by TomVanDusen | Mar 2, 2023 | FAQ
In my last post, I was discussing lenders and how a processor can help in choosing a lender to afford a smoother close. I will not call out the horrible ones in this forum (there are some to avoid at all costs!). There is no perfect lender. You will not see a 10 out...
by TomVanDusen | Feb 16, 2023 | FAQ
A processor’s favorite may not be the same as the loan officer’s favorite. Processors are more interested in ease, efficiency, speed and performance. The Loan Officer is often more interested in pricing/rate. The best choice would be in the blending of both. All too...
by TomVanDusen | Feb 14, 2023 | Cheatsheet
There is much confusion about how to deal with student loans debt in relation of what to hit the bwr in the DTI for monthly payment. Especially in the current market, many student loans are in deferment or may be forgiven in the near future. As a general rule, unless...
by TomVanDusen | Feb 1, 2023 | Cheatsheet
Here is a great reference guide to help realtors and loan officers on the concession guidelines. Concession are contributions from interest parties on the loan who can influence the terms of the sale (realtor, seller, builder). They are referred to as IPCs or Interest...
by TomVanDusen | Jan 30, 2023 | Cheatsheet
There are two waiting periods for each type of derogatory and loan types. The first would be if there are “extenuating Circumstances”. The other is just in general how long to wait. However, typically, most lender will not allow the extenuating rule to apply. There...
by TomVanDusen | Jan 29, 2023 | FAQ
Lets face it, all borrowers are not alike. You have very nice borrowers, tolerant borrowers and referral borrowers. But there are those types of people who you just cannot please no matter what (albeit very few). We are able to communicate professionally and...
by TomVanDusen | Jan 29, 2023 | FAQ
We love to do as much as we can for the Loan Officer. But when it comes to locking a loan, we assist in the locking of the loan but the responsibility falls on the LO. Nothing can blow a deal more than having the pricing change or the loan locked incorrectly. Lender’s...
by TomVanDusen | Jan 28, 2023 | FAQ
I see a lot of questions about this in processor and originators groups alike. There is no official list of tasks that are in one column or another. It is up to the processor as to what services they would like to offer to originators. It is up to the originators if...
