Ubderwriting Essay examples

1946 Words May 11th, 2013 8 Pages
1. On the borrower’s driver’s license, I am checking the address, date of birth, name and expiration date. We also want to pack sure the pictures can be seen.
a. I would not accept this due to the fact Mr. Fuller’s license is expired and I can hardly make out the pictures.
2. On the Schedule A, I am checking an ALTA policy, effective date, proposed vesting of title, current vesting of title, fee or fee simple, commitment number, title company name, loan number, land description, and proposed mortgagee.
a. I would not accept this due to the fact that the effective day is more than 90 days old.
3. I would check section viii. Declarations and make sure the box in line k for permanent resident aliens is
…show more content…
a. The CPL expires after 60 days and must be good through disbursement.
1. Mr. Jones would only be eligible for the HARP 2.0 (DURP +125) due to the fact that his LTV being at 152%.
2. Line 8 from Mr. Jones’ DU findings indicates that no mortgage insurance is needed for this file, which means his current loan also doesn’t have mortgage insurance.
Line 12 from Ms. Salavador’s DU findings, confirm that MI is required and the coverage is to be 25%.
3. No, line 10 from Mr. Jones’ DU findings leads me to believe that Mr. Jones is a W-2ed employee because DU is asking for a VOE and paystubs instead of tax returns.
4. I would go to the Appraisal Functions menu and check the Property Inspection Waiver box.
5. The loan score is 749 which is Mr. Jones’ mid score and it is lower than Lisa’s.
6. Since the LTV is currently over 150% and the credit score is under 760, this loan does not meet USFS’s product parameters. I found this in the Underwriting guidelines, in the HARP 2.0 product matrix.
7. Yes there is a net tangible benefit considering that the proposed payment would save the borrower $287.04/month over the present payment.
8. If we had just received an appraisal stating that our subject property was valued at $100,000. Our loan is setup to payoff the first mortgage and subordinate the second lien which is a home equity loan. Our loan amount is at

Related Documents