KnowYourPro

Loan Originators please speak up about how Mortgage Insurance is cutting the mustard, or not, in today's Mortgage Industry Jungle.

Like anything else, I just wish guidelines were based in common-sense. So many MI underwrites are kicked out purely on cold numbers or hard rules. I understand taking away some underwriter discretion because of the potential for abuse, but removing the idea of "compensating factors" is going a bit far. Believe it or not, there are good and legitimate borrowers looking to buy condos who need MI; there are fantastic home-owners, who have always paid on time, who simply want to save a few more dollars every month, but they need MI to do so. Why MI companies have not jumped on board with the HARP and DU Refi Plus programs is beyond me. They're only ensuring that their current borrowers get into more affordable situations. Again, we just need some common-sense!

Paul, what's with the solitary emoticon? I guess this thread never caught on.

Well, I'm going to find out. Yesterday I couldn't turn away a borrower at 85% LTV. If I'm going to change my rules, it might as well be for all loans. (Removed the 80% Max from my website.) So, now I'm going to 90% on Conforming and 85% on Super Conforming. Also, I have a lender that is pushing Homepath (no MI) but high LTV. Might also consider doing them. Anyone had much luck with Homepath? .... Happy funding, Rudi

I don't have any lenders offering Homepath in Illinois. I noticed there were a bunch in California that did. Sounds like a pretty nice program, and I assume the rates are at least close to conventional.

Just saw the connect with Facebook feature. That's neat!