Mortgage Processing News from Bonnie Wilt-Hild
Friday, February 17, 2012 - 7:33pm
The past few weeks have been quite interesting around the office for me, not because I have had opportunity to learn new things or underwriting interesting cases, but because I have had to endure a whole new level of customer complaints. It seems like more and more these days, when I pick up the phone it’s my boss saying to bring some loan officer to her office because again, she had just gotten...
Friday, February 3, 2012 - 4:24pm
When I hear those words, they immediately evoke images of a world in which mortgage underwriting decisions are determined by AUS systems that have no capacity to either employ common sense underwriting principals or fairly or adequately assess overall risk. They are simply three more numerical values used by a computer model to “recommend” if a loan should be approved and just like its partner,...
Friday, January 20, 2012 - 4:24pm
I know what you’re thinking already, “Really Bonnie, we know all about them”, but I say untrue, this based on a conversation I had yesterday with an underwriter friend at Philadelphia HOC. It is always nice to talk to her, catching up with friends is always a good thing and as you can image, she will sometimes share with me some of the most common disastrous mistakes lenders make where various...
Friday, January 6, 2012 - 6:16pm
When we say homeownership counseling, many of think of traditional counseling that a borrower might receive prior to the purchase of a new home, in many instances to receive grant funds, or perhaps homeownership retention counseling that a homeowner might seek should they be facing foreclosure but very seldom do loan originators consider homeownership or “credit counseling” as a means to generate...
Friday, December 16, 2011 - 7:23pm
As the holiday spirit is in full swing and a visit from Santa is just around the corner, I decided that now was the best time to get my wish list out there. Having misplaced his address when my youngest child turned 10, I thought this a great medium to reiterate all of the items I just can’t live without this Christmas. So without further adieu Santa if you think I have been generally well...
Friday, December 2, 2011 - 5:39pm
You know, some things are never what they appear to be. I know many of you are thinking sure, “but if it walks like a duck, talks like a duck, then it’s a duck.” Not true I say. Think about this for a moment, for lunch today I had an Angus beef slider, piled high with a melee of leafy greens and annatto spiced block cheese, served on a poppy seed roll that was slathered with a rich tomato and...
Friday, November 18, 2011 - 7:23pm
Oil and water, two things that we all know do not mix well do to incompatible molecular structures, have become the poster child for underwriting with AUS. That’s correct, Oil (AUS) and water (manual underwriting). “How so”, you ask and the answer is a very simple one. We are still required to utilize automated underwriting on all cases that we underwrite however the findings don’t mean a thing...
Friday, November 4, 2011 - 6:43pm
Yes, it is important to know the guidelines and I am sure many of you who are underwriters are thinking that you do or you know them at least sufficiently to underwrite a case with the assistance or guidance from your AUS. We I am here to tell you that these days it’s a little trickier than that and I can prove that statement by way of buy backs just last month. Yes my institution had to...
Friday, October 7, 2011 - 6:31pm
The use of the FHA and VA mortgage insurance programs has been on the rise since the great implosion of 2007 and most recent us several lenders embracing Rural Housing programs as well. As a mortgage underwriting employed on a full time basis by a bank as well as an industry educator who teaches program guidelines for these products for FHA Online University, I have seen literally thousands of...
Friday, September 23, 2011 - 6:21pm
I have been working in the mortgage industry for the past 25 years and have seen a lot of highs and lows. When I began, the GSE’s were just gearing up and the secondary market as we know it today was still in its infancy. Originators took applications in person using a pen and blank 1003, processors recognized a final typed 1003 as exactly that, something you rolled into the typewriter and typed...
Friday, September 9, 2011 - 6:08pm
I know everyone has read an article or two in which I have stated the importance of the social aspect of why we underwriters do what we do. Homeownership or the preverbal roof over our heads is one of the most important aspects of human civilization and over the past couple of weeks I learned from a personal standpoint just how much this and a few other things that we often seem to take for...
Friday, August 26, 2011 - 5:47pm
Wow, talk about an increase in volume. With interest rates down there seems to be a renewal of interest in the FHA Streamline refinance program. It actually makes sense really, considering that many mortgages were refinanced into FHA mortgage types during 2008 and 2009 to relieve borrowers who had previously been placed in subprime mortgage types, the burden of excessive interest rates or...
Friday, August 12, 2011 - 4:35pm
Before I begin, I just want to say that I left my flying monkeys home this morning so for those of you that enjoy my occasional black rant, you will be disappointed. However I will say overall sarcasm is not out of the question because here of lately whenever a discussion takes place that includes the federal government, excluding HUD of course, that relates to the real estate market, well it’s...
Friday, July 29, 2011 - 5:06pm
It is pretty common in my office to hear me say to one of my underwriters, “That is why you should always look for a way to turn it down first, it saves time and you won’t be force to have ridiculous conversations over conditions”, and needless to say I’m generally joking when I throw it out there. These days though, I have to wonder if the joke has been overheard by several of the investors in...
Friday, July 22, 2011 - 4:42pm
As volume continues to grow where overall originations of the FHA 203k program is concerned, so of course do errors. I realize that many of the lenders currently underwriting the program are proficient where policy and procedure for this program is concerned, however there are those lenders that are still somewhat new to the program and I thought I would share a little insight as to a few things...
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Fri, February 17th, 2012
The past few weeks have been quite interesting around the office for me, not because I have had opportunity to learn new things or underwriting interesting cases, but because I have had to endure a...
Fri, February 17th, 2012
More than a quarter million dollars of federal money will help the Fremont Housing Agency with carpet replacement in Gifford Tower, concrete work, appliance replacement and office space renovation....
Fri, February 17th, 2012
The Federal Housing Administration will exhaust its reserves over the coming year, according to budget projections released Monday, which would require a Treasury infusion for the first time in its...
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