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
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 4.5% seller-paid points and the total discount points are now 3%, what percentage should now be borrower-paid?
0%
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 2.5% seller-paid points and the total discount points are now 3.75%, what percentage should now be borrower-paid?
1.25%
When working on initial disclosures, what might be likely if find a loan in the Underwriting Queue?
Cancel or Decline
What is the max IPC percentage for an Investment Property?
2%
When working on an FHA loan in Maryland we ensure that HUD line 866 reads ___________________ Paid Broker Comp.
Lender
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