Published on April 25, 2019
Written by The Servion Group
It's time for installment number three of Ask the Underwriter! This is where we do our best to answer questions we've recently received from loan officers at credit unions and community banks around the country. We hope you'll give it a read - maybe you'll run across an answer you've been looking for yourself!
If you would like to submit a question of your own, just send an email to email@example.com with the subject line "Question for Ask the Underwriter."
A: To accomplish this, the lender must obtain the most recent 12 months of canceled checks (or bank statements) from the party making the payments. The purpose for this is to document a 12-month payment history with no delinquent payments. On mortgage debt, the party making the payments must be obligated on the note and the borrower cannot be using rental income from the property to qualify.
A: Because the borrower has not been in title for at least six months, the delayed financing guidelines apply. A cash-out transaction can be completed using the appraised value, but must meet the following delayed financing guidelines:
If you have a question of your own, send it to firstname.lastname@example.org with the subject line "Question for Ask the Underwriter."