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Tulsa Mortgage : ┬áPodcast 6 – Part 1

Episode six of the Steven Tyler show in common is here’s the how to Tyler and Stephen are you doing buddy and well good I seem to have lost my memorable that was the one that Marshall spilled to weeks in a row we spilled cripple Oliver everyday free crazy place on Kosovar money at Mr. well hey guys were talking about Tulsa mortgage were talking about Missouri Columbia mortgage New Mexico mortgage we are an office in Farmington New Mexico Farmington mortgage on their and then all of Colorado mortgages you can think of and the Torah Springs mortgage Pueblo mortgage and Alamosa visit covering all of our markets where you take Tulsa more like the Tulsa world you know you for sure I got that one for sure but whenever you’re not sure to say we’re holiday so today we’re talking about what our automated underwriting systems nice you know what they are there

Tulsa Mortgage underwriting systems that are automated man Tyler Moore met the point you in as a been asking Tyler at university in the studio I look across and unlike use of a we just don’t have our mojo to is unlike Tyler sent need and he says auditor out of the auto so so cover for me the three main wallet the really those are the only three that we would use right you would get Fannie Mae do you sense for desktop underwriter or desktop originator and Freddie Mac LP which stands for loan prospector and USDA deserving oh USDA is it’s the world on the loan the meatloaf they don’t just relate meet

Tulsa Mortgage people they Rob Sanders no sound on this out some of click out that letter I think we lost okay so not the meat loan the USDA loan is what it is and then they use guess we collect us right in the guaranteed underwriting system because they called the USDA guaranteed loan USDA guarantees something like that so the three Fannie Mae Freddie Mac deal and so something that most for some people may not know or realize is that every single lender that wouldst close alone that’s insured by Fannie Mae prior of Freddie Mac Jenny may USDA FHA Ginnie Mae or VA uses that system in some way shape or form they have to it’s called a automated underwriting system that we run your file through so that it can make sure that’s your income your credit & thing is FHA has what they call the total scorecard that’s an desktop underwriter and they’re all different so Tyler tell me if I’m running a file through Gus through USDA versus Fannie Mae DU on FHA on some running a road alone versus FHA loan how can there be differences in their dollars like well

Tulsa Mortgage saying we’re say we’re all of it immediate different thing to catch is in a down payment euros of your estate is a record of they were FHA does but more importantly every loan program and every automated unrighteousness different parameters that they judge and while USDA might be more strict on your debt ratios FHA might be a little bit more relaxed on the debt ratios so that is something that makes up you won’t know they think near you think that regrows what loan you’re getting your Internet be able to have the same underwriting of the same parameters or the same debt ratios of the same anything like that and that just isn’t the case is it we Tyler were like when you talk about an automated rendering system and people really know what the difference from Fannie Mae and Freddie Mac are so let lets for in Fannie Mae is the government-sponsored entity they call the GSE that is there to ensure the loan so that if the if the if you default on it then they have that insurance subtenant helps essentially helps the lender minimize their losses

Tulsa Mortgage and so just two different government-sponsored entities that do that and then ultimately USDA VA FHA that’s all to be under HUD sell it how that can go great in the right tire yet so you know a little bit about were talking about an FHA loan versus a conventional loan if I was running a conventional loan through Fannie Mae’s dustup underwriter versus an FHA water some of the the differences in your find between the two is first which one allows higher debt ratios which one doesn’t were allow Irish is down payment requirement versus the other guy you seek leniency in the FHA so you can be able with higher that income ratios not signing the with conventional you down payment for conventional and environment is for FHA and Sunday differences outset death Mr. you and you know the desktop underwriter D.O. or visit your using is get a be easier on somebody that started FHA loans than three & down with things like bankruptcies or foreclosure the waiting time are you on a FHA loan shorter than a conventional loan so some of that can come in to play as well as the the debt ratio requirements right and that type of stuff so are we life are you live on Facebook Renate you connect on live I think

Tulsa Mortgage we will probably sound and bit of it were or maybe backup I out an auto so again every lender that does a loan that would be insured by Fannie Freddie USDA FHA VA any of those is going to be using this desktop underwriter so released its working with some stats people you don’t necessarily have to get an approval through the automated racist of your performs a trickle that is very true how often does that happen quite often actually quite often so we can actually deviate from the underwriting guidelines and that desktop underwriter and that LP or USDA Gus in some circumstances like for example if you had say a person who didn’t meet certain credit requirements accords were low that a lot of times they’re going to have that issue where they don’t necessarily qualify for the loan under the