Lenders not using Automated Underwriting Systems
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It's getting harder and harder to pre qualify people these days. I
prequalified someone FHA for a purchase. I ran them through Desktop
Underwriter and got an approve eligible. My customer had a 46.8% front
end DTI and a 53% back end.
I called my A.E. He said it was fine.... I get a full package, submit, and
wait. Well, days before the drop dead date, they come back and say they
have guidelines different than automated approvals. I looked all over the
website, no guidelines... So, the guidelines to qualify a customer are on an
underwriters desk?
I now have to flip this loan, but it would have been nice to know they over
underwrite files. I'm seeing more and more lenders doing this... The
problem! They are all different guidelines! One lender needs a 50%
back end, others need 48% or 46%.
How can we qualify borrowers when the A.Es just want you to submit, the
underwriters have different guidelines than we have access too, this is getting
ridiculous!