Mortgage Cycle
This team member sets up the loan for the underwriter.
Who is the loan processor
This must be verified for the previous two years during the stability review.
What is employment and residence.
This rule requires lenders to determine if a borrower can repay a mortgage loan.
What is the Ability-to-repay/Qualified Mortgage Rule (ATR/QM Rule)
This category foucses on a borrower's credit history.
What is willingness
Which former president’s face is featured on the 5-dollar bill?
Abraham Lincoln
This person evaluates the loan risk for the investor.
Who is the underwriter
VOE and VOR stand for these two verifications.
What is Verification of employment and Verification of Residence.
Base salary and pension income are examples of this type of income.
What is non-variable income
These three companies are the major credit bureaus.
What is Equifax, Experian, and TransUnion.
This country gifted the Statue of Liberty to the United States in 1884?
What is France
The three main factors discussed in loan processing are these.
What is stability, ability, and willingness
Tis refers to the borrower's ability to repay the mortgage plus the other monthly obligations.
What is capacity
This type of worker was listed as a variable income source.
What is Self-employed
Credit cards, auto loans, and mortgages are examples of this type of credit.
What is traditional credit
In math, what is the value of pi rounded to the second decimal place?
What is 3.14
This phrase was repeated throughout the presentation to describe the mortgage process.
What is "It takes a team"
These three words were used to describe income history requirements.
What is History, Consistency, and Ongoing
Commission, bonus, and overtime are examples of this type of income.
What is variable income
This newer credit evaluation method gives expanded information about payment behavior.
What is trended credit data
What War was fought in the United States from 1861-1865?
What is the American Civil War
This process includes disclosure accuracy, timelines, and finalizing figures.
What is closing the loan
Saving accounts, CD's, retirement funds, and stocks are examples of these.
What is capital/assets
These three buckets represent cost commonly needed when purchasing a home.
What is down payment, closing cost, and pre-paids
This is the minimum number of tradelines required for some manual underwrites.
What are two tradelines
What is the Treaty of Versailles