I hope this is a great Thanksgiving week for you!
Quick Thanksgiving Trivia: Did you know that only male Turkey’s gobble? It’s true! Female Turkeys just make a clucking noise. (There’s an extra joke here that I’ll stay away from)
Automated underwriting tip…
Getting mortgage loans approved in Fannie Mae’s automated underwriting system can sometimes be a trickey thing.
It’s a complicated algorythm.
I’ve had files that have had good credit, good job history, good residual income, and yet the automated underwriting system still doesn’t like the loan.
One thing to try when this happens is a 20 year amoritization.
When I switch to a 20 yr amo I very often get an approval. The automated system perceives less risk on a 20 year amo.
Yes, the payment is a little higher, but it’s better than not getting a loan at all!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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