Collateral
Programs
Misc
Income
Process
100
These 4 items are required when transferring a conventional appraisal to Homespire Mortgage
What is:
PDF/MISMO XML of appraisal
AIR Compliance
UCDP Results
Paid Receipt
100
This National FHA product offers a forgivable and repayable 3.5% or 5% second options for down payment assistance and closing costs.
What is Chenoa?
100
This asset tool is borrower-permissioned and provides us with an asset statement that is good for 30, 60, or 90 days. Best part - It can be auto-refreshed by the ops team!
What is Accountchek?
100
Utilization of this income calculation tool is required for all files turned into UW.
What is Blueprint/PRISM Income Calculator?
100
Name an example of something that is discovered after review of a Fraud Report?
What is
Affiliated Businesses
Unreported REO
Foreclosures
SSN Mismatch
200
This type of Condo review is permitted when the LTV is at or below 90% and the occupancy is Principal Residence
What is a Limited Condo Review?
*** Florida Overlay - 75% or under
**NO CCR's/Bylaws
**NO Budget
200
This product allows for a borrower to pay 2% lower rate in year 1 and 1% lower in year 2. In years 3 and after, borrower resumes full payment.
What is a 2-1 Buydown?
Acceptable First Mortgages
FNMA
FHLMC
FHA
VA
200
This solution will replace Adobe Sign beginning July 1st, 2024. Users will only have read access to adobe.
HomespireGo - One Off E-sign!
200
Non-Taxable income may be grossed up by 15% when borrowers utilize this loan type and 25% when utilizing these loan types
15% = FHA
25% = VA & USDA & Conventional
Sources of income that may be non-taxable include: Child support payments, social security benefits, and certain types of public assistance.
200
This closing type requires that any Title-Only owners accept eConsent prior to closing.
What is a Hybrid closing?
Enter in Title only person in File Contacts, select appropriate drop down and request eConsent
300
This document verifies how the insurance agent came to the required value amount and is required to be included with your policy.
What is the replacement cost estimator?
300
FNMA recognizes this FREE first time homebuyer education class as an acceptable course for HomeReady loans.
What is HomeView?
This class meets the National Industry Standards for many other DPA products as well.
300
For the Month of May, Homespire closed the following loan types. 51% = X, 30% = Y, 17% = Z. What programs are X, Y, & Z?
51% = Conventional
30% = FHA
17% = VA
300
These are acceptable ONLY if they were amended 60 days prior to application and we are able to obtain full transcripts
What are amended tax returns?
300
FHA does NOT allow Job Loss due to forced reduction as an acceptable extenuating circumstance for derogatory credit, however, Fannie Mae and Freddie Mac will provide flexibility. Name another type of extenuating circumstance allowed by FNMA/FHLMC
What is Death of a significant wage earner, medical extended illness, inability to sell previous residence due to job transfer or Divorce?
Note* FHA, VA, and USDA do not allow divorce as an acceptable extenuating circumstance.
400
This amount of dwelling flood insurance is required on a home with a replacement cost value of 360,000.00?
What is the maximum insurance available through NFIP or a private insurer in the amount of the NFIP max of 250,000.00?
400
Relocation, Increase in family size, vacating a jointly owned property are all exceptions that may allow a borrower to obtain an additional ______ mortgage on a new principal residence
What is FHA Mortgage?
*At least one Borrower must occupy the Property within 60 Days of signing the security instrument and intend to continue occupancy for at least one year.
400
When omitting this type of credit tradeline, documentation provided needs to show the obligated party has been making payments for 12 months or they may be removed from account permanently. Statements including language reflecting “Not financially responsible” are not acceptable.
What is an "Authorized User" account?
400
This documentation is required for a conventional purchase when a borrower is converting his departure residence to an investment property.
What is a current lease agreement supported by Form 1007/1025? OR
What is a current lease agreement + evidence the lease is in effect via copies of security deposit and first months rent or documented 2 months rent.
400
These common items are the most likely to expire prior to closing and need to watched carefully. Name 3
What are the Sales Contract, VVOE, and UDM Expirations?
500
This document includes a list of conditions and requirements that must be satisfied in order for the property to be eligible for loan guaranty. The UW has 5 business days to issue this document upon receipt of the appraisal.
What is the NOV? Notice of Value
500
This government loan program allows for a borrower to purchase a property and finance their renovation costs into the loan
What is a 203k renovation loan?
500
________ of a loan balance allows a one-time principal payment to be made on a closed mortgage. This can trigger a new amortization of the principal and interest payment, saving the borrower(s) thousands of dollars in interest payments over the life of the loan.
What is a Recast?
If you have a current client wishing to make a principal payment and recast their mortgage post-closing, we can help! Submit an inquiry to: creditsolutions@homespiremortgage.com Information needed: 1. Loan Number 2. Borrower Name 3. Amount of potential recast 4. Time period after closing borrower plans to request a recast. A Homespire representative will reach out if we can help accommodate or if it will cause issues post-closing.
500
When this type of income is used for qualifying, tax returns and matching transcripts must be provided. Name 3 examples
What is:
Self-Employed, Capital Gain, Employed By Family, Foreign Income, Interest & Dividend, Notes Receivable, SSI/Pension if grossed up, K1, Rental Income, Tip income not reported on W2. 
500
These items are required to be in the file at time of CD request for a conventional purchase. Name all!
What is Initial Loan Approval, Lock Confirmation, Title (Tax Cert), HOI, and MI Quote?
**Note - If your initial CD goes out with a HOI Quote, please notify your closer when the ACTUAL policy comes in.