2 Big Reasons Home Loans Blow Up In Underwriting - [Underwriting Mortgage Process]

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2 жыл бұрын

#underwriting #homeloan #mortgage
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Пікірлер: 149

@carmkizzle 2 жыл бұрын

I love the idea that the underwriting is taken care of in the very beginning. I think that should be the standard. I mean we could be saving ourselves the trouble right from the start. I’ll definitely consider using you in a couple years!

@JenniferBeeston 2 жыл бұрын

Look forward to working with you Carmen!

@jrwheeler81 2 жыл бұрын

Same! Our loan is in underwriting at this very moment. We haven't even found a home yet. Our loan officer sent our file to underwriting as soon as he got us a preapproval yesterday. He didn't waste any time. When we bought our current home back in 2008, our loan wasn't underwritten until right before closing, after we were under contract. It was much more stressful that way!!!! I prefer to get it done and over with in the very beginning, before you even make an offer on a home. That way, you can shop with a clear mind!

@charliehenderson38 9 ай бұрын

I’ve had this happened before and was glad it happened, thanks for the advice….👍

@PrissyKrissy15 2 жыл бұрын

I had no idea about the side business aspect of underwriting. I would’ve assumed that they were separate also.. Very informative video!

@lionheart93 2 жыл бұрын

Really like your style. Using real examples to educate us.

@JenniferBeeston 2 жыл бұрын

Thank you!

@uptherefrenchies Жыл бұрын

Hi Jennifer I love your videos. They are very helpful for me and my hubby while we are going through the underwriting process as of now, Can you do a video on how to do a letter of explanation on things on your credit report please 🙏🙏

@dontjudgeme58 2 жыл бұрын

"CJ is a magical, mystical, man-creature" A bit random, but I just pictured him as a centaur with a business blazer in my head after hearing that. I swear to God I'm normal.

@JenniferBeeston 2 жыл бұрын

That’s actually what he looks like except add very expensive slippers. You were spot on

@szvetlana1000 2 жыл бұрын

Hi Jennifer, I love how you are all about consumer education and empowerment. I’m sure you heard this before, but you are such a role model for those of us starting out in our MLO journey. You are really helping me shape a vision for myself as a mortgage professional. Would you consider making a video for loan officers starting out? Lessons, tips, habits, attitudes etc that makes someone outstanding in the profession. Thank you for all you do! Lana

@JenniferBeeston 2 жыл бұрын

Thank you Lana. I really appreciate that:) best tip I can give you as a new loan officer is learn your guidelines inside and out and always put your client first even when it results in you not getting paid.

@josie5948 Жыл бұрын

I really like how your company does business.,very thorough.

@JenniferBeeston Жыл бұрын

Thank you so much, Josie! (:

@MoniqueFountaineGRISRSABR 2 жыл бұрын

I completely agree! I have never understood why all lenders do not conduct a DU. It can be very disheartening for Buyers and Sellers to successfully negotiate in escrow on the condition and value/appraisal of the property to find out they’re unable to acquire financing at the finish line. Though both sides have been advised by their agents not to make significant moves until all contingencies have been released, they will move forward regardless in excitement, placing themselves sometimes in a financial loss. CA Greater Bay Area Realtor

@journeyrawls7952 2 жыл бұрын

Man this is helpful. And frustrating lol 😂 Time to work up a profit/loss now…..

@shkhamd 2 жыл бұрын

Great contents Jen (y) I would request you to do one video on private notes and cash borrowed from family members. I didn't realize this would become a headache until it gotten me into complications.

@JenniferBeeston 2 жыл бұрын

Great suggestion! Will do. Private notes can be beyond painful

@kingtut1735 2 жыл бұрын

I don't understand the the anal process. You can buy a $150 - $200k car in one day but a house you have to do a song and dance. You can't runaway with a house but you can hide a car plus people pay rent and most likely rent is more than your mortgage. So I'm just trying to make sense or of the needing to know my entire family tree lineage. Sounds very backwards

@JenniferBeeston 2 жыл бұрын

Welcome to the mortgage process.

@bean5352 Жыл бұрын

Something I never understood either lol

@orvillebryan1950 10 ай бұрын

I don’t mind these checks but I think about who is seeing this information and how secure is it and what about identity theft after this information on citizens get into the wrong hands

@merari1098 6 ай бұрын

Awesome info thanks ❤

@JenniferBeeston 6 ай бұрын

Thank you!

@bjornjoseph 2 жыл бұрын

Jennifer, I have 10 days to closing. Why am I watching this video to get in my head!!?!!!

@JenniferBeeston 2 жыл бұрын

Stop psyching yourself out lol

@playingoutside 2 жыл бұрын

I recently purchase a home and also went through the underwriting process at the very beginning. It saves everyone so much time and possibly money. If you're a serious buyer it's definitely something you'd appreciate. I can't think of a reason why a serious buyer would not want to do this from the start.

@jrwheeler81 2 жыл бұрын

That's exactly what we're doing right now. My husband and I are in underwriting at this very moment. We got a preapproval yesterday and were sent to underwriting today. We haven't even found a home yet. When we bought our current home back in 2008, we weren't sent to underwriting until AFTER we had made an offer and were under contract. I kind of like doing it this way better so that we can start house hunting with clear minds knowing that the underwriting has been done and we won't have to worry about any surprise issues popping up come closing time!

@OfficialSETI Жыл бұрын

@jrwathas who’s you worth with ? Thank you

@longshotny Жыл бұрын

Knowledgeable, Smart Gal! 👍🏿

@lionheart93 2 жыл бұрын

Can you do a video on the process(time, seasoning period, etc) that one has to wait to refinance a home that was bought and rehabbed using private/hard money? Thanks for all the knowledge.

@JenniferBeeston 2 жыл бұрын

Great idea. Yes

@z71255 6 ай бұрын

Thanks for sharing.

@JenniferBeeston 6 ай бұрын

Thanks for watching!

@marclacson770 2 жыл бұрын

Hi Jennifer, My lender knows about my IRS tax lien. I already provided documentation that shows im on a payment plan. Now another headache that just came up is the state of California has now put a lien under my name and is garnishing my check for $150 each pay day. Will I be able to pay off this lien at closing or should I pay it off now since we close next month? My lender told me I have nothing to worry about right now which I’m kind of doubting..

@elmarealtor Жыл бұрын

Thanks for sharing good infos.

@justwatching5405 2 жыл бұрын

If you have an LLC do you have to file your LLC with your W-2? Can the W-2 be separate and be preapproved on that with the lender knowing that you have a business? So if my business took a loss with the LLC can I file that and then do my W-2 on a separate tax filing?

@Jdw6848 2 жыл бұрын

Very interesting

@MrPeterschmit Жыл бұрын

Hello, I'm hoping you can tell me what options there are for folks who refuse to endure such a thorough financial colonoscopy. I was just trying to do a simple refi on a rental property that I've owned for 16 years and after 3 months of we just need this, then that,... I got fed up and canceled my application. Now im in fear because they have so much information about me and God knows what they might do.

@damianchietan5417 5 ай бұрын

Great information

@JenniferBeeston 5 ай бұрын

Glad it was helpful!

@liannli4584 6 ай бұрын

I SO AGREE!!!!!!!!

@RetrieverTrainingAlone 9 ай бұрын

What about a sudden death and inheritance for example the ability to put 80 percent down due to inheritance instead of the original 20% down? What is the method to document that large deposit?

@youhi3676 2 жыл бұрын

I'm glad mine wanted us to fix minor problems before underwriting

@JenniferBeeston 2 жыл бұрын

Good call!

@mastershackgroup5331 2 жыл бұрын

Top post

@tonyfariasloanofficer-mort8810 Жыл бұрын

Great video and the end that I am also the lender that wants full approval through UW...FYI I'm in Utah if ever needed please reach out 🎉

@cujoking87 2 жыл бұрын

I'm stuck in underwriting I already got the appraisal back and it went well. Appraisal at above list price. The underwriting is because they want transaction history from me. This issue is the one I can download from the bank doesn't have my name or institution name on it. Closing is on the 7 of June. I'm gonna try and see if they will accept a print screen saved as a PDF that's overlapping with the previous statements they already approved. I'm so stressed I'm almost there and this one little thing may derail things. This is because my bank that I use sends out statements from the 1st to the 10th. I've got fingers crossed the new documents in the format with the URL and footers and headers are acceptable.

@JenniferBeeston 2 жыл бұрын

If your bank is local you can go in and have them print for you. Also try doing the full transaction print out with the url etc and then screen shot so they can see same transactions with name and account. Tie it all together.

@vasanthvaidyanathanesq.5552 Ай бұрын

I love this concept of underwriting before pre-approval. Many times, lenders tell the last moment that there were few late payments on an existing mortgage 10 months back. A shrewd loan officer would have asked you to wait for another two months before you apply for the loan.

@cms7321 9 ай бұрын

What if you co-signed for an apartment, but the primary applicant is the one paying the rent?

@bashorttimer 2 жыл бұрын

Question: After final loan payment has been paid in full as per contract and billing notice, can they now come back and ask for more money (in the hundreds) for paper work they need to complete?

@JenniferBeeston 2 жыл бұрын

Like you fully paid off the loan? I would contact the cfpb to see as anything is possible.

@carlosmedina-qb7hj Жыл бұрын

Hi Jennifer! I have a question regarding income verification. I received a pretty decent increase in pay this year (2023) compared to my last 2 years of full time employment (2021&2022). When verifying income, will my last few months of pay stubs be used as my income, or do they average out the last 2 years of income? Thanks

@JenniferBeeston Жыл бұрын

Depends on pay type and job history. I would really have to look at it as there are two many variables.

@user-rl3tn1uh3p 21 күн бұрын

Having a broker who is on top of things makes a huge difference. No matter how many times you speak to them or give them documentation. If they do not pay attention your loan will fall apart. They will also act as if you are the issue. I had to walk away from a build because the broker was on vacation six days a week for six months. None of our paperwork was even filed in the companies system.

@JenniferBeeston 16 күн бұрын

You are 100% correct. I am constantly shocked that people stay with bad lenders for as long as they do. Literally I will get calls or people are like this lenders never called me and all I do is chase them etc.. and I’m like just apply with me let’s get this fixed. Yet they persist with ghosting lender that treat them like trash. I am glad that you escaped the always on vacation lender.

@user-rl3tn1uh3p 16 күн бұрын

@JenniferBeeston I am so glad I found your team. I am looking forward to working with you all.

@southerngirl1658 2 жыл бұрын

Is it normal for a lender to include processing and underwriting fees when quoting a monthly mortgage rate? Shouldn’t that be part of the closing costs?

@JenniferBeeston 2 жыл бұрын

That is part of closing costs. Depends on how they said it to you. I generally will say where I am with rates and what our lender fee is but it would not be part of the monthly payment. It is a one time fee at close

@chipmulligan8963 2 жыл бұрын

Do you find bankruptcy or foreclosures over 10 years? And can that effect your approval? Thanks!

@JenniferBeeston 2 жыл бұрын

10 years is not a prob and in some loan programs only has to be 2-3 years from BK and foreclosures.

@tswag5427 2 жыл бұрын

The one thing specifically I can’t find anywhere and how I got here is how student loans that aren’t on credit report and also past the statute of limitations is treated towards d/I if at all

@JenniferBeeston 2 жыл бұрын

We would find it on CAIVERS report if you are doing a government loan. Va , fha etc.

@tswag5427 2 жыл бұрын

@@JenniferBeeston What about for a conventional loan? Would CAIVERS be ran, and would the private loans that are now off credit report and past statute surface or just the ones that are still on.. asking for a friend. Thank you for your time!

@briannawalker766 2 жыл бұрын

Hello, I have been conditionally approved on a new construction home since 10/2021. I’m scheduled to close 4/21/2022 and I’ve already submitted documents that were requested by the underwriter a couple months ago. Am I still in underwriting? Also, my loan officer recently (3/5/22) did a second credit check and review to see if I’m still qualified. Will they check my credit again? How will I know when I’m fully approved?

@JenniferBeeston 2 жыл бұрын

They have to reapprove you within 60 days of close because the documents expire. New construction you always end up being underwritten twice.

@trenacoleman9592 2 жыл бұрын

Hi I didn't see Texas listed under your state license. Do you have a referral I can look up?

@JenniferBeeston 2 жыл бұрын

I am licensed in Texas. It is my 2nd largest state. I LOVE Texas:)

@SAV3DnFORGIVN 2 жыл бұрын

So if you started the loan process with $11k available on credit cards, but end up spending some money on those credit cards but also get an increase in pay and increases of available money on those credit cards can that mess you up?

@JenniferBeeston 2 жыл бұрын

just don't open up more cards. Increases generally happen without credit pulls

@carlosabreumortgage1071 2 жыл бұрын

Hi Jennifer, Im a MLO new in the business, can you tell me which third party company you uses for the scooby doo report? I want to do those reports as well. Thanks

@JenniferBeeston 2 жыл бұрын

Corelogic I believe

@ponleusoreyaa 2 жыл бұрын

How can a person with high debt to income ratio get approved for a cashout refinance if the purpose of the refinance is to get rid of those debt causing the high DTI? Do you have a video on that topic where it has nothing to do with other properties?

@JenniferBeeston 2 жыл бұрын

If you are taking cash out to pay off debt we exclude the debt you will be paying off when we calculate the debt to income

@ponleusoreyaa 2 жыл бұрын

@@JenniferBeeston Hi Jennifer. Thank you so much for answering my question. I just want to clarify. So if I’m at 50% DTI back end, and I apply for cash out refi to pay off those debts, does that mean the DTI gets wiped to 0%? And likely I’d get approved for the refi if everything else is perfect?

@Skippyflapjacks Жыл бұрын

My wife and I have been renting for years and waiting for that “perfect” time to buy our dream house for us and the kids. I lost a consistent 8 year job in January and am now in the process of finalizing a purchase of a company in the same industry. For the last 2 months I have been taking in all the work under my new llc. Am I really going to need to wait 2 years before we can start looking at buying? Getting more and more discouraged as my kids are getting older and we just got a letter from our landlord upping the rent. Since I am buying a business with over 10 year history and In the same industry I have been working and went to school for is there other options for getting a mortgage sooner?

@alberthomeloans 11 ай бұрын

Hello, I just read your message maybe still unasnwered, I am not related to Jennifer but I may be able to help if you're still looking.

@user-iv2vy7ri6i 6 ай бұрын

What about 3rd party credit reports like innovis

@tiffanyholmes6610 Жыл бұрын

How do I know if my loan officer did underwriting before hand? She had all my tax info and bank statements before I signed my disclosure package and entered into commitment

@JenniferBeeston Жыл бұрын

Ask her

@zero_cool817 2 жыл бұрын

What does being fully underwritten prior to contract mean exactly?

@JenniferBeeston 2 жыл бұрын

It means we have done all the loan work and you get a loan commitment subject to appraisal and title. It’s the best you can get beyond being cash

@modestbrandon 11 ай бұрын

What program, software or service are you using for your "Scooby-Doo report"?

@JenniferBeeston 11 ай бұрын

CBC

@SuperZackspeed Жыл бұрын

Does your company screen a pre approval before sending it to underwriting?

@JenniferBeeston Жыл бұрын

Depends on the loan officer but we structure and scrub every file. We do full underwrites before the buyer goes shopping

@uriahsmama84 Жыл бұрын

Hello, I have an issue with my mortgage. I originally purchased/ closed 3/2021. Refinanced in Jan 2022. My loan was transferred to planet home lending, I received a letter to planet stating the PMI was removed and the mortgage servicer was purchasing it back. Just recently found out FHA cannot or will not honor the appraisal since the loan was refinanced 2 months too soon also the LTV is at 83.4%. Current mortgage servicer is wanting me to refinance and they said they would pay for the new appraisal and buy down the loan to get the LTV to 80%. Also I paid upfront mortgage insurance and it was rolled into my loan, mortgage servicer stated I would be getting a refund however they stated now they have to use those funds to leverage the buy down and I just understand how that is fair. Can you please tell me what my options are?

@JenniferBeeston Жыл бұрын

If they are going to buy you down to 80% and take you out of MI(which it sounds like they are) this is a benefit to you. They made a mistake and are paying for it big time. Your upfront mi is at most 1.75% they are bringing loan down to 80%. They also have to eat all the title and escrow fees and likely buy down the rate.

@uriahsmama84 Жыл бұрын

@@JenniferBeeston thank you so much!

@jaycole3768 Жыл бұрын

I'm using gift money for my down-payment and closing. Why does the gifter need to provide bank statements? Does the gifter have to explain where they got it from or are they just making sure I received it from the gifter.

@JenniferBeeston Жыл бұрын

Ask your lender for their exact gift rules and requirements as it depends on the loan type.

@jaycole3768 Жыл бұрын

@@JenniferBeeston ok thank you

@Jojoba-wz6ri 11 ай бұрын

Idk if you can answer this, but is there a rule for turning a second home vacation into a primary within a year of closing? Is that fraud? We are not trying to commit fraud, but the future is just uncertain and we have flexibility. It’s so confusing.

@JenniferBeeston 11 ай бұрын

Totally fine to do so

@0DWalker0 Жыл бұрын

So if you’re fully underwritten is the only next steps just verifying title, house condition etc? No more income verification, credit, or anything related to finances.

@JenniferBeeston Жыл бұрын

We always verify you are still employed right before closing

@0DWalker0 Жыл бұрын

@@JenniferBeeston thanks for the quick followups! What else do you verify? Assets? Credit? Or just employment? Wondering what else could go wrong after full underwriting.

@streetcruise9807 2 жыл бұрын

Would you be able to help with a bank statements loan or Non-QNA? Located in PA & NJ

@JenniferBeeston 2 жыл бұрын

We have them 707-478-0637 but wait to call till next week as I am On vacation

@streetcruise9807 2 жыл бұрын

@@JenniferBeeston thanks

@streetcruise9807 2 жыл бұрын

@@JenniferBeeston someone else call me on your behalf, but I think I’ll wait for you.

@JenniferBeeston 2 жыл бұрын

@@streetcruise9807 yeah I am out this week no out on community page. Chat next week:)

@streetcruise9807 2 жыл бұрын

@@JenniferBeeston got you, will call Monday

@tfptravel.food.peace.3788 Жыл бұрын

I have a question. I have an LLC but no profit, loss, etc. The business is inactive. Would this affect my underwriting?

@JenniferBeeston Жыл бұрын

As long as you can prove it is inactive it should not be an issue

@tfptravel.food.peace.3788 Жыл бұрын

@@JenniferBeeston How can you prove that though? If you're still paying for the LLC?

@DARKhorses73 2 ай бұрын

Most annoying thing is underwriting. What a nightmare!

@JenniferBeeston Ай бұрын

It’s not if you do it during preapproval

@orvillebryan1950 10 ай бұрын

So is this legal and who gets that report and personal information about borrowers and what happens to this vital information after the process?

@JenniferBeeston 10 ай бұрын

Yes, this is Legal. As with any documents pertaining to a borrower, it gets stored with the borrowers file until we’re able to destroy it. There are laws surrounding all of this.

@dinhthien Жыл бұрын

Does medical collections affect underwriting process?

@JenniferBeeston Жыл бұрын

Generally no

@localone1597 2 жыл бұрын

Thanks for the video. Whats the name of your company? Are you a Mortgage Broker and does the loan get sold?

@JenniferBeeston 2 жыл бұрын

I work at Guaranteed Rate Mortgage. We are direct lender but also have ability to broker is needed. Yes generally the servicing gets sold but we retain some as well.

@localone1597 2 жыл бұрын

@@JenniferBeeston thank you!

@Smokey_IT 2 жыл бұрын

Once you get through underwriting and final review is it safe to remove your financing contingency or is there still a possibility the loan could fall through?

@JenniferBeeston 2 жыл бұрын

Yes if you lost your job or decided to buy a car before closing or quit your job the day of closing. Clear to close means you are safe as long as nothing changes before you get the keys.

@smokinrat2903 2 жыл бұрын

Do you live in Hawaii so you don't have to go there every month?

@JenniferBeeston 2 жыл бұрын

I do not live there and do not go there monthly. I wish I did lol

@smokinrat2903 2 жыл бұрын

@@JenniferBeeston I thought you had to go there once a month for that license... Broker

@str8kronic 2 жыл бұрын

My closing date is March 23. I got approved for the loan..locked in the interest rate...did everything. I think my loan is in underwriting now (I don't know, I'm new to this)...i haven't filed taxes this year yet, but I already know im going to owe between 5-10k to federal because I claimed more dependents than I should have. Is that something that can hurt me?

@JenniferBeeston 2 жыл бұрын

I always advise for my clients to not file taxes in the middle of the loan transaction.

@str8kronic 2 жыл бұрын

@@JenniferBeeston I just hope my closing Date doesn't get pushed back until after April 15th for some reason! Thanks foe the reply

@evianevans292 10 ай бұрын

My underwriting has no common sense, ive been working for the same company but ive switch positions and buildings and when i do that instead of putting it all on one w2 they give multiple, i have no idea why but whe you look at them it does say amazon and the different location so why are they choosing to make a big deal out of this, how to chosse a mortgage broker who doesn't have a stupid underwriting team

@JenniferBeeston 10 ай бұрын

This should not be hard and should be able to be explained with a simple letter of explanation. My sister Sarah is actually a preferred lender for Amazon and waives her lender fees on Amazon loans. Give her a call 949-300-4246. Sarah kohut at guaranteed rate

@The-Maine-Guy-207 2 жыл бұрын

Scooby Doo report = Lexis Nexus

@JenniferBeeston 2 жыл бұрын

In the legal world yes

@dbz739921 Жыл бұрын

Everyone's imagining what CJ looks like probably in a tutu blue and green hair and bright pink lipstick

@JenniferBeeston Жыл бұрын

Only if his daughter asked him too but yes he is a magical mystical man beast

@yoreljm 7 ай бұрын

In defense of buyers, sometimes you just wanna know what your income will need to be before sending all your personal and private documents to a stranger. LOL. If the lender says it needs to be $250,000, and you know you're not at that level, you get to just move on with your life without sending your bank statements and all of that.

@cheezemaster5150 Жыл бұрын

Why are you holding a pen?

@JenniferBeeston Жыл бұрын

Who knows?:) sometimes it just happens

@cheezemaster5150 Жыл бұрын

@@JenniferBeeston Very informative video, thank you very much. Now I know.

@rando1653 Жыл бұрын

My underwriting process was so smooth and easy they pre aproved me in 24 hours with just my credit... I don't know why people complains about it

@alberthomeloans 11 ай бұрын

we are all different, your financial situation has to be great (which doesn't mean that you're rich or debt-free, jusst financially healthy) but unfortunately not everyone is under that situation. 😊

@e2sguy Жыл бұрын

Your scooby doo report won’t find land trusts where my name isn’t on it

@JenniferBeeston Жыл бұрын

Hope you disclose them upfront

@e2sguy Жыл бұрын

@@JenniferBeeston I’m Sure you do hope! Not advocating for fraud but This idea you find everything and anything isn’t so! You’ll probably only find what’s recorded at the court house . Welp a guy could own a thousand houses and you’d be none the wiser

@devonlowe222 7 ай бұрын

FhA loan please

@JenniferBeeston 7 ай бұрын

Feel free to give me a call 707-478-0637

@devonkincaid360 2 жыл бұрын

The secondary under writing kills me. I had an underwriter holding up a 300K + deal over a 8 year old $300 charge off. Some of these underwriters have no ability to reason. IMO we've taken the opposite approach from pre-08 craziness. A good place would be somewhere in the middle.

@shamurphy9842 2 жыл бұрын

That's insane! 8 yrs is pass the statue of limitations and they can't go after you. It shouldn't be on your credit report. Or is it because there is a judgment in public record and they are seeing it that way?

@JenniferBeeston 2 жыл бұрын

I assuming you pushed back on the underwriter and won. Sometimes you hit a bad underwriter who just needs a little reality check from the loan officer.

@mastershackgroup5331 2 жыл бұрын

@JenniferBeeston 2 жыл бұрын

You are on it!;)