Expert Mortgage Advisors

Terms of Assumption
• Loan Assumption Amount: $240,000 (remaining principal balance to be assumed by buyer)
• Interest Rate: 5.125% (fixed rate on the existing FHA loan)
• Equity Required at Closing: $20,000 (buyer’s funds to cover the seller’s equity)
• Assumption Type: FHA qualifying assumption (buyer must meet FHA/lender requirements and obtain lender approval)
• Release of Seller’s Liability: Required – the seller will be released from future liability on the loan upon completion of the assumption (contingent on lender’s approval of the buyer)

New 2029 Loan Limits are In!

FHA Increased Loan Limits!!

Dear Loan Officers,

I wanted to take a moment to discuss an important topic that has been on my mind lately. As someone who has experience in training sales and who has watched the flow of things, I have noticed that some consumers have a glitter and gold ideology rather than a sense of adventure. They tend to want the best now, even if it means taking on more debt than they can handle.

As loan officers, it is our responsibility to teach our customers to see the potential in their first home and start with a home they can afford first. This philosophy is great, but in the current state of the industry, it is risky, and the customer must be handled with exceptional care.

I say this because, on the post-closing side of the loan, there are a significant number of conditions required by investors to purchase the loans these days. Interest is charged daily for the length of time it takes to rebut or get those conditions, which can be costly because the funds were not accounted for in the 2015 itemization. Additionally, if a file does not suit the investor, they are not obligated to purchase the loan, which is a significant risk for us.

However, this is manageable if we qualify our borrowers truthfully upfront. We need sales to step up and determine if the borrowers qualify. For example, if the program the borrower is requesting has a maximum DTI of 50%, the file cannot come to Operations with a 50% DTI using estimated taxes, insurance, and sometimes income, just for the final numbers to result in a 60% DTI based on gross income. This puts the customer in an unacceptable position, and the file is then in trouble.

Therefore, it is essential that we give our customers the correct expectations upfront. If they do not qualify, and DTI is already 50%, they must purchase less house. We must exude excellence in truth if we are going to close and sell the mortgage.

I hope this letter helps to start a conversation around this issue. It is crucial that we work together to manage the risks involved and ensure that we are delivering exceptional service to our customers.

Thank you for your attention and for your hard work.

Sincerely,
VP of Ops

Dear Mortgage Brokers,

We hope this email finds you in good health and spirits. As a Mortgage Broker, we understand that you are constantly juggling multiple tasks and responsibilities. In such a fast-paced industry, having reliable and efficient processing services can make all the difference in closing deals quickly and effectively.

We at Expert Mortgage Advisors (EMA Processing Division) are pleased to offer per file processing services for Mortgage Brokers like you. Our staff consists of experienced Mortgage Underwriters who possess the necessary credentials to underwrite FHA, VA, Fannie Mae, and Freddie Mac Mortgages. Our team of experts will be processing your mortgage loans to ensure approvals anywhere, with any lender, all the time.

With our per file processing services, you can focus on acquiring new business and growing your revenue while leaving the processing tasks to us. Our team will review each file thoroughly, check for compliance with all relevant regulations, and ensure that all documents are complete and accurate before submitting them for underwriting. We will work with you to ensure a smooth and efficient process for each file, from initial submission to closing.

We pride ourselves on providing exceptional customer service, and we are dedicated to building strong relationships with our clients. We understand that each client is unique, and we will work with you to customize our services to meet your specific needs.

If you're interested in learning more about our per file processing services, please feel free to contact us at your convenience. We look forward to the opportunity to work with you.

Best regards,