As a loan officer it is important to keep up on any and every change in your profession. Whether it is training or a simple adaptation for a specific company, it's never a bad idea to be prepared.
Luckily Rob Chrisman brings us some up-to-date information on the latest industry changes as well as where you can make the most money in the mortgage industry.
"Brokers should know that Royal Pacific Funding implemented the recent Fannie Mae changes as of July 29. DTI Ratios: DU will no longer require additional compensating factors for DTI >45% and ≤50% allowing more borrowers to qualify," according to Chrisman's August 8, 2017 rundown.
"Self Employed: With the new DU update, more borrowers may be eligible for the one year personal and business tax return documentation. Maximum LTV/CLTV for ARM mortgages will be aligned with Fixed rate for all transactions, occupancy and property types up to a maximum of 95%."
Meanwhile, when it comes to making some serious money in the mortgage world, Chrisman advises on becoming a reverse mortgage specialist. He argues that excelling at one specialty gives you a lot more clout rather than bearing the loan officer name.
Chrisman says there is a lot of success available in the reverse mortgage world as reverse mortgage specialists are highly valued.
For more changes in the profession and career advice for those practicing in the mortgage world, check out Rob Chrisman's daily rundowns by clicking on the image above.