Assets
How many months are usually required to be provided
2- months
What is an Encroachment
When a part of your property is on another persons property
How many days before closing should the borrower receive the CD
3- Days
Borrower paying alimony and child support
Court order/ Judge signed divorce decree showing the amount to be paid out for alimony & child support
The process of completing a real estate transaction during which loan documents are signed
Closing
What is the rule for large deposits for FHA Loans
Cannot exceed more than 1% of the loan amount
What is an Easement
Giving another the right away to access your land for specific purposes
An application is defined as the submission of 6-pieces of information name the items
Name - Income - SS# - Credit Report -
Property Address - Estimated Value - Loan Amount
Property listed in a partial flood zone
Nothing - this would be optional for the borrower
A legal proceeding filed when a borrower defaults on a loan
Foreclosure
What is the large deposit rule for conventional loans
Cannot exceed more than 50% of the gross income or combined gross income if more than one borrower
What is Vesting
They way the borrower wants their name recorded on the deed
Does the Loan Estimate need to be sent out to the borrower if the borrower uploaded all the required documents to their computer to send them to you but never hits the submit button
No - If the borrower never sent the documents so the LE does not have to be sent out
Gift Funds being received
Gift Letter, Proof of donor ability to give a gift, copy of donor gift check or proof of donor wire transfer, & proof the borrower received the gift in their account
The document that list out all of the previous owners for the last 2- yrs
24- Month Chain of Title
What is the rule for large deposits on VA loans
It is Underwriter Discretion
What two amounts will be listed on the title if the loan is a purchase
Sales Price & Loan Amount
When does the LE need to be sent out to the borrower
Within 3- days of receipt of the application and the required documents that are required to initiate a loan in progress
Additional Properties
Mortgage Statement- Tax Bill - Proof of HOI - Proof of HOA / Invoice - or Lox stating there is no HOA
The Document that details the property Value and Comparable properties
Appraisal
What is required when retirement funds are being used to cover cash to close
Most recent statement, terms of withdrawal, proof of liquidation
What is the document used to remove someone from deed that will no longer be associated with the property
Quit Claim Deed
If Something changes on the loan right before closing and the CD was already sent out to the borrower what happens
A new CD will need to be sent out to the borrower and the 3 day waiting period starts all over again
Tax lien & judgements
Paid in full receipt, and source where the funds came from to payoff the debt
Document used to request to keep a mortgage in 2nd position
Subordination Agreement