Is Underwriting for A Private Mortgage Buyer Like Most Conventional Mortgages?
In short, No. Underwriting by a private mortgage buyer is mostly made up of 1) A credit check on the payor, 2) Review of the appraisal or BPO (Broker Price Opinion) and 3) review of the proof of payment history for seasoned notes. If you are trying to sell a non performing note, an underwriter will try to understand what is going on with the payor. That’s mostly it for a mortgage note buyer to decide whether to purchase a private mortgage note.