James Carter Dawkins is an underwriter with Cardinal Financial Company, LP. He specializes as a project standards expert for condominiums, attached PUDs, and co-ops. James has a comprehensive knowledge of mortgage operations, compliance, and technology. His interests include mortgage history, underwriting, operations, secondary market (capital) investing, and technology. He has developed a personal passion for the industry and continues to develop his knowledge and share what he has learned with other professionals! He lives in Charlotte, N.C. with his wife, Elizabeth. They have two children, Carter and Cate.
[Op-ed] Information is shared rapidly but information is only information. It does not mean it is accurate information. Investigation is usually warranted. Communication is key. Speak to colleagues, managers, borrowers, title, and ask questions about anything that doesn't make sense.
[Op-ed] Is it fair to have 10 different appraiser's reports on a property and then for the lender to use that knowledge against an individual appraiser and question their ability to provide an accurate report? Appraisers seem to think it is unfair or perhaps altogether irrelevant. As an underwriter, here's one trend I'm seeing.
Fannie Mae finally updated their litigation requirements on condominium projects! The guidelines now allow the lender more flexibility to determine, with confidence, whether litigation is minor or major, what is considered minor, and provide a way for lenders to warrant the project despite the litigation. Here's how.
Your loan application has been processed and the loan is ready for clear to close but then an underwriter points out that everything is clear except the condominium project. There is a high delinquency rate, specifically, 26% of the total unit owners in the project are 60 days or more late paying their HOA dues! What do you do next?
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.