CES HFI
What states are we not allowed to do Condo's in
New York, Florida
How long is a credit report good for?
60 days
What is the last day for a member to submit an App to get the $0 admin fee on a 1st mortgage refi?
05/17
What was the first music video played on MTV
Video Killed the Radio Star
Name 3 members of the Brat Pack?
Emilio Estevez, Rob Lowe, Molly Ringwald, Ally Sheedy, Anthony Michael Hall, Andrew McCarthy, Demi Moore, and Judd Nelson
How long are AVMs good for?
90 days (3 months)
What is the minimum confidence score needed to use an AVM?
85 (FSD equal or less than .15)
What is the maximum amount of financed properties FNMA allows if the new loan is for a second/investment property
10
Bonus Question $200
What is limit if the new loan is for a primary?
From the popular song by Tommy Tutone, what is Jenny's number?
867-5309
Name 3 John Hughes Directed movies from the 80s
Sixteen Candles, The Breakfast Club, Weird Science, Ferris Bueller's Day Off, Planes Trains and Automobiles, Uncle Buck
A member just purchase a home 2 months ago, what do we use for the home value on the equity loan?
AVM, appraised value or DVI (no seasoning requirement)
What index is used for variable rate HELOCs?
Prime Rate
Name 3 ways you can exclude non mortgage debt from a borrowers DTI?
- Installment debts (loans, not leases) with 10 or fewer payments remaining can be excluded if they do not significantly affect the ability to pay the mortgage.
- If the debt is paid by another party. Documentation must show a 12-month history of payments made by that party with no delinquencies
- Utilities shown on the credit report
- They are an authorized user
-Debt has been paid by Business
Who is the Singer that appears when you get "Rickrolled"
Rick Astley
Highest Grossing Movie during the 1980s.
E.T
What lava zones are ineligible?
1 and 2
What states have a $50 Annual HELOC Maintenance Fee?
Missouri, New Jersey, Pennsylvania, and Washington
Name 3 Texas A6 restrictions
- MAX CLTV 80%
-All title holders must live at the property
-Only one 50(a)(6) loan can exist on a property at a time
- wait at least 12 months from the date of the last 50(a)(6) loan to refinance again
- Loans must close at the office of a lender, attorney, or title company, not at home
-Total fees and charges (excluding prepaids/interest) are capped at 2% of the original loan amount.
-All title holders and spouses must sign the CD and 12 day letter
-Closing can not occur until all necessary partys have signed the 12 day letter and 12 days have elapsed from receipt of the 12 day letter
What is Sting's (Singer from "The Police) real name.
Gordon Sumner
What speed activates the flux capacitor on the DeLorean?
88 MPH
When can non medical collections and charge offs be left unpaid?
less than $250 per account or $1000 in aggregate
Who is allowed to close outside of the U.S
Active Military Borrowers
When can you exclude debt shown on a credit report paid by the business? Name 2 of the requirements
What famous guitarist played the solo on "Beat It"
Eddie Van Halen
The director that played Mars Blackmon