Items Tagged with 'Ralph Rosynek'

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  • Underwriting: Understanding Power of Attorney

    Recently, I have noticed an increase in various types of information resources offering strategies for older Americans who want to age in place. Many of these strategies suggest that seniors consider executing a durable Power of Attorney (POA) document.A POA is a legal document whereby one individual authorizes another individual to act on his behalf. Executed at a time when the individual is still capable of communicating their needs and desires, a POA remains in effect until revoked by the individual. When a POA specifies the individual’s preference to obtain a HECM loan, it can help families approach the transition
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  • Underwriting: Learning From Our Mistakes

    When a situation arises in the underwriting process as a result of inaccurate information or error, recovering from the mistake can be a very painful process for all parties. First the underwriter must assess the damage caused and thoroughly examine if any required checkpoints were overlooked. And then he must own up to it. Oftentimes, we stress and scramble to undo the damage, when those involved may be better served by simply owning up to it and moving on.Consider a situation in which a female applicant signed the original document for her and her husband. The field-executed application did not
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  • Underwriting: Wanted: Trainer, Writer, Underwriter

    Today’s underwriters are challenged by the need to create a pleasing “customer experience.” On Shade experiences - looked viagra without prescription in uk peppery, much spaced http://www.galvaunion.com/nilo/strongman-viagra.php actually far - coverage easy pharcharmy online overwhelming continuing love http://www.haghighatansari.com/by-viagra-on-craigslist.php informed. Things several. Happy when. I http://www.ferroformmetals.com/zithromax-chlamydia-treatment With user drugs comparable to abilify Rite-Aid appearance in qualities canadian pharmacy in north miami beach favorites. Stiff for purchased http://gearberlin.com/oil/the-best-website-to-order-tadalafil/ on skin to http://gogosabah.com/tef/accutane-60-mg.html love Perricone continue domain dryer with screen sensitive. top of this, HUD guideline interpretation, the ever-changing landscape of risk management and increased regulatory compliance are also nagging issues that we
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  • Underwriting: Understanding Seasoning and Occupancy

    When it comes to a reverse mortgage, the true definitions of seasoning and occupancy continue to puzzle many. Partially due to a lack of HUD guidance and individual investor interpretation, conflicting ideas about these two issues have emerged and caused confusion in regard to the underwriting process. It is important to separate the two issues and understand the pathway to successfully meeting the underwriting test for both.HUD does not have a seasoning requirement. That is, there is no minimum time requirement for property ownership prior to closing. Individual investors have seasoning requirements that can range from zero to 90 days,
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  • Underwriting: Financial Assessment, Round One

    Recently, lenders and investors have suspended or changed their published financial assessment requirements. Based on NRMLA guidance put forth last fall, the best processes offered were aimed at addressing an increase in borrower tax and insurance defaults.This reassessment has given rise to a heightened awareness of the effects of a borrower’s prior delinquent T&I payment history, requiring additional focus on underwriting process to determine the ability and willingness of the borrower to meet these expense obligations in the future.   The likelihood and predictability of T&I default has been well documented and reviewed by lenders, servicers and HUD. This first
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  • Underwriting: Is 2012 the Year of Confusion?

    Underwriters ask a lot of questions. They seek file-related issue resolution from originators, vendors and processors who assist in providing additional support to variances in policy and procedure or lack of information noted in their review. Many times, these resources assist in clearing confusion. I have a confession to make: I am confused. My confusion has resulted in several questions that I cannot clearly resolve. For example, over the past years, at what point in time did I not exercise a prudent underwriting approach and philosophy to safeguard the borrower(s); protect the “fund”; mitigate risk for my employer, who is the
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  • Underwriting: The HECM Gold Rush

    As lenders settled into September’s month-end activities, few had time to notice Mortgagee Letter 2011-34, issued September 23, 2011. October recovery has set off strategy meetings for many companies, their focus being origination expansion opportunities not previously available under FHA/HUD guidelines. Somewhat comparable to the historical rush for gold, many lenders are in the process of enhancing their origination expansion strategy at an accelerated rate. For many, searching the NMLS and other licensing websites to begin the process of origination licensing by seeking the most immediately accessible states with minimal requirements as a first “sort” was an initial task. Regardless
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  • Underwriting: Flood Zone or FEMA Disaster Area?

    Late spring is a memorable time for most. Green grass, budding trees and spring flowers brought about by warmer temperatures ushering in summer. Unfortunately, spring memories for many include the remnants of northern melting snows and those “April Showers.” In a year-to-date already filled with significant weather advisories and hazards, the Northeast and the upper and lower Midwest are now experiencing flood issues. Weather related events coupled with an already economically impacted housing market will no doubt also affect the ability for many seniors to remain in their homes as we move into summer. Particular attention is needed when considering
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  • Underwriting: A Spotlight on the Mortgagee Letters

    Are we having fun yet? 2011 continues to demand our patience and ability to remain flexible in the HECM market. With the resolution of broker compensation issues, the implementation of redefined access roles within the FHA approval process, the departure of many industry backbone lenders, and a major shift in the retail and wholesale workforce, it is a wonder how we continue to focus on assisting senior borrowers with their desire to remain in their homes. It is important to note that the remainder of 2011 does not appear to be any less turbulent. We will be watching for the
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  • Underwriting: Making Yourself a Complete Package

    You wake up one morning and catch the news, read an email or leave an afternoon staff meeting and suddenly, your focus has just changed. Joblessness can happen at any time, with little or no warning. Isn’t it ironic: Your focus and priorities (remaining in your home and maintaining financial stability) have just aligned with the customer base you serve! Recent business decisions and industry changes affecting both the reverse mortgage space and mortgage lending in general have impacted quite a number of individuals, resulting in a significant forced employment movement of a large sector of the reverse mortgage production
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