This is a YouTube video titled "Manual Underwrite #mortgageloanofficer #firsttimehomebuyer #homeloans #homebuyer" created in June 2024. The content is a single-speaker explanation about manual underwriting in home loan approvals, describing how human underwriters can help when automated systems deny loans, aimed at potential homebuyers seeking mortgage assistance. There is no indication that Derek McGowan is a speaker in this content.
What's manual underwriting? So normally when people are getting approved for a home loan, their profile goes through a computer system called automated underwriting system. All lenders use the same computer systems to keep the approvals uniform. Now there are some tricks to the trade. Knowing how to maneuver details to get the computer to spit out an approval. So there's been plenty of times where some lenders can't figure it out. We can and get the person approved. But if nothing else can be done and it's just not approving the person, most lenders cut bait and they can't do anymore. We can do a last ditch effort called manual underwriting where instead of a computer we have an actual human underwriter review the file. Usually this takes place if the debt to income is kind of high, the credit score is low and it's just not liking it. We can look at the last generally 12 to 24 month payment history to make sure you're back on track with your payments across all credit accounts. The debt to income does cut down a little bit, but there is some hope left if you are getting a denial from some lenders. So reach out and McGowan Mortgages can help today.
