If you are an agent rather than a loan officer you should change your profie
"Can I afford to buy a home? Am I qualifed? What do I need to do to get qualified? Does an FHA Home Loan work for me? What affects my credit score? Answers to these questions and more... as I am and have been originting residential mortgage loan in Massachusetts for over eight years. (Three of those years as a seklf-employed broker.) I am currently providing home loans with Dynamic Capital Mortgage who is a direct lender in 13 states including Massachusetts (MLO16834) and New Hampshire. "
You are entitled to your opinion. I am very direct and some folks take offense to that, I don't mean to insult or offend anyone. I also feel their is a difference between arrogance and confidence. I am confident in my answer and will defend my opinion. Maybe you need to talk with your old underwriter!
I guess you really AREN'T sorry for the side discussion.
I believe my referring to your remarks as snarky was a kind gesture on my part. Your response comes off too arrogant for my liking. Demonstrating your knowledge is one thing, but to do it without being open minded to looking at questions posed to you, assuming you know the absolute truth is frightening.
I am an real estate sales agent, not a loan officer.
What would you call telling me..."You may need to talk to an underwriter on this one! "
The underwriters role is to make sure that the loan is salable since the loan officer benefits from loans being approved and closed. Letting a loan officer approve loans is like giving the fox the key to the hen house....A very bad business plan! That does not mean the underwriter knows more than the loan officer simply because their title is Underwriter.
I respect my underwriter and I am far from perfect, she has caught me making errors and I have caught her making errors. It is a check and balance. Since my income is based on my ability to close loans I make it a point to know my guidelines and know which loan I can get approved and closed. I don't submit loans and hope they get approved. I know when I submit the loan if it will be approved or not. Of course that could change as additional information comes into play (the appraisal for example).
Would you rather expose your buyers to a loan officer that doesn't know if their application will be approved.
I read your profile. You appear to be a loan officer not an agent! I was responding to your post as if you were an agent that thought they knew the underwriting guidelines better than a loan officer. Had I realized you were an LO I probably would have been much Snarkier!
Your bigger hurdle is the number of financed properties.
Good luck and sorry about the side discussion.
Your response comes off a bit snarky to me. I was under the impression the role of an underwriter is to approved or disapprove of loans based upon the guidelines (Fannie, Freddie and lender specific) and the supporting data submitted by the borrower, credit bureaus, and an independent appraisal. Are you saying that you know more than your underwriters (and by inference are better qualified to underwrite loans?) . I would not want to expose my buyers to someone with such a huge ego.
Any other lenders care to comment?
If the private mortgage is secured by the home being refinanced it is a rate and term refinance (if it is not secured by the home it's not a mortgage). Why would I need to talk with an underwriter? If you currently work with a loan officer that needs to talk to there underwriter to answer this question, you may want to consider looking for a better loan officer. I started in this business processing and underwriting close to 20 years ago on Rt 16 in Newton (Cambridgeport Bank). The best loan officers know as much if not more about guidelines than their underwriters.
From my own lending experiences this loan will likely be considered a cash-out refinance since the current note is with a private investor. I had a client years ago who was refinancing a private construction loan he had on a home he built on land that he had purchased. We refinanced the construction loan as cash-out. You may need to talk to an underwriter on this one!
It won;t change the answers any. I can't write the loan but if you hav ethe reserves the seasoning is not an issue.
I have five financed properties if that makes any difference.
Also, I apologize, but I'm in CA. I mistakenly posted my question to this area--not sure if you do loans in CA or not.