Loan Types/Programs
With this loan program, not completing page one of the 1003 property for source of downpayment could cause an approve/eligible loan to flip to refer when it is changed to reflect a gift.
What is FHA?
This is triggered by 6 specific pieces of information.
What is TRID?
Transmittal Summary
1008
350-850
What is the credit score range?
This movie involves a creature who hates this holiday and robs the town of its Christmas objects.
What is the Grinch Who Stole Christmas?
What is VA?
These fees are specifically used to buy down a rate.
Loan Application
URLA or 1003
This document replaced the Good Faith Estimate and Truth in Lending disclosure.
What is the Loan Estimate?
The movie is about a boy who is left behind and defends his home from burglars
What is Home Alone?
43 is the maximum DTI for this loan program as well as a qualified mortgage.
What is USDA?
True or False: Cash on hand is and acceptable form of cash to close.
What is False?
Interior/Exterior Appraisal
4055
This is just one of the many items you should cover with your borrower at application to set expectations.
explain relationship with FHM or LSMG
explain appraisal payment will be requested by emai
explain that econsent , credit auth and documents must be signed before work can begin on the loan.
This movie is about a boy wanting a Red Ryder BB Gun.
What is A Christmas Story?
On a CBT 7/1 ARM with a start rate of 3.125%, on year 8, this is the highest rate the borrower can be charged
What is 8.125%?
CBT allows MI on primary residences up to 90% LTV as long as it is a single premium, paid by the borrower and ordered through this company.
What is MGIC?
IRRRL
What is an interest rate reduction refinance loan?
This is one of the first items that should be put in the efolder (or note made on file)
What is the credit authorization?
In the Christmas Carol "We Wish You A Merry Christmas" the carolers are pretty insistent they get this before leaving.
What is figgy pudding?
This is the maximum LTV on a CBT cash out refinance of a primary residence.
What is 80%?
On a FSBO contract, this piece of additional information must be requested since a realtor is not involved
What is the seller contact information?
UPB
What is unpaid principal balance
This loan has, by far, had the longest life in our pipeline and is scheduled to close this Friday.
Who is _________?
What is the first name of the Angel that visits George Bailey on Its a Wonderful Life?
Who is Clarence?