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How to find a manual underwriter

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Anonymous
Not applicable

How to find a manual underwriter

DH wants to talk to a mortgage broker that specifically does manual underwriting to see what our options are to purchase a house. I have no idea how to find one without calling mortgage offices to see if they do it. Are there any resources out there?
Message 1 of 7
6 REPLIES 6
emferrari
Established Member

Re: How to find a manual underwriter

Can you be specific on why you need a manual u/w? I might be able to give you a few ideas.

Message 2 of 7
Anonymous
Not applicable

Re: How to find a manual underwriter

Keep in mind manual underwriting often has tougher guidelines than if your file passes AU.

Message 3 of 7
NC_Mtg_Loaner
Valued Contributor

Re: How to find a manual underwriter

Manual UW is like a last resort these days--why not focus on fixing and tweaking your profile in order to pass through an AUS?   It's not rocket science.

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 4 of 7
JVille
Valued Contributor

Re: How to find a manual underwriter

What you need is a real sharp and knowledgeable Loan Officer or Mortgage Broker that you can sit down with and go over all your financial info and figure out what to do.
First step, PULL your 3 Bureau Report here and get your Mtg Scores. Go over report PRIOR to meeting with lender and look for errors and start work on items needing corrections.
Next, gather together 2 yrs W2’s & Tax Returns Plus 2 - 3 months of paystubs. Anything special or unique to your Financial situation get the documention together. If you want to meet with a lender and get the best results bring everything with you and don’t wait for lender to ask for info it just slows things down.
Your Realtor should have 2 or 3 recommendations of local lenders that you can sit down face to face. Stay away from Internet Lenders. Good luck!
Message 5 of 7
Anonymous
Not applicable

Re: How to find a manual underwriter

Did a licensed LO tell you that you will have to downgrade to a manual? Depending on your scenario, credit history and loan program you may have to downgrade to a manual underwrite to gain full approval from an underwriter.  A manual underwrite is not a scary as it may be seem...your credit profile is essentially reviewed in depth to ensure it meets HUD (FHA) / Fannie/Freddie(CONV) guidelines. I have borrowers that have to do a manual underwrite often so they can get into a home and really it's just alot of extra documentation. As with anything, prepartion is key. 

Message 6 of 7
Anonymous
Not applicable

Re: How to find a manual underwriter

@mortgagemadechic. Thank you. No, from what I’ve read I thought attempting a mortgage less than 2 years post Chapter 13 discharge will require a manual underwrite. I reached out to 3 mortgage brokers and got three VERY different answers on our situation.

Both DH & I are 1 year post BK13 discharge.
I just signed a deed in lieu on a mortgage discharged by BK that was in my name only.
DH needs my income to qualify for the amount of mortgage we would need.
We live in a community property state.

I’m not quite sure which direction to go. I don’t want anyone to pull our credit until I’m reasonably sure we have an option. Help?
Message 7 of 7
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