Mortgage Underwriting

ll": [Jde O IIIUIIIIIS. DUI." WUIRW unuugrl grad school to cover their living expenses but their parents paid for education expenses so they have no student loans. Neither has established a useable credit score. They've submitted an application for a purchase transaction of a 2 unit primary residence. Loan Product Advisor (SM) feedback is incomplete due to the subject being a 2 unit property 8: cannot be validated for lack of useable credit scores. therefore the loan must be manually underwritten. The transaction details are as follows: - LTV = 80% - Product is Fixed Rate - Loan amount = $225,000; PITI = $1,325 - Qualifying ratios are 25% and 36%. Qualifying income is stable. - Standard factual credit report includes 4 tradelineson credit payment references described as follows: 1. Rental verification from Larry Landlord for 26 months with satisfactory manner of payment reported. 2. Utilities paid to Littletown Power Company for 26 months with 1 late payment occurring more than 12 months prior to date of report 3. Insurance payment to Lessee's Liability Group opened 13 months prior and paid on time 4. Monthly payment to Frank's Furniture Factory opened 15 months prior and rated an H with 1 X 30 more than 12 months prior - File includes four quarterly savings account statements verifying funds to close as well as to document a savings pattern. Six months' reserves are documented. - Property Appraisal is satisfactory This loan is eligible for delivery to Freddie Mac. 0 True 0 False