This free mortgage training video discusses how we should calculate the income for qualifying in a situation where an FHA borrower switched jobs and went from salary to hourly 2 months ago. The hours fluctuate from week-to-week depending upon when they are needed.
An FHA borrower switched jobs and went from salary to hourly 2 months ago. The hours fluctuate from week-to-week depending upon when they are needed. How should we calculate.....
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
A conventional borrower has authorized user accounts reporting on their credit. How should those be handled?
This free mortgage training video discusses how to handle when a conventional borrower has authorized user accounts reporting on their credit.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
What is the validity period of an FHA appraisal? Is it similar to a conventional loan for existing and new construction appraisals?
This free mortgage training video discusses the FHA’s appraisal validity period and if it’s similar to a conventional loan for existing and new construction appraisals.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
A conventional borrower needs restricted stock income to qualify. What type of documentation is required?
This free mortgage training video discusses what type of documentation is required if a conventional borrower needs restricted stock income to qualify.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
For an FHA manual underwrite, can the required reserves come from a gift?
This free mortgage training video discusses if the the required reserves can come from a gift for an FHA manual underwrite.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
Can a prorated tax credit be considered in meeting the borrower's 3.5% down payment for an FHA borrower?
This free mortgage training video discusses if a prorated tax credit can be considered in meeting the borrower's 3.5% down payment for an FHA borrower.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
A conventional borrower is using rent from the subject property in order to qualify. What can be used to support that rent?
This free mortgage training video discusses a conventional borrower who is using a rent from the subject property in order to qualify and what can be used to support that rent.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
An FHA borrower had more than 3 jobs in the last 12 months. Is there any additional documentation that will be required?
This free mortgage training video discusses if there are any additional documentation that will be required for an FHA borrower who had more than 3 jobs in the last 12 months.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
The conventional borrower is self employed and provided their K-1. Is it acceptable to use the ordinary income in qualifying when there are no distributions showing?
This free mortgage training video discusses if it is acceptable to use the ordinary income in qualifying when there are no distributions showing for a conventional borrower who is self employed and provided their K-1.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
If a conventional borrower needs to use rent from the tax returns to qualify, will the underwriter be able to use 100% or 75% of the gross rent?
This free mortgage training video discusses if the underwriter will be able to use 100% or 75% of the gross rent when a conventional borrower needs to use rent from the tax returns to qualify.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
Does a conventional borrower have to currently be on title in order to refinance the home?
This free mortgage training video discusses if a conventional borrower has to be currently on title in order to refinance the home.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
Are “unsecured” loans an acceptable source of down payment for an FHA borrower?
This free mortgage training video discusses if “unsecured” loans are an acceptable source of down payment for an FHA borrower.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
Will the FHA monthly MIP automatically drop off when the borrower reaches 80% loan-to-value?
This free mortgage training video discusses if FHA monthly MIP will automatically drop off when the borrower reaches 80% loan-to-value.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
A borrower has a bank account with another person who is not on the loan. Will there be anything required in order to use these funds?
This free mortgage training video discusses if there are any requirements to use funds from a borrower that has a bank account with another person who is not part of the loan.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
An FHA borrower had a job gap greater than 6 months. What documentation will be required in order to qualify?
This free mortgage training video discusses what documentation will be required in order to qualify for an FHA borrower that had a job gap greater than 6 months.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
FHA TOTAL Scorecard returned A-E findings through the automated underwriting system, however, since then a few things have changed. Does FHA require an updated AUS every time something.....
This free mortgage training video discusses if FHA require an updated AUS every time something changes on the loan.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
Do the conventional or government agencies have a particular Gift Letter form that must be used when a borrower is receiving a gift for funds to close?
This free mortgage training video discusses if conventional or government agencies have a particular Gift Letter form to use when a borrower is receiving a gift for funds to close.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
Does FHA allow income from a new job, that hasn’t started yet, to be used to qualify the borrower for the new loan?
This free mortgage training video discusses if FHA allow income from a new job that hasn’t started yet in qualifying the borrower for a new loan.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
Must the borrower always verify the Earnest Money Deposit shown on the contract in order for the EMD to count toward the funds to close on an FHA loan?
This free mortgage training video discusses if the Earnest Money Deposit shown on the contract must be verified by the borrower in order for the EMD to count toward the funds to close on an FHA loan.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
May cryptocurrency, like Bitcoin, be used for the down payment or closing costs on a conforming conventional loan?
This free mortgage training video discusses if cryptocurrency, like Bitcoin, can be used for the down payment or closing costs on a conforming conventional loan.
DISCLAIMER: The views and opinions expressed in this video are those of the presenter and do not necessarily reflect any official CampusMortgage® policy or position. Examples of analysis performed within the video are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of CampusMortgage®. Nothing contained in this video should be considered legal advice. Due to ongoing changes to mortgage regulations and guidelines, the information presented in this video is time sensitive and subject to change, without notice. Although every effort has been made to ensure accuracy, CampusMortgage does not guarantee the accuracy of any information contained herein. This video is for informational purposes only and not intended to be used in place of any official government guideline or regulation. Each Investor and/or Lender may have additional overlays, which you need to be aware of.
© 2024 CampusMortgage®. All Rights Reserved. Without the prior written permission of Mortgage University, Inc. (DBA CampusMortgage), no part of this video/content may be used, reproduced or transmitted in any form.
“NAMU is truly the voice of today’s mortgage underwriter. As such, we aligned ourselves with NAMU to offer our NMLS training classes to those mortgage professionals wishing to also get NMLS licensed.” ”
“... a professional certification can increase an employee’s salary by five to 10 percent. In the United States, the National Association of Mortgage Underwriters (NAMU) is the primary institution for mortgage underwriters seeking certification.”
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“Requirements and Qualifications: Certification as a Mortgage Underwriter (e.g., NAMP or NAMU certification) is a plus.”
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The Official NAMU® Underwriter Boot Camp™
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The Official NAMP® Processor Boot Camp™
Certification
Certified Mortgage Underwriter (NAMU®-CMU®)
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Certified Ambassador Mortgage Underwriter (NAMU®-CAMU®)
Certified FHA Manual Underwriter (NAMU®-CFMU)
Certified Mortgage QC Specialist (NAMU®-CMQCS)
Certified in Commercial Und. & Processing (NAMU®-CCUP)
Certified in Mortgage Regulatory Compliance (NAMU®-CMRC)
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Written By: Stacey Sprain
As an FHA originator, processor or underwriter, it’s likely that in the ongoing foreclosure market you’ll run across a HUD REO loan at some point. The purpose of this multi-part article is to provide you with some useful information to help in your endeavors.