Month: November 2017

NFM TV

Do’s and Don’ts for Borrowers in the Mortgage Process

By nfmadmin — 5 years ago

Cathy Purdham, Underwriting Manager of NFM Lending discusses the do's and don'ts for borrowers looking to make their first home purchase or refinance. What is debt-to-income ratio (DTI)? Why should you avoid large purchases? How important is your credit report and score?

What is payment shock? Residual income? Non-sufficient funds? And how do they factor in getting approved for a home loan?

If you are a first time homebuyer, looking to move up, or refinance, Cathy offers some great tips for making sure the transaction goes smoothly.

NFM TV

Biggest Underwriting Pitfalls for Loan Originators

By nfmadmin — 5 years ago

Underwriting may be one of the most mysterious parts of the loan process for consumers, but it can be the same way for loan originators as well.

What should a loan originator look for when evaluating the 1003 mortgage application in order to advise their clients on potential hurdles they can face?

From work history to bank statements to incomplete 1003s, NFM Lending Underwriting Manager, Cathy Purdham discusses what to look for and how to communicate with your underwriter should issues arise. She also talks about the systems NFM Lending has in place to streamline the underwriting process and make it more transparent, an approach that has helped dramatically reduce time loans spend in underwriting and problems with the 1003.

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