lesson 8:lesson 8 - north seattle collegefacweb.northseattle.edu/bbrophy/res266/power point files/rf...

Financing Residential Real Estate

Lesson 8:Lesson 8:Qualifying the Buyery g y

Introduction

In this lesson we will cover:

the underwriting process,

qualifying the buyer andqualifying the buyer, and

factors taken into account when a buyer’s fi i l it ti i l t dfinancial situation is evaluated.

Introduction

Loan underwriter evaluates:

1. loan applicant’s overall financial situation; and

2 value of the property2. value of the property.

Introduction

Underwriter tries to make sure buyer is someone who can afford loan and who is unlikely to default.

The Underwriting Process

Underwriting involves:

reviewing loan application;

obtaining additional information aboutobtaining additional information about applicant;

l i l d ’ lif i t d dapplying lender’s qualifying standards;

verifying information provided;

evaluating property appraisal;

evaluating property appraisal; and

ki d timaking recommendation.

The Underwriting ProcessQualifying standardsUnderwriting standards

Qualifying standards

Minimum standards used in underwriting.

Draw line between acceptable andDraw line between acceptable and unacceptable risks.

The Underwriting ProcessQualifying standardsUnderwriting standards

Qualifying standards

Although lenders can set their own standards, most use Fannie Mae/Freddie Mac standards for conventional loans.

FHA and VA standards must be used for FHA and VA loansFHA and VA loans.

The Underwriting ProcessAutomated underwritingAutomated underwriting system (AUS): computer

Automated underwriting

program that performs preliminary analysis of loan applications.

The Underwriting ProcessAutomated underwritingAutomated underwriting system (AUS): computer

Automated underwriting

program that performs preliminary analysis of loan applications.

Used in conjunction with traditional underwriting.

The Underwriting ProcessAU and secondary marketPredominant AUS were developed by Fannie Mae

AU and secondary market

and Freddie Mac.

Desktop Underwriter® (Fannie Mae)p ( )

Loan Prospector® (Freddie Mac)

The Underwriting ProcessAU and secondary marketPredominant AUS were developed by Fannie Mae

and Freddie Mac.

Desktop Underwriter® (Fannie Mae)p ( )

Loan Prospector® (Freddie Mac)

B th d t d it ti l FHABoth are used to underwrite conventional, FHA, or VA loans.

The Underwriting ProcessAU and secondary marketAlthough Fannie Mae and Freddie Mac encourage

lenders to use their AU systems, they do buy traditionally-underwritten loans.

The Underwriting ProcessAU programmingProgramming of secondary market agency AU

AU programming

systems is based on performance of millions of loans.

“Loan performance”: whether payments are made, vs. collection problems or default.

The Underwriting ProcessAU programmingProgramming of secondary market agency AU

AU programming

systems is based on performance of millions of loans.

“Loan performance”: whether payments are made, vs. collection problems or default.

Statistical analysis highlights the factors that makeStatistical analysis highlights the factors that make a loan perform better.

The Underwriting ProcessAU programmingComputerized analysis adds higher level of

AU programming

precision to traditional underwriting.

Both agencies use latest information to gadjust their systems.

Adjustments have nationwide impact onAdjustments have nationwide impact on underwriting.

The Underwriting ProcessHow AU worksUnderwriter enters information from loan application

How AU works

into AU system.

System obtains applicant’s credit report.y pp p

Issues a report with recommendation.

The Underwriting ProcessHow AU worksRecommendations in an AU report fall into three

How AU works

categories:

risk classification,,

documentation classification, and

i l l ifi tiappraisal classification.

The Underwriting ProcessHow AU worksRisk classification

How AU works

Determines level of scrutiny application should receive.

A /A t t lif i t d dApprove/Accept = meets qualifying standards.

Refer/Caution = doesn’t meet all standards, should be reviewed.

The Underwriting ProcessHow AU worksRisk classification

How AU works

If application requires further review, underwriter looks at application in traditional way.pp y

Some lenders reject Refer/Caution loans without underwriting them manually.underwriting them manually.

The Underwriting ProcessHow AU worksDocumentation classification

How AU works

Indicates level of documentation underwriter needs to verify information on application.y pp

How AU works

Indicates level of documentation underwriter needs to verify information on application.y pp

Basic levels are:

t d dstandard,

streamlined (“low-doc”),

minimal (“no-doc”).

How AU works

Refer/Caution = standard documentation

must be underwritten manuallymust be underwritten manually

How AU works

Refer/Caution = standard documentation

must be underwritten manuallymust be underwritten manually

Approve/Accept = streamlined or minimal

depends on the application

The Underwriting ProcessHow AU worksAppraisal classification

How AU works

Recommends whether:

full appraisal is appropriatefull appraisal is appropriate,

drive-by inspection is sufficient, or

drive-by inspection is sufficient.

The Underwriting ProcessHow AU worksAppraisal classification

How AU works

Recommends whether:

full appraisal is appropriatefull appraisal is appropriate,

drive-by inspection is sufficient, or

drive-by inspection is sufficient.

Based on strength of application.

The Underwriting ProcessAdvantages of AUAdvantages of automated underwriting over

Advantages of AU

traditional underwriting:

streamlines process;p ;

Advantages of AU

increases objectivity;

Advantages of AU

increases objectivity; and

i d itiimproves underwriting accuracy.

SummaryThe Underwriting Process

Underwriting standardsAutomated underwritingAutomated underwritingManual underwritingLoan performanceLoan performanceRisk classificationDoc mentation classificationDocumentation classificationAppraisal classification

Evaluating Creditworthiness

Qualification of a buyer involves evaluation of:

Income

Net worth (assets)Net worth (assets)

Credit history

Evaluating Creditworthiness

Buyer is considered creditworthy if her overall financial situation indicates she can be expected to make payments on time.

Income Analysis

Buyer’s income is starting point in determining size of loan, and how expensive a home a buyer can afford.

Income AnalysisCharacteristics of incomeIncome has three dimensions:

Characteristics of income

Quantity,

Quality andQuality, and

Durability.

Income AnalysisCharacteristics of incomeQuantity

Whether there is enough monthly income to cover proposed monthly mortgage payment.p p y g g p y

Income AnalysisCharacteristics of incomeQuality (Dependability)

Income sources should be reasonably dependable, such as established employer, government agency, p y , g g y,or interest-yielding investment account.

Less dependable = lower quality.Less dependable lower quality.

Income AnalysisCharacteristics of incomeDurability (Probability of continuance)

Income is durable if it can be expected to continue in future, preferably for at least next three years., p y y

Income AnalysisStable monthly incomeIncome that meets tests of quality and durability is

Stable monthly income

stable monthly income, which includes:

bonuses,,

commissions,

tiovertime,

part-time earnings,

self-employment income,

retirement income,

alimony,

hild tchild support,

public assistance, and

investment income.

Stable Monthly IncomeEmployment incomePermanent income is major income source for most

Employment income

home buyers.

Stable Monthly IncomeEmployment incomePositive employment history includes:

Employment income

consistency, usually 2 years in same job or field;;

Employment income

chances for advancement;

Employment income

chances for advancement; and

i l t i i d tispecial training or education.

Stable Monthly IncomeEmployment incomeCommissions, overtime and bonuses

Employment income

Considered durable if consistent part of applicant’s overall earnings pattern.g p

Stable Monthly IncomeEmployment incomePart-time or seasonal work

Employment income

Considered stable if applicant has held job for at least two years (part-time work), and an established y (p ),earning pattern exists (seasonal work).

Stable Monthly IncomeEmployment incomeSelf-employment income

Employment income

Includes income from personal business, freelance, or consulting work. g

Underwriters consider earnings trend, training and experience and nature of business.experience and nature of business.

Lenders consider this very risky income.

Stable Monthly IncomeEmployment incomeInformation on application must be verified before

Employment income

loan is approved.

Stable Monthly IncomeEmployment incomeEmployment verification:

Employment income

Verification form sent to employer,

Employment income

Verification form sent to employer, or

W 2 forms for 2 years plus pay stubs for 30W-2 forms for 2 years plus pay stubs for 30 days, with phone call to employer.

Employment income

Verification form sent to employer, or

W 2 forms for 2 years plus pay stubs for 30W-2 forms for 2 years plus pay stubs for 30 days, with phone call to employer.

Lender may also request income tax returns for previous two years to verify earnings.

Stable Monthly IncomeRetirement incomePension and social security payments are usually

Retirement income

dependable and durable.

Stable Monthly IncomeRetirement incomePension and social security payments are usually

Retirement income

dependable and durable.

Lenders can’t discriminate against applicants on basis of age.basis of age.

Life expectancy can be considered.

Stable Monthly IncomeInvestment incomeDividends or interest may be counted as part of

Investment income

stable monthly income.

Stable Monthly IncomeInvestment incomeDividends or interest may be counted as part of

Investment income

stable monthly income.

Underwriter calculates an average of investment income for previous two years.income for previous two years.

Stable Monthly IncomeRental incomeIf a stable pattern can be verified, rental income is

Rental income

considered stable monthly income.

Applicant may have to show gross earnings and operating expenses for previous two years.operating expenses for previous two years.

Stable Monthly IncomeRental incomeMany unpredictable factors affect rental income:

Rental income

emergency repairs,

vacancies andvacancies, and

tenants who don’t pay.

Stable Monthly IncomeRental incomeMany unpredictable factors affect rental income:

Rental income

emergency repairs,

vacancies andvacancies, and

tenants who don’t pay.

Underwriter includes only a percentage of verifiedUnderwriter includes only a percentage of verified income to leave a margin for error.

Stable Monthly IncomeRental incomeAny negative rental income is treated as a liability

Rental income

by the underwriter.

Stable Monthly IncomeMaintenance alimony child supportConsidered stable income sources only if it appears

Maintenance, alimony, child support

payments will be made reliably.

Depends on:p

whether payments are required by court decree,decree,

how long payments have been made,

financial/credit status of ex-spouse, and

ability to compel payment.ab ty to co pe pay e t

Stable Monthly IncomeMaintenance alimony child supportLenders usually require:

copy of court decree, and

proof of receipt of paymentsproof of receipt of payments.

Stable Monthly IncomeMaintenance alimony child supportLenders usually require:

copy of court decree, and

proof of receipt of paymentsproof of receipt of payments.

Child support no longer counts when child reaches mid-teens.

Stable Monthly IncomeMaintenance alimony child supportApplicants may not want to list these as sources of

income if ex-spouse is hostile or uncooperative.

Equal Credit Opportunity Act prevents lenders from asking if applicants are divorced or requiring themasking if applicants are divorced or requiring them to disclose alimony or child support.

Stable Monthly IncomePublic assistanceEqual Credit Opportunity Act also prohibits lenders

Public assistance

from discriminating on the basis of an applicant receiving public assistance.

Stable Monthly IncomeUnacceptable types of incomeIncome that usually doesn’t count as stable monthly

Unacceptable types of income

income:

wages from temporary job,g p y j ,

income:

unemployment compensation,

income:

unemployment compensation, and

t ib ti f f il bcontributions from family members.

Stable Monthly IncomeTemporary employmentIncome from temporary employment is never

Temporary employment

classified as stable monthly income.

Stable Monthly IncomeUnemployment compensationUnemployment compensation rarely treated as

Unemployment compensation

stable income because eligibility usually lasts for a specified number of weeks.

If applicant can show (through tax returns) that it’s aIf applicant can show (through tax returns) that it s a regular part of his income, some lenders are willing to count it.

Stable Monthly IncomeIncome from family membersUnderwriters usually only consider earnings of the

Income from family members

head of household.

But if borrower’s family member is listed as a co-borrower, that person’s income is also considered.borrower, that person s income is also considered.

Calculating Stable Monthly Income

Underwriter converts all earnings into monthly earnings.

Calculating Stable Monthly Income

Underwriter converts all earnings into monthly earnings.

Example: Glenda is paid $14.50/hour, and works 40 per week.per week.

$14.50 × 40 = $580

$580 × 52 = $30,160

$30,160 ÷ 12 = $2,513$30, 60 $ ,5 3

Calculating Stable Monthly IncomeNontaxable incomeUnderwriter uses gross income figures without

Nontaxable income

subtracting taxes, when calculating stable monthly income.

Calculating Stable Monthly IncomeNontaxable incomeCertain types of income are exempt from taxation.

Nontaxable income

child support,

disability payments anddisability payments, and

some public assistance.

Calculating Stable Monthly IncomeNontaxable incomeCertain types of income are exempt from taxation.

Nontaxable income

child support,

disability payments anddisability payments, and

some public assistance.

Underwriter may take this into account by “grossingUnderwriter may take this into account by grossing up” income (adding amount of gross taxable income represented by payments).ep ese ted by pay e ts)

Income Ratios

To measure adequacy of applicant’s monthly income, underwriters use income ratios.

Difficult for borrower to make payments if:

B E % f M thl IBorrower Expenses > % of Monthly Income

Income Ratios

Two types of income ratios:

Debt to income ratio

Income Ratios

Two types of income ratios:

Housing expense to income ratioHousing expense to income ratio

Income Ratios

Measures proposed monthly mortgage payment and any other regular debt payments against y g p y gmonthly income.

Income Ratios

Housing expense to income ratio

Measures monthly mortgage payment alone against monthly income.y

Income Ratios

In most loan programs, maximum income ratios are treated as guidelines, not hard-and-fast limits.

Income Ratios

In most loan programs, maximum income ratios are treated as guidelines, not hard-and-fast limits.

Lender may approve loan if sufficient compensating factors make up for weakness in income.factors make up for weakness in income.

Income Ratios

Recently, lenders have considered debt-to-housing gap ratio.

Measures difference between debt to income ratio and housing expense to income ratio.

Income RatiosCosignersCosigner helps borrower qualify by sharing

Cosigners

responsibility for loan.

Primary borrower and cosigner have joint and y g jseveral liability for loan.

Court can order either one of them to payCourt can order either one of them to pay loan balance.

Income RatiosCosignersCosigner must have acceptable income, assets,

Cosigners

and credit reputation.

Underwriter evaluates cosigner, just like primary borrower.borrower.

SummaryCreditworthiness and Income Analysis

CreditworthyyIncomeQualityQualityQuantityDurabilityDurabilityStable monthly incomeUnacceptable incomeUnacceptable incomeIncome ratiosCosigners

Net Worth

Individual’s net worth is determined by subtracting personal liabilities from total personal assets.

Indicates ability to manage financial y gaffairs.

Must have enough liquid assets to closeMust have enough liquid assets to close transaction.

Net WorthFunds for closingLiquid assets include cash and assets that can be

Funds for closing

easily converted into cash.

Net WorthFunds for closingLiquid assets include cash and assets that can be

Funds for closing

easily converted into cash.

Applicant must have enough to cover:pp g

cash downpayment,

l i t dclosing costs, and

other home expenses.

Net WorthFunds for closingApplicant may be required to have reserves left

Funds for closing

over after closing, sufficient to cover a certain number of mortgage payments.

Shows applicant can handle financial emergencies.

Net WorthAssetsAlmost any assets may help a loan applicant.

Assets

May include:real estatereal estate,automobiles,f itfurniture,jewelry,stocks/bonds, orlife insurance policylife insurance policy.

Net WorthBank AccountsTo verify funds an applicant has in bank accounts:

Bank Accounts

verification of deposit form sent to the bank, or,

bank statements for 3 months.

When reviewing returned verification information, underwriter asks:underwriter asks:

Does information conform to statements in loan application?application?

Does applicant have enough money in bank to t h ?meet purchase expenses?

Has bank account been opened only recently (last 3 months)?

Is present balance notably higher than average p y g gbalance?

If account is claimed to be source of earnestIf account is claimed to be source of earnest money, is balance high enough?

Net WorthBank AccountsBorrower may include funds from loan secured by

Bank Accounts

an asset such as:

stock,

tifi t f d itcertificate of deposit,

life insurance policy, or

other real estate.

Net WorthReal estate for saleIf applicant is selling another property to raise cash,

Real estate for sale

net equity in property can be counted as a liquid asset.

Net WorthReal estate for saleIf applicant is selling another property to raise cash,

net equity in property can be counted as a liquid asset.

Net Equity =

Market Value – (Liens + Selling Expenses)Market Value (Liens Selling Expenses)

Net WorthReal estate for saleIf equity is exclusive or main source of money for

purchase of new home, lender won’t fund loan until old home has been sold.

Net WorthReal estate for saleIf equity is exclusive or main source of money for

purchase of new home, lender won’t fund loan until old home has been sold.

Copy of settlement statement is usually required.

Net WorthReal estate for saleSometimes new home is ready to close before old

home is sold. Buyers may want to apply for swing loan to cover closing.

Net WorthOther real estateSome applicants own real estate they aren’t

Other real estate

planning on selling.

It’s considered an asset and should be considered in loan application.in loan application.

Only equity contributes to net worth.

Net WorthLiabilitiesApplicant’s personal liabilities are subtracted from

Liabilities

total value of assets to calculate net worth.

Net WorthLiabilitiesApplicant’s personal liabilities are subtracted from

Liabilities

total value of assets to calculate net worth.

Liabilities include:

credit card and charge account balances,

i t ll t d btinstallment debts,

taxes owed, and

liens against real estate owned.

Net WorthGift fundsRules regarding gift funds varies from one loan

Gift funds

program to another.

Most programs limit how much of downpayment and closing costs may be covered by gift funds.and closing costs may be covered by gift funds.

Net WorthGift fundsGenerally, lenders require:

Gift funds

gift letter stating that funds don’t have to be repaid; andp ;

funds deposited in applicant’s account.

SummaryNet Worth

Liquid assetsqReservesAssetsAssetsBank accountsReal estate for saleReal estate for saleNet equityS ing loanSwing loanLiabilitiesGift funds

Credit Reputation

Lenders rely on credit reports to evaluate loan applicant’s credit reputation.

Derogatory information on report could mean denial of loan.mean denial of loan.

Credit ReputationCredit reportsPersonal credit report covers 7 years of information

Credit reports

about an individual’s:

loans,,

credit purchases, and

d bt tdebt repayment.

Credit ReputationCredit reportsPersonal credit report covers 7 years of information

Credit reports

about an individual’s:

loans,,

credit purchases, and

d bt tdebt repayment.

Utility, medical bills, etc. aren’t listed unless they are turned over to collection agency.tu ed o e to co ect o age cy

Credit ReputationCredit reportsCredit reporting agencies are private companies.

Credit reports

Three major credit agencies in U.S.:

EquifaxEquifax,

Experian (formerly TRW), and

TransUnion.

Credit ReputationCredit reportsCredit information important to underwriter includes:

Credit reports

length of credit history,

payment recordpayment record,

derogatory credit incidents, and

credit scores.

Credit ReputationLength of credit history“Credit history” can refer to someone’s credit

Length of credit history

reputation or duration of applicant’s experience with credit.

Applicant should have 2 years of credit history.Applicant should have 2 years of credit history.

Credit ReputationPayment recordEach account listed on credit report has payment

Payment record

record showing whether payments have been made on time.

Late payments are shown as 30 days, 60 days, orLate payments are shown as 30 days, 60 days, or 90 days overdue.

Credit ReputationPayment recordUnderwriters view chronic late payments as sign

Payment record

applicant is financially overextended.

Spotless payment record not necessary.p p y y

Credit ReputationMajor derogatory incidentsNegative information on credit report includes:

Major derogatory incidents

slow payment,

charge offscharge-offs,

collections,

repossessions,

judgmentsjudgments,

foreclosures, and

bankruptcies.

Credit ReputationMajor derogatory incidentsCharge-off

Tax code allows creditors to write off debt that hasn’t had payment in 6 months.p y

Credit ReputationMajor derogatory incidentsCharge-off

Tax code allows creditors to write off debt that hasn’t had payment in 6 months.p y

Doesn’t relieve debtor of liability.

Credit ReputationMajor derogatory incidentsCollections

If unpaid bills are turned over to collection agencies, they will appear on a credit report.y pp p

Credit ReputationMajor derogatory incidentsRepossessions

If someone fails to make payments, a creditor can repossess the collateral property.p p p y

Credit ReputationMajor derogatory incidentsJudgments

When someone loses a lawsuit, court may order her to pay money (damages) to the person who sued. p y y ( g ) p

Credit ReputationMajor derogatory incidentsForeclosures

Not surprisingly, lenders don’t look favorably upon real estate foreclosures.

Credit ReputationMajor derogatory incidentsBankruptcy

Bankruptcy on applicant’s credit report is also taken very seriously. y y

Credit ReputationCredit scoresCredit reporting agencies calculate individual credit

Credit scores

scores.

Scoring models are based on statistical analysis of large numbers of mortgages.large numbers of mortgages.

Credit ReputationCredit scoresCredit reporting agencies calculate individual credit

Credit scores

scores.

Scoring models are based on statistical analysis of large numbers of mortgages.large numbers of mortgages.

Predict likelihood of default.

Determine appropriate level of review.

Credit ReputationCredit scoresTwo most widely used types of credit scores:

Credit scores

FICO bureau scores, and

MDS bankruptcy scoresMDS bankruptcy scores.

Credit ReputationCredit scoresFICO scores

Credit scores

Range from 400 to over 800, and are used more often than MDS bankruptcy scores.p y

Credit ReputationCredit scoresFICO scores

Credit scores

Range from 400 to over 800, and are used more often than MDS bankruptcy scores.p y

A high score (over 680) is a good sign.

Credit ReputationCredit scoresMDS scores

Credit scores

Range from zero to over 1,000.

A high score (over 550) is a bad signA high score (over 550) is a bad sign.

Credit ReputationCredit scoresUnderwriters use credit scores to determine level of

Credit scores

review applied to applicant’s credit history.

Good score = basic review

Bad score = in-depth review

Credit ReputationCredit scoresSeveral other factors can negatively impact credit

Credit scores

score, such as:

chronic late payments,p y ,

maintaining high balance on credit card, andand

applying for too much credit.

Credit ReputationObtaining credit informationProspective buyers should look at their credit

Obtaining credit information

reports and scores before applying for mortgage.

May have incorrect information.y

Credit ReputationExplaining credit problemsIf underwriter is convinced that past problems don’t

Explaining credit problems

reflect loan applicant’s attitude towards credit, buyer may get loan.

Credit ReputationExplaining credit problemsLetter explaining negative credit report should:

state reason for problem;

identify problem occurred during a specificidentify problem occurred during a specific period;

h bl l i tshow problem no longer exists;

highlight good credit before and since;

provide documentation from a third party;

provide documentation from a third party; and

t bl ditnot blame creditors.

Other Factors in UnderwritingLoan typeLoan type means whether loan is a fixed-rate,

Loan type

adjustable-rate, or some other type.

Borrowers default more on ARMS and loans that involve changes in payments.

SummaryCredit Reputation

Credit reportspCredit historyPayment recordPayment recordDerogatory incidentsCredit scoresCredit scoresFICO bureau scoresMDS bankr ptc scoresMDS bankruptcy scoresExplanation letter

Other Factors in UnderwritingRepayment periodLength of repayment period affects qualifying

Repayment period

process because of its impact on size of monthly payments.

Shorter payment period, larger payments.

Other Factors in UnderwritingOwner occupancyInvestor loans have much higher default rate than

Owner-occupancy

loans to owner-occupants.

Other Factors in UnderwritingProperty typeSingle-family homes appreciate much more and

Property type

more reliably than:

manufactured homes,,

condominium units, and

th t f id ti l tother types of residential property.

Risk-Based Loan Pricing

Risk-based pricing is charging borrowers different interest rates and loan fees depending on their credit risk.

Poor credit risk = high interest rates

Good credit risk = low interest ratesGood credit risk low interest rates

Prime lenders have used average cost pricing or par rate pricing.

All approved borrowers are charged same pp ginterest rate and fees.

Those who don’t meet lender standardsThose who don t meet lender standards are denied loan.

Risk-based pricing is established in prime lending.

AU is one of the main reasons.

Risk-based pricing is established in prime lending.

AU is one of the main reasons.

Advantage is that fewer applicants are deniedAdvantage is that fewer applicants are denied financing.

F i b d dit i k d ’tFairer because good credit risks don’t subsidize poor credit risks.

On other hand, buyers who don’t qualify for best rates may be priced out of market.

May make loan shopping confusing.y pp g g

Lenders can’t advertise one interest rate (or APR).(or APR).

SummaryOther Factors and Risk-Based Pricing

Loan typeRepayment periodRepayment periodOwn-occupancyInvestor loanInvestor loanProperty typeRisk based pricingRisk-based pricingAverage cost pricing

lesson 8:lesson 8 - north seattle collegefacweb.northseattle.edu/bbrophy/res266/power point files/rf...

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