Underwriting Tip: Sales Contract

Please be sure the Sales Contract submitted to underwriting is the most up-to-date.

One of three loans I underwrite does not have the correct information and it slows the entire process down when we have to re-underwrite the file due to changes. These changes, too many times, causes us to have to re-run DU and 25% of the time the file moves from an Approved/Eligible to a Manual underwrite.

Ruth

AUS Tip: Property Type

Many times I recieve a file for AUS input and it does not have the "Property Type" marked on the 1003.

Without knowing the Property Type I can't complete the file and many times the processor or loan officer is not immediately available to give me this information.

So, please be sure and mark the correct Property Type when you send me your Calyx Point file.

Erin

Underwriting Tip: Try to send all the conditions in at one time

It helps when a processor sends all the conditions in at one time. This not only helps with that loan, but with the entire shop's ability to turn our more loans.

Plus, everytime an underwriter picks up a file, there is more of a tendancy to "look" at it again. I know that when I was a loan officer that I wanted the underwriter to pick up the file as few times as possible.

Kelley

Underwriting Tip: Number your conditions

The less an underwriting has to look through the file, the quicker and easier it will be for her/him to get your conditions cleared.

Numbering your conditions to correspond with the Underwriting Action sheet helps tremendously. In fact, when I recognize a file from a processor that I know numbers her conditions.....well, it just feels good to see the professionalism.

Ruth