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  2. Mortgage underwriting in the United States - Wikipedia

    en.wikipedia.org/wiki/Mortgage_underwriting_in...

    Fannie Mae and Freddie Mac are the two largest companies that purchase mortgages from other lenders in the United States. Many lenders will underwrite their files according to their guidelines, but to ensure the eligibility to be purchased by Fannie Mae and Freddie Mac, underwriters will utilize what is called automated underwriting. This is a ...

  3. What is manual mortgage underwriting? - AOL

    www.aol.com/finance/manual-mortgage-underwriting...

    For example, for FHA loans where the applicant’s credit score is under 620 or debt-to-income exceeds 43 percent, lenders must use manual underwriting. Tips for the manual underwriting process ...

  4. Why was my mortgage application denied? Common reasons ... - AOL

    www.aol.com/finance/why-mortgage-application...

    Manual underwriting. The vast majority of conforming loans – those eligible to be bought by Fannie and Freddie – are decided via automatic underwriting. It’s fast, cheap and takes bias out ...

  5. Understanding the mortgage underwriting process - AOL

    www.aol.com/finance/understanding-mortgage...

    Before underwriting, a loan officer or mortgage broker collects credit and financial information for your application. A mortgage underwriter who works for the lender then verifies your identity ...

  6. Conforming loan - Wikipedia

    en.wikipedia.org/wiki/Conforming_loan

    This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.)

  7. Verification of employment - Wikipedia

    en.wikipedia.org/wiki/Verification_of_employment

    Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).

  8. Portfolio mortgages: What they are and how they work

    www.aol.com/finance/portfolio-mortgages...

    Flexible underwriting requirements: Borrowers who don’t have a stable earned income, holes in their credit histories or scores that don’t fit other standard criteria might qualify for a ...

  9. Home valuation code of conduct - Wikipedia

    en.wikipedia.org/wiki/Home_valuation_code_of_conduct

    Also, effective for single-family mortgages made after May 1, 2009, Freddie Mac seller/servicers must represent and warrant that the appraisal report is obtained in a manner consistent with the Code. Certain types of mortgages are excluded from the Code, including: FHA/VA mortgages, Section 184 Native American mortgages, and section 502 ...

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