Tag Archives: DU 10.3

Mortgage guidelines, Mortgage Originators

Whacked out Wednesday – DU 10.3 updates risk!

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#WhackedOutWednesday – A favorite for many where I go over what to avoid in the mortgage industry and give tips and tricks to help you not be whacked out! 🙂  I’ve been going over the DU 10.3 changes all week, and today I sum it all up by going over what you need to know DU is doing.  Evaluating risk! And every time DU is updated the “Desktop Underwriter” gets more intelligent in doing so.

So what to look out for?  Well complete your 1003 completely and make sure your placing comp factors in the 1003 when you have a higher DTI.  Don’t just skip assets because you don’t need them to close.  DU’s newest highlight, on a cash-out transaction where the DTI is greater than 45 you will need 6 months of reserve going forward.  I can only imagine that other loan case files and risks when DTI is greater than 43 even are being more scrutinized as time goes by.   My advice, watch your C of C’s right now, as something could change the case file id like a new credit report and be 10.3 updated and completely change the output on that loan finding.

If you need help closing a file that looks to be a viable one, but DU or LP just do not like it – CLICK HERE!  We have agency fall out options that can help in these situations.  Think of it as having a manually underwritten conventional option to close a loan.  We have seasonings for BK/Foreclosure and Short Sales that just need to be settled.  Plus a line up of other programs that may help you into 2019! #BankStatementLoans #Reverse #InvestorNIVA #JUMBOLoans

Lets do business! As Always –

#SellWell

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Flood Policies and Commission!

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#TwoforTuesday – Flood policies and commission income guidelines are the two newest changes per DU 10.3 updates!  And today we touch base on what this really means.  EQUALITY for all commission income!! And make sense updates that make lending easier.  All the while making DU updated to be more intelligent.

Two guides, simple to understand, and greatly needed.  I think Fannie is on to something in making guidelines make ‘common sense’ more.  🙂   If you’re tired of overlays and want to work with a company that goes by the guidelines, has little to no overlays, and does make sense underwriting, then CLICK HERE!  #LetsDoBusiness

As Always –

#SellWell

Mortgage guidelines, Mortgage Originators

Mondays Motivation – DU 10.3 & Loan Amounts!

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#MondaysMotivation – DU 10.3 is here! And Fannie Mae says “expect this change to yield a slight reduction in case files that receive approve/eligible findings”!  Risk is being analyzed and DU is getting smarter! If your DTI is over 45, I’d suggest you have reserves in there prior to running it.  Loan amounts were updated for FHA to follow suit of the conforming loan limit changes;

Conforming limits; 484,350 and High balance 726,525!  FHA’s limits follow suit typically at 65% of the conforming limits, and that is; 314,827 and high balance 726,525 depending on county.

There was another great reference I want to mention in these changes on Friday last week, and that is FORM 1084! A self employed borrower income worksheet Fannie Mae has approved to working income calculations off of.  I uploaded that form into the group, Sales Talk with Mortgage Pro’s! Feel free to check out the #Files tab to see all the cool cheats I have uploaded for you LO’s.

As always’ Let’s go – It’s Mondays Motivation – The Tragedy of Life doesn’t lie in NOT reaching your goal!  The tragedy lies in having no goals to reach! I’m doing strategy sessions with new mortgage broker relationships to help create campaigns with Niche products!  If you’re interested in creating goals and crushing them in 2019, let’s chat, CLICK HERE!

#SellWell