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Banks make a lot of money off of mortgage loans. Seriously, did you know that if a person borrows $100,000 for a mortgage he or she will pay the bank back nearly $300,000?!

The simple fact is: Banks make more than $200,000 in interest on most mortgage loans!

But here is the part that you will be interested in. Banks need to lend money to people that will pay back the loan, every penny of the loan. Banks know a credit report can’t tell the whole story…they need sophisticated mortgage professionals to decide who to lend money to.

Banks, lenders and mortgage brokers will pay a handsome salary to people with the right skills to decide who will get a mortgage loan and who will not… you can be one of those people. Banks, lenders, financial institution and brokers want that $200,000 of mortgage interest and you want a super salary!

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Underwriter: 5 Things You Should Know About Student Loans

As an underwriter who reviews credit: When it comes to student loans and credit scores, there are ten facts you need to know…
But before we get to that, let’s talk a little bit about student loans. These loans are “unsecured loans,” meaning that there is no collateral backing them. Whereas a car can be repossessed if not paid on time, no one can take away education!
That said, as with any other loan, a credit score will drop if you are late or skip a student loan payment; it will increase when student loans are paid on time.
Making payments on student loans offer a great opportunity for young adults to begin building their credit score. When lenders see young people can make payments on time and in full, credit score will go up and they will be more likely to get mortgage loans in the future.
On a personal note, this is important because you will need credit when applying for a mortgage job. The employer might run a credit check, assuming that your credit score is a good indication of whether you are responsible or not. And a landlord will definitely run your credit before renting a home to you. So if you have student loans take them seriously and pay them on-time or defer the payments.
With all this in mind, here are the first five things you should know about student loans and credit.
Student Loans and Credit, Fact #1:
In 2001, 31 percent of college graduates were living at home. That number grew to 45 percent by 2013.
Because it’s harder than ever to find a job, remember that the economy might not allow for a person to repay your student loan debt.
Student Loans and Credit, Fact #2:
Many mortgage lenders will qualify a borrower off of a lower payment on their student loan that what appears on the credit report. Because there are so many options to repay student loans, such as “income-based” what shows on the credit report may be inaccurate. Additionally, credit reports are highly likely to be inaccurate with student loan payment amounts, sometimes stating they are actively paying when they are in deferment and vice versa.
Student Loans and Credit, Fact #3:
As a person in the mortgage business, if you cannot make a student loan payment, ask for forbearance, a short-term agreement that allows you to make smaller payments, or no payments at all. Otherwise, your credit score will be harmed. Keep in mind that when payments are not being made, interest continues to accrue and the amount due grows larger. Many mortgage lenders randomly check your credit and in many cases this is required by law.
Student Loans and Credit, Fact #4:
When a person applies for a student loan deferment or payment reduction, their credit might or might not be pulled. If the credit is pulled, a credit inquiry will be added to their credit report. This might cause the credit score to drop. As an Underwriter you will see a credit inquiry and you will be required to ask and confirm why their credit was pulled. You may not want to lend to a person in financial distress.
Student Loans and Credit, Fact #5:
With this in mind, consider that students who are positioned to pay back their loans before graduating will enjoy a faster ride to good credit. Even though a lot of student loans do not require repayment until after graduation, credit scores might be higher if repayment is started early. Keep in mind that some employers will run a credit check when you apply for a mortgage job, so having a high credit score could behoove you.
Some people have speculated that if borrowers pay back their student loans too fast, they will lose credit points (presumably because the maximum interest on the loan will not be accrued if the loan is paid off early). I think this is a bogus claim. Credit-scoring bureaus are not interested with your creditor’s ability to earn the most interest, but rather with ability to repay loans on time…just as you are UNDERWRITER!

2 things you should know first…

One of the most frequently asked questions about the mortgage business is this:

Can I get a job underwriting if I have never underwritten before?

The short answer is yes, but there is a big caveat: You must KNOW how to underwrite.

Two of the factors that go into selecting candidates for underwriting is:

  1. Experience
  2. Personality

Let me start with a common scenario. You may have been a loan officer, loan set-up person or processor and you liked the position, you just wish it paid more. You thought that you may be interested in a making a career in mortgages but really wanted to get into underwriting…but couldn’t.

One of my first strategies is to teach you HOW to underwrite so that you can 1-get an interview and 2-get an underwriting job. You need to be able to “talk-the talk” and the only way to be able to do that is to actually learn the job.

Important: Many people think it must be REALLY hard to underwrite or you must be super-smart to do it…not true. All you need is the willingness to learn and the ability to communicate well.

That is why in my webinar, I teach people the language of mortgage underwriting. And the more you can learn the better off you will be.

Consider this: Let’s say you own an airplane. Owning a plane isn’t enough to be granted a pilot’s license. You must first demonstrate your ability to take off and land, you must KNOW how to fly a plane!

Likewise, getting in to mortgage underwriting is the same. Putting on your resume that you were an underwriter is not enough, you need to able to show your skills and answer questions when asked. And because the business has changed so much in recent years, you need recent information that is relevant to today’s market.

When you watch my videos I explain how to underwrite and I teach you how to get an underwriting job. You need to learn all of the acronyms and common questions that are asked…and better yet, you need a good answer to those questions. I’ve got some pretty good ones for you!

You have the confidence, you have the ability, now all you need is the inside information!

Make it a great day,


Have I lost my mind?

Okay, I’m about to say something that makes people look at me like I’m crazy.
Not only do I say this, I say this all the time, and I stand by this!
I think that exaggerating or stretching the truth on your resume is okay.
I know you probably think I’m nuts, so let me explain…
If you know anything about me and my story you know that I have been very successful and I have accomplished a lot in a relatively short amount of time (granted I’m no, Mark Zuckerberg, whom BTW I just love because I feel we should all stop being so scared and go for it like he did) and many people have wondered how I got to where I got so fast…the truth is sometimes I had to stretch the truth a little bit…there I said it.
After all, we all know that getting to the next level takes hard work and a little bit of luck…but I believe you have to create your own luck. You can’t be afraid of making big promises and pushing yourself to the limit. Trust me, you will surprise yourself with what you can do.
Going out on a limb and saying you can do things that you know you can do, but you may not have actually done, seems a little scary doesn’t…I know. But guess what? You ever wonder where these young rich guys get their moxy from to try new things, open new businesses, or come in and boss you around when they are barely in their twenties…they have confidence.
Why should “those guys” be the only ones who benefit. I’m a firm believer you have to be confident in yourself and you can do a whole heck of a lot more than you ever thought you could. And sometimes, not always, but a lot of the time putting yourself in a challenging position (new territory) can be the thing you need to build your confidence and show the world what you are made of.
I know, I know, some people may think its dishonest or even unfair. You know what, maybe they are right. But I will tell you one thing. Every time I have stretched the truth on my resume, I got the job and that’s when the real work began. Here is why? Not only do you have to be able to “talk-the talk” in the interview to get the job. You then have to “walk-the-walk” when you get the job. So the truth of the matter is, what’s on the resume is just a tool to get you an interview, and it doesn’t matter so much if you can ACTUALLY do the job successfully. And that will take hard work. Don’t fool yourself, writing crap on a resume will do you no good if you can’t back it up with results. And you will only ruin your reputation and make a fool out of yourself if you fail.
So here is the bottom line. I don’t think stretching the truth on a resume is so bad, so long as you can actually do the job. I’m sure there are plenty out there that would agree and even more that would disagree. But no one can argue with results…and that is what I am all about. That’s all anyone is America cares about. Can you do the job? Can you produce? Lying on a resume is dangerous territory… but no risk, no reward, right?
Leave me a comment and tell me what you think!

Ignore the news…

There’s a lot of talk about the new scoring model called VantageScore.

Proponents say that it will boost a person’s score and help people with no credit history build a strong credit score.

Here’s the bottom line: don’t even clutter your mind.

Now… the back-story for those that want it:

Until the majority of lenders are using a new scoring model, the FICO score will remain the main credit scoring system out there.

As of right now, major mortgage giants like Fannie Mae and Freddie Mac are not using VantageScore. In fact, I have never heard of ANY lender who uses VantageScore.

When deciding whether to extend a person a loan (a mortgage in particular), banks and lenders want to know what the risk is. Currently, the model used to determine creditworthiness is FICO, and almost exclusively FICO (for mortgages Underwriters review a tri-merge credit report with all three credit bureaus).

So if a person wants to qualify for a loan, or purchase a home or refinance their current mortgage, they must follow the FICO model and demonstrate the behaviors that determine FICO scores. Underwriters will not be looking at any “new” credit reports with different scoring systems.
Ignore everything else because it will not make an ounce of difference if you lender is not looking at it. All it will do is paint an unrealistic picture.

I want you to focus on reality. And the reality is this: Almost every lender out there relies on FICO and only FICO when determining a credit score.
If you have any questions about credit-scoring models or reviewing credit reports, be sure to leave a comment on my blog.

The most difficult part…

Possibly the most difficult part of learning to underwrite is reviewing tax returns!

But newbies in the mortgage game get a great opportunity for you to learn how to review tax returns once and for all.
First, though, a little background on reviewing tax returns…

When you first try to review a tax return it is hard to tell if ALL of the pages are there

You see, sometimes a person will submit some pages of the tax return and not the entire return in order to “hide” some of their income or their liabilities (yes a tax return can reveal LIABILITIES that are not on the credit report).

Isn’t that crazy? So how are you supposed to know if they have given you the entire tax return…it could look complete to you but not be

Of course, sending in the entire return is the moral thing to do. They could be charged with mortgage fraud if they do not and are discovered.
So what’s the solution?

If you want to be a mortgage underwriter in today’s environment, your goal is to know how NOT to approve bad loans (you do this by documenting your loans properly)

You can accomplish this through something called a tax transcript (executing an IRS 4506-T form).

As I mention in my program, this is not something that HAS to be executed every time with every lender or on every loan program, but it is becoming very common and is a sure way to make sure you have a complete tax return and your income calculation is correct!

And this is where tax season offers a great opportunity to gain familiarity with tax returns for FREE!

After you file your tax returns you now have a perfect example of a tax return to study. You can also ask family and friends to show you theirs (not all will say yes but you’ll be surprised how many will let you)

You can ask friends/family and say this:

“I’m trying to get into (or back into mortgage lending as an underwriter), and I really need to learn how to review tax returns. I want to make sure I fully understand the Schedules and what income types are reported on what schedule. I’d like to ask you if I could please see your tax return as an example, feel free to black out all of the personal data and even change or black out some of the numbers. I know this is a very personal request but I promise I am using this solely to learn and would really appreciate your help. Additionally, once I get a job as an underwriter I promise to share my first bonus with you”

Given the weak economy, and the strength of the relationship of the person you are asking you will probably get more no’s than yes. Many people think they have a lot of haters, but are super surprised by how many people really just want to help you be a success!

The key here is to keep asking… ask, and ask again.

Be polite – after all, someone asking to see your tax return is not a “normal request” people get.

If one person says “no,” if you have another person, call the other one up and offer the same to them. Someone will want to help and share in your bonus.

This is a golden strategy for getting very familiar with looking at tax returns and being able to “talk-the-talk”. When it works (and it will!), be sure to leave a comment on my blog!

Make it a great day.


P.S. Because tax returns are complicated, I suggest that you review our income lessons more than once if you purchase the training course.

What are you going to do?

There was a time when I was scared.

You see, there have been many times over the years when I had no idea what I was going to do:

I dropped out of college because I just wasn’t sure what I wanted to be

I moved 1000 miles away from my family because I was trying to “find myself”

I changed from job to job to job before I got into mortgages

AND when I first got into the mortgage business I had no idea what I was doing…

These are just some of the things I never wanted anyone to know. I felt like if I told people I had no idea what I was doing, they might take advantage of me. Just the thought of people knowing I was scared made me scared.

But I was wrong.

Everyone gets scared. Everyone has flaws. Actually, I have learned that there is always someone doing better than me that was even more scared than I was. I don’t care if you are an entry-level person or the president of the world…you will have times when you are unsure and downright scared!

It is not a fun thought.

Over time though I have learned that standing up and doing “something” is a whole lot easier than doing nothing because of fear. I have also learned that people are not standing around waiting for you to fail, they want you to succeed.

I used to keep things to myself and pretend that nothing bothered me or that I was never afraid of anything. If I had an important decision to make, I did it alone and it sometimes made me sad. If I was scared, I would never tell anyone and then I would lose sleep because I had no one to help me through it.

But now, if I am scared, I tell my problem to another person. I only talk to people who I know, 1-will not be judgmental and 2- will help me resolve my problem (not compound it).

Here is the weird part, now that I know how to handle being afraid, I’m rarely ever afraid. I do things and most times I am successful because I am not afraid of failing. By getting rid of fear, I have become almost fearless.

Do you let fear hold you back? If so, now is the time to let it go. You can start small until you build your confidence up. The important thing is that you try new things and do things that you want to do and let others know what you are doing. Don’t be afraid of their reaction.

If you have worked through a similar problem by letting go of fear, tell me about it here. Leave a comment.

Don’t let them fool ya…

I recently interviewed a group of underwriters for some research about what education and skills are required for mortgage underwriting. After the interviews I found that only 10% of all the underwriters I had met had a bachelor’s degree and only ONE (just one person) of the hundreds had a finance degree. All of these people making decisions and going about their careers, climbing the ladder and living the life had never stepped foot on a college campus. I was shocked…not because of the numbers but because they were just like me.  I did find that quite a few had attended college, but they had promptly dropped out and decided that college was not for them. These people were SMART people, don’t think for one second I am telling you this was a group of dummies who were seasoned, high-paid mortgage underwriters…No way Jose…they were just people who were smart but didn’t finish college…college drop-outs making a super-salary…they were just like me. When the interview was over I received an email from on of the interviewees, Shelby K., that shows how the mortgage industry insiders try to keep people OUT of underwriting.

“I have been in the mortgage industry for 8 years but only underwriting for 9 months now…I really had to fight my way in. I started out as a loan officer and then moved into processing. After begging for an opportunity to underwrite at asfdasdfasdfasdfasd which they never gave me, I decided I should apply to other companies

I was afraid to apply because the ad said they preferred a candidate with a 4-year degree in Accounting Mortgage Underwriting or Finance. I remember thinking, I don’t stand a chance. But obviously I did because I got the job!

Now that we have talked I see what the game is and now I know that the whole ‘4-year degree preferred/required’ thing is just a line they put in there to keep people out…WOW

-Shelby K.”

I was so ticked off when I read this email. Shelby is a hard-working, smart and capable woman with all the knowledge she needs to underwrite yet mortgage insiders were trying to keep her out of the circle. How are smart, hard-working people supposed to get ahead if these banks and lenders are trying to hold them back and take away their confidence?

I created the Mortgage Success System because I want to help people get in-the-know and get the high salaries they deserve. I’ve made a commitment to the underdog and I’m spilling the beans on all their secrets. I’ve made it on the inside and bringing everyone that wants to come IN with me!!! No more lies and misleading stories about what experience and education you need. No more of these so called “mortgage schools” and universities charging thousands and thousands of dollars to the “little guy.” This is wrong and I am here to make it right.

Sign up for my newsletter and get all the insider secrets! The mortgage business is all about what you know…so get in-the-know

The decision-maker…the underwriter

The mortgage underwriter understands the mortgage loan qualification, approval, and pre-approval. This person approves or declines the borrower for a mortgage by reviewing documents to see if they borrower meets the bank’s/lender’s qualifications. If the mortgage application fails to meet the qualification level, the mortgage underwriter determines the best mortgage loan options for the borrower-sometimes referred to as a “counter-offer.”

How the mortgage underwriter looks at the loan is largely determined by what type of loan the borrower has applied for and if the loan is a purchase or a refinance. To qualify for the mortgage, the mortgage underwriter basically looks at the credit history, credit score, down payment, equity, income, assets, appraisal and possibly the outstanding loan. Underwriters also understand how to repair bad credit ratings, and increase the credit scores.

The credit score/history works to predict how well (the likelihood) the borrower pays off loan obligations. A high score is a positive indicator but does not always tell the whole story nor does it tell if the borrower will be approved for the mortgage.

The income and debt ratio helps the mortgage underwriter prove that the income is enough to cover the mortgage, and outstanding loan. To prove, the mortgage underwriter verifies all the different sources of income…

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