Summit Mortgage Denver
Unfortunately, this does happen to most loan originators because the computer can only interpret what is entered and it is the job of the underwriter to determine that that information was correct based on review of the pay stubs, etc. For example, the borrower might say they work full time and the loan officer then thinks they work 40 hours a week, but actually it is 32 hours. At a rate of $10 an hour, that would be a difference of $350 a month. This can make a difference in the DU approval when the income is corrected.
Based on those 4 things, DU (Desktop Underwriter) and LP (Loan Prospector) determine if the risk is acceptable. If the loan officer calculates income incorrectly, then the automated underwriting findings are no longer valid in underwriting.
Please contact me directly with more questions or concerns. We are lending in all 50 states.
"DU is an automated approval system by Fannie Mae. All loans need to be input through either DU "
I know from my lenders I work with if it gets kicked out the first time they may do it by hand or underwrite the file by hand. DU is a computer program and can not think outside the box. I think all lenders will put it through the DU first. Maybe a Credit Union or Bank my be able to help???
WJ Bradley Mortgage Corp.
5690 DTC Blvd. #250E
Greenwood Village,CO 80111
We as mortgage people upload information to the system that gives us an online approval.
But, the pay stubs, bank statements, etc are checked by an underwriter to make sure everything inputed is kosher.
That's why a live person made a decision based on the documents presented and got the real story.
Your loan person should have known this before they even took an application!
BTW, Freddie Mac's online thingamajiggy is called LP...Loan Prospector.
Also, I am licensed to do loan in Colorado and happy to talk to you about your buyer and other buyers.
Call me at 215-852-4469 or email me firstname.lastname@example.org