Entries by Enact

Addressing the Changing Needs of First-Time Homebuyers

This post first appeared in The MReport. Today, first-time homebuyers make up a significant segment of homebuyers, accounting for more than half of all purchase mortgage borrowers. For the third consecutive year, the number of first-time homebuyers exceeded 2 million. The size of this group is unprecedented, and this segment of the market simply cannot […]

[Ask an RU] Underwriting a Mortgage with Tip Income

If you’ve ever worked in the service industry or know someone who has, you may have an inkling for the importance of tip income for those workers. Many borrowers who work in the service industry such as waiters and waitresses, bartenders, hair stylists, taxi and ride share drivers, and hotel workers depend heavily on tip […]

[Ask an RU] Permanent Heat Source Requirements

As you start turning up your thermostat to ward off dropping temperatures, have you ever stopped to think about the permanent heat source in your home and what was considered for underwriting that home? My guess is because you’re an underwriter, you probably have. While many of us may take a permanent heat source for […]

10 Tips to Survive and Thrive During the Homebuying Season

This post originally appeared in the Scotsman Guide.  While the temperatures may still be hot, mortgage professionals have been feeling the heat for months. Whether it’s new construction, first-time homebuyers becoming first-time homeowners, refinance opportunities or rate cuts, the selling season is in full effect, bringing with it a high volume of business to lenders. […]

6 Tips to Calculating Income During COVID-19

One of the biggest challenges for the mortgage industry during the COVID-19 pandemic is keeping track of all the GSE policy and guideline changes. One of the most impacted parts of the mortgage process is the income calculation, a process that can already be tricky. That’s why we’ve compiled our top 6 tips to calculating […]

How Mortgage Transactions Can Lead to Better Relationships

If you ask anyone in the mortgage industry if business gets done by transaction or relationship, you’ll hear nearly everyone respond, “it’s all about the relationship.” But we’re doing ourselves a disservice by framing the relationship as the whole picture. Sure, having good rapport and building trust with a borrower is important to your success, […]

[Ask an RU] Underwriting Mortgages with Student Loan Debt

With a record 44.7 million Americans with some level of student loan debt, it’s very likely you have experience underwriting mortgages with student loan debt as part of the file. But if you haven’t, I have some tips to help you properly qualify and underwrite mortgages where the debt to income (DTI) includes some sort […]

Desktop and Drive-by Appraisals: Protecting Against Interior Photograph Fraud

Recently, Desktop and Drive-by appraisals (no interior inspection by the appraiser) temporarily replaced some interior inspection appraisals as a necessary response to health risks and quarantine orders related to the COVID-19 pandemic. This adaptation was appropriate and necessary to protect the health and well-being of homeowners and appraisers, while keeping the mortgage process moving. However, […]