INCOME
When grossing up more than 15% of SSI by 25% we need
What are TRVs or letter of non filing?
Any mortgage, lien, or judgment seen on the title commitment that is being paid at closing will require a
What is a Payoff statement?
The number of days an appraisal is good for prior to expiration
What is 180?
CC is needed when a mortgage has been modified within how many years
What is 5 years?
We should be asking for an LOX to explain any allotments/miscellaneous deductions on paystubs, even if we can hit the borrower for that payment, if the amount of the deduction is greater than
What is $500?
If the file is DU REFER, we should ask for a Job Gap LOX if the borrower has a gap in their employment greater than
What is 30 days?
The borrower took title within the last two years which would require us to ask title to provide a
What is a 24-Month Chain of Title?
What are the NOV and Flood Cert?
If the credit report was pulled prior to the application date we will need to upload the ____ to LS.
What is Loan Status Print Screen (LSPS)?
When the borrower is under 50 years old and not receiving VA Disability we should ask for this document.
What is an Active Duty LOX?
The borrower is younger than this age as of the application date we will need to obtain a current awards letter, as opposed to simply the most recent years 1099) to document SSI
What is 62 years old?
If the subject property is in a spousal state, C1 is required to be on title: True or False
False
If the solar panels mentioned on the appraisal are not on title and the appraiser states the panels are owned, we should ask for
What is an LOX confirming the solar panels are owned free and clear?
If an account on credit is reporting delinquent and the DLA is outside of 90 days from credit pull we will need to stip for
What is evidence the account is current?
If alimony is reporting on paystubs, we can deduct it from their income if the divorce occurred prior to
What is 2019?
For an Active Duty Borrower who has the Active Duty Condition on their COE, we need the following documents: LES, W-2, Counseling Checklist for Military Homebuyers, and
What is a Statement of Service
If a UCC Solar statement has a payment greater than ______________ we would consider that debt "significant" and would need to request a 12 month pay history.
What is 2% of total income?
The appraisal zone that requires confirmation that the home can be rebuilt back to what it was if it were to be destroyed
What is Legal Non-Conforming (Grandfathered Use)?
A VOR is only ever required if the file is
What is Refer?
When redisclosing for a water inspection per the NOV, this is the changed circumstance reason you would select
What is Information Changed?
When calculating self employment income for DU REFER files we always need a current PnL, 2 years tax returns with all schedules, trvs and
What is a Balance Sheet?
This type of mortgage will appear as two liens on the title commitment
What is a Reverse Mortgage?
The disclosure needed from a previous file if the appraisal was ordered prior to the current file's application date
The documentation needed when the borrower doesn't list their phone number on the credit report for a fraud alert
What are a Cert with the Veteran, a Copy of the Borrower's ID, & Evidence of SSN?