MORTGAGE ACRONYMS
DTI
What is Debt to Income
You ain't nothing but a hound dog
Who is Elvis Presley
This term refers to replacing an existing mortgage with a new one that has different terms
What is refinancing?
May the Force by with you
What is Star Wars?
This current Post Closing Vice President is generally regarded as the coolest of all managers
Who is Beth Hyland?
AUS
What is Automated Underwriting System
I wanna dance with somebody! I wanna feel the heat with somebody
Who is Whitney Houston
These individuals evaluate mortgage applications to assess the borrower's eligibility for loan approval
Who are underwriters?
I'm king of the world
What is Titanic?
Former CEO and founder of Wintrust
Who is Ed Wehmer?
PITI
What is Principal, Interest, Taxes and Insurance
Little ditty about Jack and Diane
Who is John Cougar Mellencamp
These agencies are commonly known as the GSEs
Who are Fannie Mae and Freddie Mac?
You had me at hello.
What is Jerry Maguire?
Who are the Chicago Cubs?
CFPB
What is the Consumer Financial Protection Bureau?
Just a small town girl, livin' in a lonely world
Who is Journey
Commonly known as the mailbox rule, this number of days is required if disclosures are mailed
What is 6 days
Houston, we have a problem
What is Apollo 13?
Wintrust has 16 of these including Macatawa Bank
What are charter banks?
KRI
What is Key Risk Indicator
Gotta cut loose, Footloose!
Who is Kenny Loggins?
This is the highest a DTI can be for QM qualification
What is 43%?
Here's looking at you, kid
What is Casablanca?
Current CEO of Wintrust Financial
Who is Tim Crane?