Automated Underwriting System


Episode six of the Steven Tyler show in common is here’s the how to Tyler and Stephen are you doing buddy and well good I seem to have lost my memorable that was the one that Marshall spilled to weeks in a row we spilled cripple Oliver everyday free crazy place on Kosovar money at Mr. well hey guys were talking about Tulsa mortgage loans were talking about Missouri Columbia mortgage New Mexico mortgage we are an office in Farmington New Mexico Farmington tulsa mortgage loans on their and then all of Colorado tulsa mortgages loans you can think of and the Torah Springs mortgage Pueblo tulsa mortgage loans and Alamosa visit covering all of our markets where you take Tulsa more like the Tulsa world you know you for sure I got that one for sure but whenever you’re not sure to say we’re holiday so today we’re talking about what our automated underwriting systems nice you know what they are there underwriting systems that are automated man Tyler Moore met the point you in as a been asking Tyler at university in the studio I look across and unlike use of a we just don’t have our mojo to is unlike Tyler sent need and he says auditor out of the auto so so cover for me the three main wallet the really those are the only three that we would use right you would get Fannie Mae do you sense for desktop underwriter or desktop originator and Freddie Mac LP which stands for loan prospector and USDA deserving oh USDA is it’s the world on the loan the meatloaf they don’t just relate meet people they Rob Sanders no sound on this out some of click out that letter I think we lost okay so not the meat loan the USDA loan is what it is and then they use guess we collect us right in the guaranteed underwriting system because they called the USDA guaranteed loan USDA guarantees something like that so the three Fannie Mae Freddie Mac deal and so something that most for some people may not know or realize is that every single lender that wouldst close alone that’s insured by Fannie Mae prior of Freddie Mac Jenny may USDA FHA Ginnie Mae or VA uses that system in some way shape or form they have to it’s called a automated underwriting system that we run your file through so that it can make sure that’s your income your credit & thing is FHA has what they call the total scorecard that’s an desktop underwriter and they’re all different so Tyler tell me if I’m running a file through Gus through USDA versus Fannie Mae DU on FHA on some running a road alone versus FHA loan how can there be differences in their dollars like well saying we’re say we’re all of it immediate different thing to catch is in a down payment euros of your estate is a record of they were FHA does but more importantly every loan program and every automated unrighteousness different parameters that they judge and while USDA might be more strict on your debt ratios FHA might be a little bit more relaxed on the debt ratios so that is something that makes up you won’t know they think near you think that regrows what loan you’re getting your Internet be able to have the same underwriting of the same parameters or the same debt ratios of the same anything like that and that just isn’t the case is it we Tyler were like when you talk about an automated rendering system and people really know what the difference from Fannie Mae and Freddie Mac are so let lets for in Fannie Mae is the government-sponsored entity they call the GSE that is there to ensure the loan so that if the if the if you default on it then they have that insurance subtenant helps essentially helps the lender minimize their losses and so just two different government-sponsored entities that do that and then ultimately USDA VA FHA that’s all to be under HUD sell it how that can go great in the right tire yet so you know a little bit about were talking about an FHA loan versus a conventional loan if I was running a conventional loan through Fannie Mae’s dustup underwriter versus an FHA water some of the the differences in your find between the two is first which one allows higher debt
ratios which one doesn’t were allow Irish is down payment requirement versus the other guy you seek leniency in the FHA so you can be able with higher that income ratios not signing the with conventional you down payment for conventional and environment is for FHA and Sunday differences outset death Mr. you and you know the desktop underwriter D.O. or visit your using is get a be easier on somebody that started FHA loans than three & down with things like bankruptcies or foreclosure the waiting time are you on a FHA loan shorter than a conventional loan so some of that can come in to play as well as the the debt ratio requirements right and that type of stuff so are we life are you live on Facebook Renate you connect on live I think we will probably sound and bit of it were or maybe backup I out an auto so again every lender that does a loan that would be insured by Fannie Freddie USDA FHA VA any of those is going to be using this desktop underwriter so released its working with some stats people you don’t necessarily have to get an approval through the automated racist of your performs a trickle that is very true how often does that happen quite often actually quite often so we can actually deviate from the underwriting guidelines and that desktop underwriter and that LP or USDA Gus in some circumstances like for example if you had say a person who didn’t meet certain credit requirements accords were low that a lot of times they’re going to have that issue where they don’t necessarily qualify for the loan under the parameters are set for three to give credit guaranteed underwriting system through Gus so what we would do is they downgraded the color manual and right and that he has involved in what happens when we can get involved they make decisions for more rules to pasture than a little harder so they might require you get a proficient breath and require that you explain a little bit more your debt ratio or on your collection accounts they might there’s a lot of different stuff so story time is coming in spirit and so let’s talk about to maybe customers will for now Tyler How to get an approval to the automated numbering system is not totally don’t do not the aim so we have in the do while they had low credit scores and three identical ratio and they did not get approved their automated unrighteousness so that’s what the sound of marketing for the automated ordering system but is not a sound of it so I don’t because saying we’re say we’re it’s not over is not saying we’re is it over and I. I can do what is that mean we would a boat were due to manual under we jump through some hoops we definitely – it so a lot more while more documentation be required but what we asked for we get nothing what’s the alternative to us jump through hoops is not in line right so you can live forever I guess you do that you so I think you know it is a little more painful the process when you’re having to do a manual and right and in deviate maybe from those automated underwriting systems but necessary if you want to get approved for a small pain for the gain Because you actually now have a house or you otherwise would not go figure well Tyler if I call you and I want to get FHA loan and my credits messed up my debt ratios maybe like a gorilla score like is there like a limit to the bottom line that you like me to five a 410 credit score you really automate and write my on criminal that’s definitely Chula the footnote we can’t for someone for president but you… You will going to try to help sentimental by house today but but under going to try to figure out how to get through somewhere down the road exact that might include cleaning up their credit helping them build credit something like that that would the be a positive thing to help psychic psychic and a number of a second what about zero credit score is a good one and give no credit feel that the human zero score we can build alternative credit so Turkish and rent maybe papists OMG
somebody pay 12 months on top we can Build your credit in the a professional that’s working with you to build your credit so try to figure that out all on your own so will do like a whole entire podcast one time on credit score stuff refund one of the great will be talking about credit scores will make that one of is that I am working as fast talking about credit scores so the folded state we all these random soundbites and so what I’m really trying to do is just break up the monotony of us talking about Tulsa mortgages loans and Columbia tulsa mortgages loans and figure out a way to make it where you don’t want puncher so frightened face after listening for 18 to 20 minutes our podcast so okay so the examiner leave you with a take away automated and running systems are Fannie Mae DU Freddie mac LP sets loan prospector for Freddie Mac and that’s dustup underwriter for Fannie Mae and the USDA uses Gus Cates guaranteed in writing system every lender is any use these at their going to have your loan it your typical loan programs that’s what they’re going to be required to use self in a make sure that your lender understands the automated on racist is at the loan programs that are available to you because where I think many people make the mistake is a call somebody and they tell him sorry I can’t get you approved and they took their tail between the legs and they go home and they tell everybody that they can your progress really about that are alike all you because people are just didn’t misinformation so that’s why just because someone tells you that you can’t get approved don’t give up don’t give up don’t give up don’t give up control another lender somebody that the committee be a little bit more resourceful for your Sunday that can maybe do a little bit cleaner lobe a better job you how many homelands we brought back to life by entire career, Toby like cut my teeth in this business on the hard deals multizone tolerance regalis because he a guy with a person down and integrates you know to do as I’s thesis is easiest 100 I so easy it’s hard so don’t just get one opinion and because guess what this is its call for enterprise are and you can find another lender that can potentially help you settle just give up hope on your loan and that’s it for us today on the Steven Tyler show for our sixth so talking about automated underwriting systems like I think we might’ve made a fund our things so Till next time guys adios

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