Companion files · The Private Markets Career Guides
A Practical Guide to Residential Mortgage Underwriting: Income, Assets, Credit, Appraisals, DU and LPA, FHA, VA, Jumbo and Non-QM, ATR/QM, Quality Control and the Career.
These are the companion files of the book. One workbook rebuilds the Calloway file, the fictional purchase the book follows from the application to the post-closing quality control review: qualifying income, the housing payment and the debt-to-income ratio, funds to close and reserves, the large deposit test, the appraisal shortfall, five contrast files (FHA, VA, jumbo, bank statement, DSCR) and the cost of a repurchase. A toolkit holds the checklists of Appendix B in an editable form.
The archive holds the workbook, the toolkit and 00_START_HERE.md. No macros, no circular references, no external links. The workbook recalculates in Excel, LibreOffice or Google Sheets.
Chapters 4 to 7, 9 to 12 and 14
One Inputs sheet holds every assumption: price and loan, note rate, mortgage insurance, taxes and insurance, income, debts, assets, the appraisal, the five contrast files and the repurchase. Sheets for income, the payment and DTI, assets, collateral, the contrast files and quality control, and a Checks sheet that puts the figures printed in the book beside the cells that compute them.
Download the workbook18 KBAppendix B
First read, income documentation by income type, a self-employed income worksheet, assets, the credit report, appraisal review, condition writing, the pre-closing checklist, fraud red flags and the file notes that protect you in quality control.
Download the toolkit41 KBRead first
What each file holds, which sheet answers which chapter, and the two inputs to change first.
Download the read-me2 KB| Income | $12,258 a month of qualifying income, with the self-employed income taken at the lower 2025 year ($3,833 a month), not the two-year average ($4,083) |
| The ratio | A debt-to-income ratio of 38.3 percent at application, 38.0 percent after the price change and 39.4 percent after the furniture account found three days before clear to close |
| The deposit | $10,300 left after closing against $7,524 of reserves required; $900 if the $9,400 deposit had stayed unsourced |
The files are provided as they are, without warranty of any kind. The model is illustrative: Brightwater Home Lending, the Calloways and every other name in the case are fictional, the model is simplified, and the figures are the book’s assumptions, not market terms or forecasts. Nothing here is lending, investment, legal, tax or accounting advice.