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Top 10 Underwriting Issues

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Top 10 Underwriting Issues. Misconception that FHA is the “cure-all” for subprime Credit explanation letter not provided with initial submission for loans that receive “refer” responses Property flipping issues not properly documented with submission Income not calculated accurately

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Top 10 Underwriting Issues

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  1. Top 10 Underwriting Issues • Misconception that FHA is the “cure-all” for subprime • Credit explanation letter not provided with initial submission for loans that receive “refer” responses • Property flipping issues not properly documented with submission • Income not calculated accurately • Using additional income not allowed for qualifying purposes • Not utilizing Website for basic information such as product descriptions, forms and disclosures, etc. • Reserves being used in initial Total Scorecard but unable to document • Data integrity inaccurate and findings not being reviewed prior to submission • Excessive ratios with no strong compensating factors • Not sending all required conditions at one time

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