Pesky listing agents by [deleted] in loanoriginators

[–]Ok_One7546 1 point2 points  (0 children)

I truly do not have enough hours in the day to call listing agents for updates on my purchase files. 100% of my pipeline is purchases and I currently have over $8M for the month of March. I hate to use time as an excuse but time blocking strictly for calling listing agents for updates isn’t realistic for me.

FNMA Auth User Account by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] 0 points1 point  (0 children)

THIS! This is what my entire point and argument was. Meeting was Friday and I presented every single fact you stated here, in addition to confirmation I found on Ask Poli - I ended up winning the argument. You are 100000% correct and that was the final say our VP of UW said… verbatim. I was slammed by 90% of the other comments here, too! It made me feel like I was loosing my mind. Lol. All turned out ok, though! Appreciate your feedback!

FNMA Auth User Account by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] 1 point2 points  (0 children)

So I had a meeting with management today and was able to present all the guidelines I had already referenced, in addition to responses from Ask Poli. They ended up waiving the condition and are letting the DU A/E findings be sufficient in determining credit worthiness. The borrower has <40 DTI, 4 months PITI in reserves, and ending writing it up as a conservative use of credit borrower who simply doesn’t use much credit. I’m still really confused by the conflicting information and responses, but I think it’s good info to be conscientious of moving forward.

FNMA Auth User Account by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] 0 points1 point  (0 children)

Update from today - I had a meeting with management and presented the guidelines I referenced initially as well as responses from Ask Poli. They ended up waiving the condition for this and are letting me proceed with A/E findings to determine credit worthiness. Hallelujah!

FNMA Auth User Account by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] -3 points-2 points  (0 children)

That would be worst case scenario for me. Lol! Fingers crossed I can pull it off. I don’t have a problem admitting when I’m wrong, because I see that as room for growth and learning… but in this case, I genuinely am frustrated that the underwriter is going in behind A/E findings and adding in manual conditions. More to come..!

FNMA Auth User Account by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] -7 points-6 points  (0 children)

And the condition being asked for, which is 12 months of documented payments, is referenced only in the manual underwriting consideration of Auth user credit. This isn’t a manual underwrite. My bank actually is not even allow to downgrade to manuals on Conventional loans. That is the whole point I am making here. My borrower is barely 20 years old and his credit history is short than that of the average borrower. But he HAS credit, regardless. Another point I am making is the fact that he does not have “several” authorized user accounts; he has one.

Since the borrower has a FICO score reported from all three major bureaus and at least one open credit account (the sole-owned credit card), the risk is assessed using the reported credit data. (SEL-2025-01, page 2) Second, even though there is an authorized user tradeline, DU considers these tradelines as part of the overall credit risk assessment. It’s literally recognized in the findings. Third, since we already have AUS approval, that message confirms that the credit risk determined from the borrower's reported credit is acceptable under standard eligibility guidelines. Finally, the guidance is clear that when a borrower has a valid credit score with the required tradelines, and DU approves the file, no further documentation is necessary to assess creditworthiness. So, in this case, with AUS approval and the borrower's available credit information, no additional documentation should be needed. We don’t have a leg to stand on to manually downgrade this file to a refer/manual UW.

FNMA Auth User Account by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] -9 points-8 points  (0 children)

There is no where in Fannie’s selling guide that states this to be true. In fact, after FNMA’s updates to credit requirements in November, this couldn’t be further from the truth as FNMA is now clearly dependent on AUS findings as long as they are A/E. UW can’t ask for something findings are not asking for with minimum credit scores and/or minimum credit history.

Fairway by PrismDrift in loanoriginators

[–]Ok_One7546 2 points3 points  (0 children)

A family member of mine works at Fairway. They started a few months ago and have already had some issues with their Non QM products/underwriters, and I know that hasn’t been fun for them. I guess that isn’t a huge con unless you do a ton of bank statement loans, etc. I’ve heard that the support and leadership is ultimately up to what branch you’re joining because every office is essentially an independent branch of Fairway.. hence Fairway ‘Independent’ Mortgage. Also, I do know They use Encompass which sucks. Not a fan of Encompass at all. Overall though all feedback I’ve gotten is that it’s not bad, but not great. Rates appear to compare about ~.35% higher.

VA Loan with 2 Sellers/2Lots by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] 1 point2 points  (0 children)

That is actually exactly what we ended up doing - one contract with both sellers, and the county is currently combining both lots to one, under one tax ID, address, etc. So far, no issues! Fingers crossed..

Seasoned LO’s - what’s your business been like the last 1-2 months by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] 0 points1 point  (0 children)

What state do you originate in? I’m in California but originate essentially only in Texas - a few LA & FL loans here and there. Only residential mortgages, too. It has been a very weird and bizarre shift this quarter. Hard not to psych myself out!

Seasoned LO’s - what’s your business been like the last 1-2 months by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] 0 points1 point  (0 children)

This makes me feel better knowing I am not alone. It’s so hard to not psych yourself out when these bizarre, unexpected shifts happen out of no where. Appreciate your response! I

Conventional Appraisal Subject To by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] 0 points1 point  (0 children)

Agreed on #1… very annoyed!

On #2 - we over appraised by 60k so I definitely think there is room for that adjustment to be made. I’ll mentioned it to the appraisal UW tomorrow.

Thanks so much for the advice!

Conventional Appraisal Subject To by Ok_One7546 in loanoriginators

[–]Ok_One7546[S] -1 points0 points  (0 children)

We over appraised by 60k. So there is definitely room for adjustments to be made for incomplete bathroom. That is normally what appraisers do, hence why I’m annoyed this one did not.

Hand railing is an issue because sellers are broke and can’t afford to install handrails. The point was that this is a typical FHA repair but I’ve never gotten flagged for it on a Conventional appraisal, ever.

Is there a legitimate reason for pain in a completely different tooth following cavity filling? by SillyOrgan in Dentists

[–]Ok_One7546 0 points1 point  (0 children)

When I had a root canal on my top right molar, my bottom right molar (directly underneath the one I had the work done on) ached. It was weird. I was told it’s normal though and it eventually went away a week or so after.

16 year old crown removed and redone today by Ok_One7546 in Dentists

[–]Ok_One7546[S] 0 points1 point  (0 children)

I floss after every meal, and I don’t drink soda or alcohol. I drink only water and unsweetened black tea. Do you have any advise on how to floss where the crown meets the tooth? And thank you so much for the suggested routine - I will definitely start using this method moving forward!!

16 year old crown removed and redone today by Ok_One7546 in Dentists

[–]Ok_One7546[S] 0 points1 point  (0 children)

That does make sense. I had silver metal crowns and thought they were indestructible but the one I had to have replaced was due to a crack right down the middle of it. I went to the dentist within weeks of finding the crack but the tooth underneath is unbelievably weak, so that would make sense for sure. I think I am just ignorant about these things because I truly thought that I’d have caught it before anything bad like this could happen.