The files on the desk
- Desk clock
- Sep 10, 2026, 11:24 AM
- Signed in as
- A. Solís — processor
Files open
10
Loan volume
$3.5M
Docs still out
4
Over DTI cap
3
Locks expiring
1
Not touched yet
1
What needs a decision today
- LOCKLucía Pineda Arriagaexpires in 4d · 6.766%
- NOT ELIGIBLEJavier Villalobos MenaFHA does not apply as the file stands
- HARD CAPRosalía Ocampo TrejoDTI 50.3% against a 41% cap
- DTI CAPJavier Villalobos MenaDTI 48.2% against a 47% cap
- DTI CAPEsteban Núñez CorderoDTI 41.3% against a 41% cap
- DOCSRosalía Ocampo Trejo2 docs requested 2d ago, still out
Files on the desk
Waiting for a file from the comparator
Ordered by urgency: what expires first, then what a regulation blocks, then what is waiting on paper. The live file always sits on top.
Lucía Pineda Arriaga
The rate is held until the lock expires. After that date it goes back to market.
What the buyer chose
Bank of America
Our estimate, anchored to public data. It is not an offer: no lender publishes its pricing, and none has been asked for one. These are the figures that were on screen when the offer was chosen.
What the desk can do
Request a document
Issue the eligibility letter
What the rules support
$483,000
Purchase price
Loan amount$386,400
Solved by bisection against this program’s own DTI cap, because the mortgage insurance depends on the LTV, which depends on the amount, which depends on the price. The equation does not come apart.
Issued Aug 15, 2026 for up to $483,000. Good for 90 days.
Lock the rate
Rate being locked
6.766%
Locked at 6.766% through Sep 14, 2026.
Write in the log
The log does not get edited. A correction is another line.
Borrower
No Social Security number on this file · It is never asked for, not in the comparator and not here. Nothing on this screen needs one, and a file that cannot leak an SSN is worth more than one that promises to protect it.
Documents
- UploadedPhoto IDUploaded Aug 15, 2026 · id-illinois.jpg
- UploadedLetter of explanationUploaded Aug 15, 2026 · carta-pension.pdf
File log
- Staff
Rate locked on the Conventional file at 6.766% for 30 days. After that date it goes back to market.
- Staff
Eligibility letter issued for Conventional: published rules support up to $483,000. Not an approval, and not an offer from any lender.
- Buyer
Uploaded: Letter of explanation — carta-pension.pdf
- Buyer
Uploaded: Photo ID — id-illinois.jpg
- Staff
Requested: Letter of explanation. Pension income needs an award letter and evidence it continues for three years.
- Staff
Requested: Photo ID. To confirm the name on the file matches the name that goes on the note.
- Buyer
Offer chosen: Bank of America — Conventional. Estimated total cost over 20 years: $619,133. Total cost at the horizon is what decided it, not the rate. That figure is our estimate, not an offer from that lender.
- Buyer
File opened from the comparator: Conventional on a $342,000 home, compared over a 20-year holding period.
The engine’s figures
What is inside the payment
What makes up that total
Closing costs
$6,684Median
Projected from the national median with the shape of the one counted cohort. A projection, not a measurement.
DTI against its own cap
Fannie Mae Selling Guide B3-6-02: a DU casefile reaches 50%. It is the highest ceiling in the catalogue, which is the opposite of what most people assume.
What the engine flagged
No mortgage insurance on this file. Either the equity is enough or the program does not charge one.
This profile carries 0.625 pts of loan-level price adjustments — $1,710 — charged in price, not shaved off the rate. It is the single biggest reason the advertised rate is not the rate received.
Fannie Mae LLPA Matrix / Freddie Mac Exhibit 19.
There is no published observation for this exact LTV and score segment, so the rate is anchored to the general 30-year series (OBMMIC30YF) instead. The segment spread is not invented.
No appraisal on the file yet, so the LTV is computed on the price. On a purchase the value is the lower of price and appraisal, so a low appraisal would raise the LTV and could move the band.
FHA files that come out cheaper conventional — at their own horizon
| File | Difference |
|---|---|
| MG-260905-0970 | $13,479cheaper on conventional |
| MG-260831-7135 | $12,142cheaper on conventional |
| MG-260909-3124 | −$16,929cheaper on FHA |
| MG-260906-2898 | −$25,732cheaper on FHA |
| MG-260908-6098 | —Not comparable |
2 of 4 FHA files on the desk come out cheaper conventional at their own horizon.
Why it comes out this way
Conventional PMI has a death date written into federal law: it comes off automatically at 78% of the original value, and it can be cancelled on request at 80%. FHA’s annual MIP, on a loan above 90% LTV, lasts the whole thirty years — the only way out is a refinance. Over four years that hardly matters and FHA’s cheaper rate wins. Over fifteen it is the whole difference.
- HUD Mortgagee Letter 2023-05, Appendix 1.0 — annual MIP and how long it lasts by LTV.
- Homeowners Protection Act of 1998, 12 U.S.C. 4902 — automatic termination at 78% of original value, cancellation on request at 80%.
What this is not It is not advice to switch, and it is not an offer. It is an estimate that says a conversation is worth having before the rate is locked — and on a file where FHA wins, the same arithmetic says leave it alone.