Mortgage Grapevine

FHA Lenders who Manually U/W in Florida

I'm looking for those lenders that u/w with common sense. I know of American Financial, USA Homeloans, and Assurity Financial, but am I missing anyone?
by JValdez October 4, 2007 12:00 AM


www.mbs-mortgage.com
www.uwmco.com
by Deep River October 4, 2007 12:00 AM


Thank you Deep River.
by JValdez October 4, 2007 12:00 AM


We do as well

Mike Lowry
WestStar Mortgage
1775 Wiehle Ave, Suite 104
Reston, VA. 20190
(O)703 796-1710x4020
(F)866 200-7580
(C)703 966-1065

mlowry@weststarmortgage.com
by askthebuddha October 4, 2007 12:00 AM


We can as well...

Carlos
Gateway Funding
201-522-0705
cgomez@gateway-funding.com
by CGomez October 4, 2007 12:00 AM


I think that your definition of common sense underwrting and manually underwritten files is going to need some serious coordination and understanding of what FHA is looking for.
If you have 3 lenders, how many do you need or how many can you keep up with? Not all underwriters have the same perception of rules even if they work for the same company.

Chris
by Snapper October 4, 2007 12:00 AM


All FHA lenders manually underwrite.

If the loan doesn´t pass on scorecard, it can not be denied,
it is merely referred to manual underwriting.

Note, lenders guideline constrictions now really come into play.
by Kabbalist October 4, 2007 12:00 AM


Kabbalist, you need to check whom ever you´re sending your FHA files to. All Lenders do not just manually u/w. Some will only manually u/w to certain scores, some not at all.
by askthebuddha October 4, 2007 12:00 AM


askthebuddha.

If the loan fails scorecard then the lender does manually underwrite.

What you are referring to are the lenders internal manual underwriting guidelines.

The lender is free to have tighter guides than required by FHA.

If the lender has a FICO floor required for approval and your borrower is below that, then the loan is denied via an underwriting decision. They still underwrite the loan.

Obviously if you are aware of the lenders internal underwriting guides, once your loan fails scorecard, you just don´t bother submitting, you find a different lender or a different program.

Lender are not allowed to deny a loan because it fails scorecard, you can always request the manual underwrite.

Check with your lenders, they will verify this. it´s stated in more than one mortgagee letter.
by Kabbalist October 5, 2007 12:00 AM


Kabbalist-

Not all FHA lenders do manual underwrites. Call TBW, Vertice, Wachovia, etc and ask them this question, "If an FHA loan cannot get approved thru your AUS, will you do a manual u/w?" I can guarantee there answer is No. I have had numerous companies that only want the clean loans. I reward the lenders that do all FHA - AUS and manual. They are the ones working hard not just inputting into a computer and hitting Submit. They understand how FHA is truly meant to be.
by JValdez October 5, 2007 12:00 AM


Snapper/Chris-

I know exactly what FHA is looking for. I have been originating FHA loans for more than 15 years. I have been a consultant for several companies that have decided to start offering FHA.

Unfortunately, they don´t all u/w to the true essence of FHA. Anyone in the business that has been originating FHA loans will know what I am talking about.
by JValdez October 5, 2007 12:00 AM


Double check that JValdez.

I use TBW primarily, also Vertice, Wachovia, Flagstar, Freedom.

So are you telling me that these FHA lenders openly violate FHA guidelines by refusing to u/w loans that don´t pass scorecard???

Hmm.... Kind of odd. I have two closing with TBW this month, both manually underwritten. Also, one with Freedom manually underwritten. Don´t put much manual through Vertice/Wachovia due to internal lender guidelines.

Now, your other statement is more correct:
"Unfortunately, they don´t all u/w to the true essence of FHA. Anyone in the business that has been originating FHA loans will know what I am talking about.
by JValdez October 5, 2007 "

They all have their own internal guides, which I stated originally. But they still manually underwrite.
by Kabbalist October 5, 2007 12:00 AM


If an FHA loan is denied with one lender, can it be submitted to another (FHA) lender?
by smithaddison October 16, 2007 12:00 AM


To clarify, this loan got a AUS "refer", then denied.
by smithaddison October 16, 2007 12:00 AM


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