Settlement Companies
What is the settlement fee amount for Carefree loans in Florida?
$950
What action should we take if a Day 1 file that requires a full disclosure is in the Underwriting queue?
Wait to take action until it is moved or becomes a Day 3
If the points shown on the Pricing/Lock History screen are twice as high as those on the Pricing Summary screen, what should be done to correct this issue?
Remove the points from the borrower side
What fees are specific to the AccessZero loan program?
There are none
What is the max IPC percentage for a FHA loan?
6%
In which state does the settlement company Hartley Rowe & Fowler operate?
Georgia
If you receive a failed validation error due to a Loan Program and AUS Mismatch, what should you check?
Ensure that the underwriting type displayed on the promo screen matches the selected loan program
If a file previously had 2% seller-paid points and the total discount points are now 3%, what percentage should now be borrower-paid?
1%
What section A fee is never charged in North Carolina?
Underwriting Fee
Which loan program allows a max IPC of 4%?
VA loan
Which joint venture uses Hankin & Pack as a settlement company?
LMS
For non-FHA loans in Maryland, we make sure that HUD line 866 is labeled as ___________________ Comp
Investor Paid Lender
If a file previously had 3% seller-paid points and the total discount points are now 5.25%, what percentage should now be seller-paid?
3%
What do we change the disclosure section to for a bond fee that is paid to the master servicer?
A. Origination – Misc
For conventional loans, what LTV ratio range allows for a maximum IPC of 9%?
Less than or equal to 75%
Which two title companies are commonly listed on title invoices from Generations Escrow?
First American or Fidelity National/Chicago Title
What action should we take if a Day 3 file that requires a full disclosure is in the Underwriting queue?
Email the PM/Team and ask for the file to be moved.
If a file previously had 4.5% seller-paid points and the total discount points are now 3%, what percentage should now be borrower-paid?
0%
When working on initial disclosures, what might be likely if you find a loan in the Underwriting Queue?
Cancel or Decline
What is the max IPC percentage for an Investment Property?
2%
What is the amount Tunnell & Raysor charges for attorney fees in Delaware?
$500
When working on an FHA loan in Maryland we ensure that HUD line 866 reads ___________________ Paid Broker Comp.
Lender
If a file previously had 2.5% seller-paid points and the total discount points are now 3.75%, what percentage should now be borrower-paid?
1.25%
What is the course of action if the borrower decides to switch properties?
The loan would need to be canceled and re-apped for the new property.
What does the acronym, IPC stand for?
Interested Party Contributions