NYC
Tax an
CEMA
AOW
Mystery Box
100
A customer resididing in queens has a total loan amount of 535K. What is an apropriate approximation of this customers mortgage tax, assuming we are not able to get CEMA?
What is $9630?
100
A customer's Social Security award letter reads they are to receive $492/ month. What would you enter in the USI income screen for wage?
What is $615? **you gross up social security by multiplying the monthy amount by 1.25.... 492*1.25 = 612
100
CEMA stands for:
What is consolidation extention modification agreement?
100
what is origination fee?
What is the first fee you should waive for the borrower?
100
What is burgendy? (red NOT acceptable)
Annas wedding dress will be white... what color will her bridesmaids wear?
200
400K base loan amount, no cema, what would you tell the customer if they live in Yonkers,and ask for an estimate of the mortgage tax?
What is $7362? ***Tax is based off the total loan amt so we must add upfront MIP (2.25% on 400K loan= 9K in upfront). Yonkers tax=1.8%, therefore 409K*1.8% = 7362$.... IF you answered $7200 you forgot to use TOTAL LOAN AMT and underestimated customer fees- not a good policy!
200
In DocX, after entering the zip and choosing the recording office, you will check the following two boxs.
What is *Mortgage* and *Modification Affidavid*
200
Wells Fargo Finacial's policy for waiving mort tax
WHAT IS It should be a last resort, however we are able to waive the portion that is not removed via CEAMA. Please keep in mind this is a more difficult fee to waive?
200
What is640?
What is the minimum credit score for a borrower looking for a base loan amount of 500K including 30K cash out for home improvements?
200
what is shadow
What is brians dogs name?
300
A customer in queens has a base loan amount of 315K, 250K was the amount of the original WFHM loan, assuming we receive CEMA, all in price is 102.635% what is an aproximation of the fees we would be able to waive?
What is origination, origination flat fee, and 85% of attorney fee? step1: total loan amt=322087 (315K + 7087.5 upfront) step2: -(target- all in)% * total loan amt= $4332 Step3: waive origination (which leaves us with $1182) waive origination flat fee waive $507 of the $595 attorney fee Smile as the customer thanks you for taking care of those
300
What is the appropriate way to explain the possibility of waiving mort tax to a customer whos mortgage is currently with sovereign bank?
DO NOT promise it- the following are not CEMA friendly: *PNC* *Suntrust* *HSBC* *Wachovia* *Sovereign* *Midland Mtg*
300
What is the attorney fee for a customer perusing CEMA? For a customer NOT persuing CEMA?
What is $595 for CEMA? $195 for a customer not persuing CEMA?
300
what is 31% for BOTH?!?
What is the PTI maximum for a high balance loan with cash out? straight refi?
300
what is expensive turkey breast?
What is Theresa's favorite cold cut?
400
Break down and explain the origination flat fee.
300 processing fee (to cover the paperwork) 375 underwriting fee (to have the loan written, literaly)
400
NYC DEPT OF FINANCE
For a resident of queens, what would you enter in the RE inquiry under escrow, for county tax jurisdiction? * after you fill in the amount of the tax and due date
400
$3700
What is the aproximate amount of tax a person with a 500K loan, 200K of which is new money in queens?
400
what is "Mort tax is over disclosed and when the additional tax is removed the difference will move from fees to cash to close
What is a common reason for the cash to close on AOW page to be much less than you intend for the borrower to receive?
400
small/terrier
What kind of dog is toby?
500
Queens customer paying off 500K in mortgages and credit cards, primary mortgage was WFHM <280K>. What would the total loan amount be? and what will the cash to close read on the AOW screen?
What is 525k? What is 5K less than intended? To find base loan amt: 5K origination+ 675 origination flat + 600 settlement + 1500 title aproximation + mort tax ~4200 *hoc will only pay tax on new money~231K* + 595 attorney + 300 recording fee + 19 flood= 12889:: Total loan amt= 513K + 11542 (upfront)= 524,542 Because aow will disclose 9200 for mort tax, cash to close will be about 5K less than intended (9200 fully disclosed tax - 4200 realistic mortgage tax after CEMA)
500
friend/favor for detailing the whip
What is the story behind Anthony's gangsta sticker that decends the entire windshield on his jeep?
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