As the demand for new construction continues to increase thanks to more families looking to move out of apartments into homes or move elsewhere (Q3 2020 First-Time Homebuyer Market Report), so does the demand for Construction-to-Permanent (C-to-P) loans. As a result, it’s likely you’ll see more C-to-P loans cross your desk. Overall, the purpose of […]
There are many mortgage products available to loan originators. However, the most successful originators tend to know every detail about three or four products and most of their customers end up in one of those products. To help you master your company’s most-used products, we’re going to run them all through a PEPPER analysis. But […]
Once you have a solid understanding of how the loans go through the origination process, you’ll have an easier time moving them through. Additionally, the better you can communicate the process to customers, the more satisfied they will be as they will know what to expect, who is working on the loan, and the time […]
Welcome to the mortgage industry. As a loan originator, your success truly depends on two independent and distinct entities: you and the company you work for. The first is obvious – you’re in control of your success through your actions and initiative. But perhaps you didn’t realize your company can either be an enhancement or […]
You’ve likely heard of the importance of social media for loan officers and wondered if it’s really a necessary marketing tactic for your business. In this highly digital world, using social media is a must for most every business, including for mortgage lenders. Whether your organization has a social media presence or not, there’s still […]
Since the inception of the Deferred Action for Childhood Arrivals (DACA) program, there have been many questions around DACA borrowers and the types of considerations given to their files. While you may not need to underwrite these types of files often, there are a few key things to know about DACA borrowers and how the […]
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 […]
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 […]
This post is part of a new series on the Genworth MI Blog: Ask a Regional Underwriter (Ask an RU for short!) 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 […]
This post is part of a new series on the Genworth MI Blog: Ask a Regional Underwriter (Ask an RU for short!) The calculation of rental income from a departure property can have more of an impact on a borrower’s mortgage eligibility than you may realize. While you may not encounter this scenario often, it’s […]