National Association of Mortgage Processors (NAMP)®’s Post

Join us for our Peak Performance Webinar: FHA Streamline & VA IRRL Broker Training! This session is designed to provide you with expert tips and strategies for mastering streamline refinances. Level up your skills and enhance your expertise! DM me for the registration link!

📊 Demand for equity release showed signs of revival in Q2 2024 as consumer confidence returns after a period of economic uncertainty.* Clients are releasing property wealth to finance a range of activities from making home improvements and supporting their pension provision to helping loved ones get on the property ladder. This underlines the growing need for high-quality, professional equity release advice. If you’re a qualified Mortgage Adviser, passing CeRER will equip you with the knowledge you need to legally offer this advice to your clients. It’s an ideal way to attract new clients and add value to the service you provide to your current client base. Our next CeRER course starts on 30th September. Studied via Live Webinar, this two-day course includes exam preparation tips, so you’re in the best position to pass your assessment first time. 👇 Want to find out more? Follow the link in the comment below for full details and course booking 👇 #CeRER #EquityRelease #FinancialServices #TrainingProvider #SimplyAcademy * Source: https://lnkd.in/ePZFjwEa

𝗛𝗮𝘃𝗶𝗻𝗴 𝘄𝗼𝗿𝗸𝗲𝗱 𝗮𝘀 𝗯𝗼𝘁𝗵 𝗮𝗻 𝗮𝗽𝗽𝗿𝗮𝗶𝘀𝗲𝗿 𝗮𝗻𝗱 𝘂𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗲𝗿, 𝗜’𝘃𝗲 𝘀𝗲𝗲𝗻 𝗳𝗶𝗿𝘀𝘁𝗵𝗮𝗻𝗱 𝗵𝗼𝘄 𝗰𝗿𝘂𝗰𝗶𝗮𝗹 𝗰𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝘁𝗵𝗲𝘀𝗲 𝗿𝗼𝗹𝗲𝘀 𝗰𝗮𝗻 𝗯𝗲. In reality, an appraiser’s opinion of market value represents a range (Fannie Mae requires a specific dollar amount 💵), but it’s the underwriter who pieces everything together to make the final decision. Back when I was an appraiser employed by a bank (cue the gasps 😱), we used something called an 𝗔𝗱𝘃𝗲𝗿𝘀𝗲 𝗙𝗮𝗰𝘁𝗼𝗿 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 (𝗔𝗙𝗦) for every appraisal. This one-page document was absolute gold for underwriters! It provided a property risk rating 🏠 and the appraiser’s recommendations to aid in the underwriter’s reconciliation process. It offered context, guidance, and insight into how easy (or difficult) a property might be to sell if things went south 💡. Vital information for the lender to know! As an underwriter, it was always the 𝘧𝘪𝘳𝘴𝘵 page I reviewed. I believe the core of a collaborative approach lies in 𝗯𝗿𝗶𝗻𝗴𝗶𝗻𝗴 𝗯𝗮𝗰𝗸 𝘁𝗵𝗲 𝗔𝗱𝘃𝗲𝗿𝘀𝗲 𝗙𝗮𝗰𝘁𝗼𝗿 𝗦𝘂𝗺𝗺𝗮𝗿𝘆. Imagine an appraisal where the appraiser outlines their recommendations within the adjusted value range, and then the underwriter evaluates everything holistically—considering the property’s risk rating, borrower’s profile, and market conditions to make an informed decision 🤝. The goal isn’t to replace the appraiser’s expertise, but to use all the data available to arrive at a decision that serves both the lender and the borrower. 𝗔𝗽𝗽𝗿𝗮𝗶𝘀𝗲𝗿𝘀 𝗮𝗿𝗲 𝗵𝘆𝗽𝗲𝗿-𝗳𝗼𝗰𝘂𝘀𝗲𝗱 𝗼𝗻 𝘁𝗵𝗲 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗶𝗻 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻, 𝗮𝘀 𝘁𝗵𝗲𝘆 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲. 𝗛𝗲𝗿𝗲’𝘀 𝗮𝗻 𝗲𝘅𝗮𝗺𝗽𝗹𝗲: A borrower has awesome credit history, low debt-to-income ratio, 83% LTV (based on appraised value), 12+ months of reserves, and the same employer for 10 years. The appraiser’s final opinion of market value is $500,000 due to market conditions and the property’s location across the street from a gas station ⛽, giving it a high-risk rating. As an underwriter, I might consider a value exception of $518,750 to keep the loan-to-value at 80%. This reconciliation keeps the final value at the lower end of the adjusted value range while maintaining the original underwriting plan. 𝗟𝗲𝘁’𝘀 𝘁𝗮𝗸𝗲 𝗮 𝗽𝗲𝗲𝗸 𝗮𝘁 𝘁𝗵𝗲 𝗺𝗮𝘁𝗵: • $500k appraised value x 83% LTV = $415k loan. • Underwriting decision: $518,750 value exception x 80% LTV = $415k loan. • Adjusted value range on the appraisal: $500k - $550k (a 10% range). There are countless ways to maintain checks and balances here. The appraiser can still include a specific dollar amount opinion of market value within the value range, with a max value exception of 3% for the underwriter without supervisor approval 📝. 𝗧𝗵𝗲 𝗮𝗽𝗽𝗿𝗮𝗶𝘀𝗲𝗿’𝘀 𝗮𝗱𝗷𝘂𝘀𝘁𝗲𝗱 𝘃𝗮𝗹𝘂𝗲 𝗿𝗮𝗻𝗴𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗮𝗹𝗹/𝗯𝗲 𝗮𝗹𝗹. #Collaboration #RiskManagement #NextGenAppraisers

Your credit score is an important part of getting approved! #FAQ #MortgageTip #RealEstateTip

Big News in the #Mortgage Industry #UWM will stop ordering Title Insurance policies on refinance #loans, choosing Attorney insurance letters instead. This move impacts the title underwriting #market. UWM's new #TRAC+ product offers a flat closing fee of $1850.00 for refis. Let's see the savings: Sample Calculation: 📉Average loan: $500,000 💼Lender's policy premium: $1,800 - $2,000 📊Typical closing fees: $1,000 - $1,500 TRAC+ effectively cuts closing costs on refis by 50%! This benefits borrowers but hits underwriters hard, as more lenders may follow UWM's lead. Read more about "#AOLs and Title waivers"👇👇👇 https://lnkd.in/eNydXpjE #economy #titlesearch #realty #realtyinvestor #investing #realestateinvestor #alexgoldovsky

Don't give anyone your pre-approval!   So, you’ve done the right thing and you’re ready with pre-approval. You’re as ready as you can be to buy a property, and an agent/developer asks for a copy of your pre-approval. DON’T. Wait and speak to your conveyancer and broker first.   There are different property purchase contracts and some only need any form of approval to remove your ‘subject to finance’ rights.   It’s super important to understand the process and trust your conveyancer and broker to protect you and your deposit.  If you want to go unconditional to secure the property, no worries, we just don’t want you to be in a situation you didn’t understand.   When making the offer, copy us into the email. Follow our templates and good luck!   #blackfish #blackfishgroup #leahbusby #happyclients #financebroker #homeloan #experts #blackfishgroup #financialplanning #lifestyle #confidence #finance #property #insurance #mortgage #mortgagebroker #glenelgbroker #adelaidebroker #brokeryourfriendstrust #property #localbroker #financedbyblackfish #buyerbeware #financepreapproval #goslow #conveyancer

Today we’re in Swindon for the penultimate session in The Openwork Partnership’s Route To Princial training program. It’s been a great way to learn, refresh and improve the key skills needed to run and grow a business, because making the step from being an adviser to being a business owner is huge. One of the most important aspects though, has been building a network of other new principals who are on this journey too. Over the coming years I have no doubt we will help and support each other in many different ways. Let’s see what today brings… #training #learninganddevelopment #mortgage #insurance #leadershipdevelopment

🏠 5 Shocking Facts About Comprehensive Loss Underwriting Exchange 🏠 Get the full details from Mortgage Rater here 👉 https://lnkd.in/gGpBMnye #MortgageRater #MortgageTips #HomeLoans #MortgageNews #FinanceTips #HomeBuying #InterestRates #MortgageBroker

🏠 5 Shocking Facts About Comprehensive Loss Underwriting Exchange 🏠 Get the full details from Mortgage Rater here 👉 https://lnkd.in/gvUivA7R #MortgageRater #MortgageTips #HomeLoans #MortgageNews #FinanceTips #HomeBuying #InterestRates #MortgageBroker

Florida Introduces Reinsurance Program to Stabilize Market #florida #realtor #realestate #mortgage #expert #lender #luxuryagent #wellingtonrealestateagent #wellingtonrealestate #wellingtonflorida