waiting for response from my underwriter I am hoping to get my loan approve since I’m a first time home buyer I am so excited but at the same time nervous
@@floramay8064 same!!!!
But why is it about feelings? Either it meets the guidelines or it doesnt.
Hi Al,
I’m closing on a new construction home in 8 days and questions are arising from a cash deposit of 9k back in February to pay down a debt. I have proof of a 15k withdrawal 2 years ago that was put aside for emergency. I now have more then enough for cost to close plus an additional 14k in my account. I really didn’t need to deposit that cash . But wanted to pay off the loan at the time. Will an underwriter deny my loan because of this. Thank you and hope u can help me understand. Have a great day
I’m interested in moving from a processor to an underwriter, I’m trying to learn the process and skills I need to acquire in depth! You guys make more !!
Hello can I ask you more about this
I like the way you explain things, its easy to understand...
Thank you!
Thank you so much. You made it look so easy and very understandable.
Glad it was helpful!
I couldn't have put it better myself. I'm a mortgage underwriter so thank you for explaining the process.
@@BishimDeja depends on what good is for you 🤷🏾♂️
Your team is great Jenn. Thanks
Thank you 🙏🙏🙏
Thank you so much!! I`m new to the field and....I need A one on one training class! on how to actually process the loan!!
I received my conditional clearance. Supplied all requested info they asked for. Va appraisal and pest control completed. Waiting to close
Great info. Thanks. And respect for rocking the Ultimate Warrior armbands.
Thank you I try. Especially with the armbands
@@JenniferBeeston - Fun style and personality to match :)
Hi Jennifer it's Deepak. Thanks for making my refinancing so seamless and locking me in on an awesome rate! I am very happy!
thank you for posting this video. It helped me to understand way better the job of the underwriter. :))))
Happy to help!
Thank you for breaking this down
I could probably watch your videos all day. Excellent review! I am sure many feel the same way!
Thank you!:)
Omg I am an underwriter as well and you are wonderfull thanks for bringing out the truth for us
❤️❤️❤️❤️
“Well that’s so stupid why do they need that” 😂 I literally said that when I was asked for something I thought didn’t matter.
We hear that every day. I am thinking of having it embroidered on a pillow lol
@@JenniferBeeston so funny. I apologize on behalf of all the prospective home buyers.
What did they need, if you don’t mind me asking? My file is about to go to underwriting tomorrow
I’m going to underwriting end of next week hopefully (after getting a good va appraisal) and I’m deathly scared of underwriting..
Don’t be afraid. If your loan originator did their homework upfront it should be fine
Same
This is extremely helpful
great video...in certification class for mortgage underwriting and that is exactly what we will be doing
That is great! Please comment on if you learn anything we should talk about. I am constantly amazed by all the niche guidelines underwriters need to know.
Ours just went into underwriting, we’re in South Texas and I’m so nervous… and googling to see how this works, praying all goes good because I’m scared to start packing lol
I feel ya! Hopefully it’s quick.
Me too 😭😭😭😭 I was told we should hear back tomorrow and I haven’t been able to sleep
De-mystifies that scary underwriter figure, who turns out to be pretty cool when everyone does their job.
I am really interested in getting into underwriting. What type of education requirements do I need in order to get that type of job? Degree? Certifications?
Same! I'm wondering about the education too
Viridiana Castaneda I apologize, my response was for you and for Michael! Please feel free to reach out with any further questions!
Austin Gordon Hello Austin, what was your response? It doesn’t show up for me.
Viridiana Castaneda What was Austin’s response? It will not show up for me?
Michael Baranek still can’t see?
It's the underwriters job to look for any possible reason to reject your loan. That's just a fact. That doesn't mean they want to find a reason to reject your loan. I'm sure they hope each file they get is perfect and can be approved, because that keeps them gainfully employed. So while I agree they are not your enemy, they are also not your friend. There's a reason you are not allowed to meet them, talk to them or even know their name.
Extremely informative !
Thanks for this video! Good information!!
Glad it was helpful!
I sent in everything they asked for and followed up with it. If they need something extra I will do whatever I can.
Hi Corazon, You sent to another lender correct? Just want to make sure as I checked your name and did not see an app
@@JenniferBeeston yes different lender
Thank you for your helpful information. I'm guessing an underwriter's job in real estate is a bit different than the one in corporate finance.
I would assume so
Thanks jennifer
Happy to help
2 Questions: 1.) Can you do a video explaining what closing costs include and how it’s calculated?
2.) Can you explain the Elite VA Program?
1) Yes
2) Not a real program. From what I can see via google it is a lender marketing saying if a veteran has over 720 credit they get special rates. What that tells me is they don't like lower credit scores. Don't see a real benefit with this program.
I thought Freddie Mac and Fannie Mae were named after people. 😭😭😭
That may be my favorite comment of the week
thank you and and I'm here thinking underwritter is going to deny my mortgage loan
Happy to help and hopefully they won't. Let me know if you want to chat:)
Where are all the underwriter videos on youtube explaining exactly how to get through underwriting? Are their hands tied??
Yes to a large extent. Underwriters work for companies and companies generally have really strict rules about social media content. Also most of the underwriters I know are introverts.
So why an approval with the Loan officer, only to get denied by underwriting?
Not all loan officers are the same.
Exactly. It should happen in the beginning. A Pre approval letter doesn't mean anything. It actually should be against the law in my opinion. There are some places that do exactly that. It's called pre-underwriting. Its hard to find though unfortunately.
I’m a Loan Officer. It’s true that not all LOs are the same but also, the correct term is prequalified not pre approved. Furthermore, you could be prequalified and still get denied because your situation changed during the process.
@@franciscovaldes4469 how are you a loan officer and you said it’s called pre qualified. I’m 100% sure it’s called a pre approval
@@deander7653 Sounds like you don't know much about mortgages. There's a verified pre-approval process, which is what he's referring to.
This is wonderful information. I have been educating myself since the covid shutdown began. You have the best explanation. I can visualize what all these people do who are involved with getting a mortgage. Thank You!!!
(Any advice when you have old student loans that are In deferment or forbearance?
For a better DTI what suggestions would you give?
How long do I have to show payments on student loans?)
I'm gonna go the pathway of Freddie Mac guidelines. They allow 0.5% student loan calculations for DTI.
Great video! How would I start a career in the business? Education/licensure requirements for Virginia?
Check this out. I love the knowledgecoop It is where I do all my continuing education www.knowledgecoop.com/pages/become-a-mortgage-loan-officer
Hi Jennifer my loan is in process . I have monthly child support out of wedlock, my broker has never dealt with this issues before. The underwriter is asking for divorce paper. What paper work needs to be submitted, so I can close on this loan before the holidays. Please help thank you
We would be asking for a court agreement on child support.
Like, Totally,.... Good job!
All this time I was hating on this random person wanting all these documents but this whole time they’ve been on my side 😭 I feel so low haha
Yes they are your best friends in the background ;)
🙏 thank you this was very helpful
Glad it was helpful!
Thank you again
Are there people who fake their documents and does the underwriter finds out?
Yes I hear about it in my state trainings all the time. It is why everything is cross checked
Why did a bunch of foreclosures happen around 2008 if underwriters are the “3rd round”? Did they drop the ball on millions of applicants?
The loans leading up to 2008 were a joke. They literally had loans were you did not have to prove anything. You just filled out the app and they went with it. It was a different world
We are also so so underpaid. !
When does the underwriting process start in new construction, since closing is usually months away?
Most new build contracts require you to get fully underwritten within first 30 days of acceptance even if it won't be completed for months. With new builds we generally underwrite once within first 30 days (if buyer committed to us) and then again prior to closing. I have a video that covers my new construction nightmares that delves into some of the things that can go sideways. Call me if would like to chat 707-478-0637. I love your screen name!
I had to write a few of these.
Whew...Thanks for explaining it and making it simple, because some people ( like myself) hear underwriter and pic Thanos or some powerful evil being like that..😎😎😂😂😂
Some are lol. Just kidding. Underwriters are actually really nice in my experience and want clients to win
After being pre approved, getting approved/eligible, and my loan officer sending it to in house pre underwriter ( have you heard of that) should my chances be good being approved by the underwriter? I am sick to my stomach over this.
it sounds like your loan officer is doing their job and making sure everything is good before you go shopping. With all that clear you should be good for the underwriter. Yes I have heard of pre underwriters we do it whenever we need a 2nd set of eyes. I would not be sick to your stomach .
Thank you ! And actually we did the pre approval and DU. We got approved and we had an offer accepted, inspection, and appraisal. She then sent my file to preunderwriting and said i passed. I just had to get a few more documents like gift letter and auto statement and shes sending the file to the underwriter.
@Brittany Melena hey yes ! I’ve been living in my house for 2 months it went great. I have super bad anxiety and this process was awful but i did it all to myself. It’s scary there’s a lot riding on it i know but it’s gonna be good ! Hand in there !
@@chrisg2281 win what ?
My file going to underwriting with in a week it’s scary
It will be fine:)
how it go
Very helpful.. THNK U...from me and my 13 group of friends. Madam...Kindly assist is there any chance to remote job for India to US 🇺🇸.
Regards and God bless you 🙏.
Very nice explanantion.
Thank you!
I have a question about closing on a house and being on FMLA. I have been approved for an FHA loan and the closing date is in roughly 2 months, but no solid date has been set yet. I recently had an injury a week ago preventing me from working until mid April and I will be on FMLA until then. I was reviewing information online on FHA loans and it shows that being on FMLA should not prevent us from closing on our house because, I will be back to work before the date of our first mortgage payment, also I saw I will be allowed to use my paystubs I had before going on FMLA as long as I have all of my relevant documentation from my doctor and employer regarding work status. Will an underwriter take into regard our situation? Financially we will have everything ready for all closing costs, and my wife is still working full time despite her not being on the loan. Hope you can respond. Thank you.
If you have a set return to work date you should be fine however make sure you give all of this to your lender now so they can plan appropriately and make sure they have all the docs they need etc.. If you were my client I would want to underwrite this now
Thank you👍🏾
Great Video
I'm in processing now and I received a email from the loan processor that I only had 1 task and it's to purchase home owner insurance.Does this mean my file has been to underwritting already ?
Not necessarily. The processor may need one more item to submit to underwriting. Our system always notifies the client when they go to underwriter and when it is out. I would just ask the processor. Most are super cool and will let you know
Hi! Great explanation! Does under writing usually approve a loan if there are four barrowers on the mortgage that all have good credit and good income ?
if the debt to income and credit scores are all in line it should not be an issue
What is your take on fully-underwritten pre-approvals? I found that some lenders are willing to do it while others aren't.
It can truly be pre-underwritten do to the fact that with out collateral your actual DTI and LTV will not be accurate. With the space/time between preapproval and clear to close your documents may expire and then it will be based off of the new documents I.e. assets, credit, income, appraisal, title, etc...
I am 100% for it. We are doing full underwrites now on all preapprovals to make the offers stronger.
Hi Jennifer, can you drop us the links to the underwriter guidelines ?
When will you start doing business in Maryland?
I am licensed in Maryland:). Call me 707-478-0637
@@JenniferBeeston Thank you. After I graduate next month I will start working again I am excited about finding a bigger place.
@@JenniferBeeston how about arkansas
super man yes I am licensed in Arkansas
@@JenniferBeeston help please im ready buy this house I want
Thank you
You're welcome
Should I be worried about job security if I work at mortgage department for a bank with no degree?
Depends on what you do. I have seen a ton of people in mortgages without a degree do amazingly well
I’m a hairstylist Is it best for me to take cash as a service payment or zelle to my account? Because I’ve heard that doing large cash deposit is not good.
Your tax returns will be the most important
I have experience in underwriting just not with mortgages, would it be hard to start in mortgage underwriting?
So is the underwriter part of the lender's company or is the underwriter from an independent company?
Generally part of the company
so do I as the borrower write a letter of explanation?
Yes if there is something on your file that needs explanation you would write letter
Question: i have a pre approval on my VA loan from Navy Federal and i just uploaded my purchase agreement. I’m currently in the “underwriting” and “final approval” phase. What are the odds i can get denied that pre approval amount? I’ve been nervous about this happening before i close on the home.
Depends on if they actually fully preapproved you before you went into contract. I can’t advise on navy fed as with any lender it depends on the actual loan originator that structured your file
May I ask the status of ur underwriting? We are in that phase as well
Any info on how to get into Mortgage Underwriting, anybody?
Do you usually have to start out as a processor in a company first and work your way up into it, or is there another straight path sort of way?
I am in the beginning stage of a finance degree. Underwriting is a career choice I am considering and I see that it does not always require a college degree. Most mortgage underwriter positions I look up on job sites require 3 years of experience though. I am having trouble finding out how to exactly get into Mortgage underwriting as someone with no experience in it. I know the licensing is done through NMLS after you take a course and pass the exams. But I'm afraid of spending money on these courses, and licensing to find out that I'm missing something or won't be eligible still...
Hi Christopher, generally you would start as an operations assistant and then move into processing and then underwriting. Check out job openings at Guaranteed Rate. Our headquarters are in Chicago but a lot of positions are remote and we have GR University which is a path to get up the ladder.
@@JenniferBeeston Thanks for the reply! I'll definitely look into that.
Hey I have a question. Idk if u will see this in time. Im going into underwriting soon. I owe taxes, I’m on an installment plan. The money is debt from my account twice a month. 1 for IRS 1 for FTB. It’s not on my credit, there is no lien because I am resolving the issue. Will that be a problem?
As long as your lender counted the payment in your debt to income then it is not a problem. Make sure they are aware so it does not come up at the end. Also they will need the payment plan terms
What does a underwriter do kill your dreams of own a home yes you throw money away renting but at least you don't get your heart broken
Easier to recover from a broken heart then a broken wallet.
Hi Jennifer, so what position / who attaches certain programs to the the transaction such as ; Va , FHA , usda ?
The loan originator.
@@JenniferBeeston Thank you , now is this a portion that I can shop for on my own based on being a first time homebuyer and other components or is there someone that can match me with the best fit program also with grants and such as well? Also who would be that person and there position/title ?
@@Davion_savant you are looking for a loan officer.That is what I am and what my team does. We structure loans and go over options and cost with buyers. We do not specialize in grants though. For those I would research via google and then find a lender who specializes in them if that is what you need. If you are a veteran VA wins every time as it is zero down. We do VA all day every day
@@JenniferBeeston so I am not a veteran, I am in Florida though and would be deemed a first time homebuyer, so I've been doing what I can as far as strengthening my profile and calculations however, I know that with my annual income and what I've calculated based on ability to repay and everything is that I know that I'll need a very creative and hefty assistance that I believe
Will I increase my chances of getting approved for a mortgage is pay on charged off delinquent accounts or am I just doomed?
You need to chat with a credit expert. You are not doomed in any way. I like Ken Strey at scorewell 925-478-5213
Do underwriters work on Monday or Friday?
Yes
Hello, thank you for sharing.
Can collection accounts affect underwriting ? Or will DTI percentage decide that? Thanks again
They can but it depends on the loan product and scenario and type of collection
@@JenniferBeeston what about a cell phone collection that pops up after preapproval?
@@JenniferBeeston can a past late pays on a mortgage I just sold decline you during mortgage underwriting? My ex husband used to pay the house then after a divorce I was awarded the house but that still shows for me since I co-signed. Also I’m about to pay it in full due to a sale n I’m on a time crunch time to move so now just scared to get denied for past late mortgage or wonder if I should rent for a couple months n let it show paid in full before I try buying again
Do you have a recommendation on which is the best certification to become a licensed underwriter? Would it be NAMU or perhaps a different entity? 🤔
Unfortunately I do not as I am a loan originator. i feel like someone may chime in here
This job is one of the easiest to do. Being paid $50h and bonuses, sometimes while making $24k here and there. Didn’t even finish highschool. If you guys are thinking of it, do it with no second thoughts but I have a friend and I’m working under her lol. She make 6 mil a month
An underwriter made 6 mil a month??
Company owner lol
@이진아 yes that’s what I’m talking about, I’m also building enough money to build my own company and hire underwriters. Have everything planned out already lol
@이진아 keep in contact. I’ll give you my Instagram @alaskanowl.
@ 이진아 sure thing, she’ll hire you immediately and you’ll be getting paid $50 an hour lol. I got the hook ups >.> you’ll need to go through a course and pay $975 but I will pay that for you Lol so don’t worry about it
So if I submitted everything and got a preapproval so I could look better to sellers, does that make the underwriting go smoother as well?
Yes and check out my video tomorrow. It is going to take the process to the next level!:)
will the underwriter denied your loan. if you cosign a car for someone else. but it on your credit report. because I cosign for the car
Depends on debt to income and if the car payments are on time. If the car has not been paid on time and it has lowered your score we are stuck. If the car is paid on time and you can show 12 months of the person you cosigned for paying the car payment then we can exclude
@@JenniferBeeston thank you so much
Jennifer I made the mistake of making a hard inquiry on my credit before documents are going to the title company, the underwriter already approved my loan, will it affect my refinancing process?
You should be fine. They will just ask if you bought anything or opened a new line of credit. If you did have the statement ready to give to the UW so they can add to debt to income and you should be fine. If it is just an inquiry it is literally a quick letter of explanation:)
I am a Broker. Do I need a cert to be an underwriter? I have moved to Texas and I don’t know enough people to start over here.
Does underwriter looks at 401k balance as possible reserves or access to cash?
yes
With high 401k account and 10% down and excellent credit score but DTI at 49% what would you do if you're seeing that and no other loans just car student loans and the house?
Will depend on if the computer likes and loan type
If desktop underwriter liked it is it good?
It says we can only get a 4 unit home does that mean 4bdrm house max or?
Who is telling you that?
My loan Officer called me up after I applied online and he said I was pre-approved. He then asked for some paperwork so he could get it approved through underwriting. He said it would make me stand out as a buyer if the loan was approved through underwriting first. I'm a first time home buyer so I had no clue what any of this meant. Anyways my pre-approval letter says that its been approved through AUS underwriting.
You 100% want to give them all the docs and have it fully underwritten. Your loan officer is right in that it makes you more attractive to sellers if you have been through this step.
How much do you make?
Hi Susan, This gives the averages for the mortgage industry for the different job types
www.payscale.com/research/US/Industry=Mortgage_Banking/Salary
I think glassdoor has averages as well:)
How to become a underwriter suggest anyone??
I'm an UW that started 6 months ago who had no experience in underwriting prior but just got a little lucky and worked hard to show that I wanted to try it. I was a mortgage funder before for a year and a half which is essentially an entry level position and then moved into underwriting, the funding and underwriting groups usually work closely together so I got to know the UWing manager well as well as the underwriters themselves to where they are all my friends and I expressed my interest to the manager and he gave me a shot when a position opened up and other underwriters supported giving me a chance - so there was definitely some networking on my part that had to be done over a period of time. There's other ways to get into UWing though from being a credit analyst/admin, Jr underwriter, fulfillment/mortgage officer, broker, Jr broker - some of these are entry level positions and some above entry level but still below underwriter. Practically all the UW on my team did one or more of these roles at some point in their life whereas I did not so I had no experience with working with credit. The main skillsets you need is to be able to understand credit and being able to express yourself clearly and precisely because most of the time you are look at documents and pulling information from it to for reasoned logic that you will put down on the file to support why you are allowing these applicants to borrower X amount of money for a house
Thank you for sharing this. So many people want to get underwriting so this is very helpful!:)
My appraisal came out good and now its underwriting I’m so worried and I have a question if they deny my loan do I have to wait one more year ? And will they give me reasons why they denied it?
There is no exact requirement for how long to wait after a denial. It will 100% depend on your unique situation and if you are declined they should 100% tell you why. If it goes "sideways" let me know and we will take a peek at it
Are you licensed in pa and nj
Those two I am not. I have to get fingerprinted in a police station and covid has me in full lockdown.
Hello how do I contact you guys for underwriting training
We do not do underwriting training unfortunately
if you wanna get wild google fannie mae..lolol
Just giving people hot date night ideas:)
@@JenniferBeeston i see. lol. just too much excitement for me.
I have a new construction loan that has been approved 3 times and sent 2 commitment letters. Now we are supposed to close 9/15 and now this UW asking for stuff at the last minute. We were told our extra car to have someone else pay it for 10-12months to remove it off our debt. Now its a issue because the person name isn't on it.. Is this possible to work or not?
Hi Kurtis, I really hope the lender did not tell you to have someone make your car payment so you would qualify. That is “shady lending” which harms you. If you are the one that will be making the payment but you don’t qualify for the loan with the payment you should sell the car or get a less expensive House. That is the brutal truth.
In my experience the other person has to be on the loan and you would have just co-signed for it. If it is really debt you are responsible for it should be in your debt to income. I am super conservative though so hard to say how other lender will look at it. Is this the builders lender or?
@@JenniferBeeston its the or. I am dealing with it now. Lucky I paid down my debt $15k while it was getting built. Let you know in 5 days :-(
Kurtis Makingmoves it’s good you paid down debt. Let me know what happens.
@@JenniferBeeston you was right. Our lender was shady. Still waiting to get approved by Underwriter after getting two commitment letters from them to build. They moved our closing date from 9/15 to 9/25. Super pissed off.
@@JenniferBeeston we closed on 9/25. Jumbo loan 3.25
do you offer training for loan underwriters?
We have Guaranteed Rateuniversity now for employees to get trained up to next level. We have a ton of jobs available now. Check it out www.rate.com/careers
I disagree. You seem fully capable. I think underwriter is a waste. Anyone can make sure all documents are accounted for so why pay and extra person to do what anyone else already there can do.
That's like saying in major surgery you don't need the surgeon. We need underwriters
@@JenniferBeeston 🙄 fine
This sounds like a really boring job
It’s like being a detective with fast deadlines.
Would love to take you out on a date!😘
Happily married but Ty for the compliment
Great Channel, can you point me to someone good in Maryland? I'm looking to refi...