DOCUMENTATION
What a self-employed borrower’s income is verified with.
What is two years tax returns?
Meets Fannie Mae or Freddie Mac guidelines.
What is a conforming loan?
The act or process of adjusting and finalizing all dealings, money, and arrangements for real estate buyers and sellers.
What is Settlement/Closing
What is it called when credit is pulled from each of the three credit reporting bureaus.
What is a Tri-Merge?
A legal document authorizing one person to act on behalf of another
What is a Power of Attorney (POA)
An insurance program implemented by the government to encourage banks to make home loans after the depression. Borrowers are only required to make a 3.5% down payment.
What is FHA
Traditionally defined as the best rate available to a lender's best customers. More recently it is the subject of dispute because some borrowers have received rates below prime
What is Prime Rate
The three-day period to cancel a home equity loan, home equity line of credit or refinance on a primary residence for any reason.
What is Rescission?
This letter must be signed stating no repayment is expected or implied in the form of cash or future services of the recipient.
Gift letter
These types of occupancy cannot be done with an FHA or VA loan.
What are investment and second homes?
Guidelines applied by lenders to determine how large a loan to grant a homebuyer.
What is Qualifying Ratios
What must an applicant qualify for in order to apply for a mortgage or home equity loan, line
What is a Membership
A valid paystub must always include ____ earnings
What is YTD
A mortgage program established to help service men and women obtain home financing. Offers 100% financing without monthly mortgage insurance.
A borrower is looking to combine their first mortgage and second mortgage. The second mortgage was used for home improvements.
What is cash out refinance?
What government sponsored enterprise do we follow for our mortgage guidelines?
Who is the Fannie Mae?