AWMS Lending Guide
What is the AWMS Underwriting Fee/Application Fee?
Underwriting Fee: $995 (not including NJ & IA)
Application Fee: $995 (NJ & IA)
What is the name of the automated technology that AWMS uses to process 100,000's of tasks in any given second?
AUSSIE!!!
What is the toll free number to AWMS?
1-833-4-AUSSIE
1-833-428-7743
As a company AWMS is committing to a __ - __ - __ process.
7, 7, 7
7 Hour Initial Underwrite
7 Day Approval Process for our deliverables
7 Hour closing docs to Partner after CTC turn time
If either property taxes or homeowners insurance are due within ____ days we need to collect them as prepaids.
60 days
What is the proper email to send all appraisal forms and the appraisal that are required to properly transfer an appraisal?
bullpen@amerisave.com
The "Must Close By" date is the date the borrower must "Sign" by OR "Fund" by?
Sign
What is the minimum FICO score for a Conventional Loan?
620
Whose role is to keep our broker partners up to date on their loan applications?
A VVOE must be completed ____ days prior to note date.
10 business days
AWMS lock extensions may be extended ____ times or for a total of ___ days, whichever comes first.
Three Times, 45 days
Addl Info:
• Extensions beyond the three /45-day limit will be subject to worst-case pricing.
• After initial Lock, loans must be in approved status in order to request an extension.
In what screen will you add an additional party to the transaction that is not a borrower, but will be on title to the property?
Parties screen
What is the maximum amount of financed properties for any one borrower through AWMS?
4 properties
Addl Note: This is an overlay to Amerisave Retail policy which allows up to 6 properties for any one borrower at a time.
Following through with ______ we make to broker partners is one of the most important aspects of maintaining a positive relationships with our broker partners.
Commitments/Promises
When reviewing income documentation in the application if there is any additional income besides standard W2 base wages who do we send the file to for further review?
AWMS offers the following 4 lock periods?
15 day
30 day
45 day
60 day
When a student loan is deferred Freddie will use __% of the outstanding balance and Fannie will use __% of the outstanding balance as the payment for DTI purpose.
Freddie will use .5%
Fannie will use 1%
This entity must be the lender named on the original appraisal?
The lender that is transferring the appraisal
Our broker partners are ONLY able to speak with these representatives within AWMS?
Brokers can speak with ANYONE!
But as account managers we should always focus on controlling the conversation and getting answers for our brokers as much as possible.
This type of insurance is commonly known as a HO-6 policy?
"Walls-in" hazard insurance policy
REPAIRS
Addl Notes: For Government loans the maximum cost for repairs to be escrowed and required documentation:
• Total cost for repairs is not to exceed $2,500
• A written proposal/work order, which must contain the following - see lending guide for further info on Page 22
These are three key dates that must be checked prior to scheduling a closing with the customer? (Assuming CD is acknowledged and sent already)
1. Must close by date on closing screen
2. In closing deadline date on TRID bar
3. Closing availability dates by clicking "Check Closing Date Availability" on closing screen
We don't finance mobile home!
As an account manager if you do not have and answer to a broker question or question in general the following order is the process we should follow to investigate and find the answer. (3 Steps)
1. Research yourself via Ask Aussie/Intranet
2. Ask your manager
3. Go to bullpen
The areas requiring flood insurance start with these two letters?
A & V