Pre-App
How do you know if a file is suspended and in Pre-App?
Loan number, Limited Options, Bwr View says call Better
What color is our home page?
Green, White, Black
What are some docs customers will need in initial processing?
W2, 2 years tax returns, bank statements, credit report, visa, passport, drivers license
When Does My Wire Need To Go Out?
Typically at least 24 hours before closing. For later afternoon signings, wires can be initiated in the morning at latest.
Where do you look to see why a file is suspended?
Facts, Reason
Do you offer loans for the purchase of foreclosure or bank-owned properties?
Yes we do.
What is included in the monthly payment?
PITIA
Principle, Interest, Taxes, Insurance, Association Dues
What is QC?
Quality Control double checking out loans to find mistakes, minimize their occurrence, and correct the loan when necessary.
Who Pays My Previous Lender/Insurance Provider/Cash Out?
The Settlement Agent.
The Settlement Agent is in charge of disbursing any funds for payoffs.
Cash out: ask if they filled out a wiring instructions form at closing. If they have, funds will be wired. If they have not, it will be sent via overnighted check
What are some reasons a client might have an LTV suspension?
Property type, occupancy type, Appraised value etc.
Where can the loan estimate be found?
Bwr view- Loan Estimate
Tinman - Disclosures
Who is Better Cover and what do they do?
Better Cover provides homeowners insurance quotes that already meet your Better Mortgage’s coverage requirements. Better Cover’s team works hand-in-hand with the Better Mortgage loan team to make sure all insurance documents are in place for a successful close.
You pick up the phone and a client says they want to know the status of their appraisal. Who do you transfer the call to?
No one. You can find the status in third-party statuses.
How many forms of ID are needed?
What can they be?
2
First needs to be a government ID with a photo: drivers license, passport, etc. The second can be anything with a name: debit/credit card, health insurance card, HOI policy, etc.
A customer is attempting to get a jumbo loan. The are meeting LTV, DTI, Asset, and Reserve requirements. What might be some possible reasons they are suspended?
Foreclosure, Bankruptcy, Credit Score, etc.
How can customers schedule an appointment with their POC?
My team on portal.
CEA can schedule on calendar emoji next to POC's name in tinman
DAILY DOUBLE
What if my lock expires before my loan is complete?
We will extend your lock if it expires before your loan closes. If the loan delay was caused due to any complications on our end, we will waive the lock extension fee.
After initial processing the loan goes into underwriting. UW then determines:
If a loan is conditionally approved, suspended, or denied.
What is recasting? Do we offer it?
Recasting is paying a decent chunk of their principle off and they can re-amortize the loan amount.
No we do not. You will have to ask your servicer.
You have a file that is showing negative assets. How would you go about resolving this file?
Ask:
Can you confirm if you have any additional liquid assets? Do you have a co-borrower you will like to add on the application that will be bringing additional liquid assets?"
A client says they are locked out of their account. Where would you go to unlock their account?
Old Design- Click on the lock
DAILY DOUBLE
Client Asks:
Do you offer construction loans?
Do you refinance them?
What is your response?
We do not offer constructions loans.
We can refinance them.
Once a customer is conditionally approved are would they be denied because of their assets? Why?
No, Conditional Approval is waiting on third party orders that help determine property and further loan eligibility.
Where can you find the estimated funding date?
How Soon After Signing Can I Expect Funding in Alaska?
The estimated funding date is listed on the final CD under “disbursement date.”
A day after signing.