payments
T or F: is the client eligible for auto pay bi weekly, if due for the month of december?
False
T or F: client can make shortage payment to get a lower monthly payment
true
what are the two requirements FHA requires when it comes to having PMI through them if client wants it removed?
either 11 years of the loan, or life of the loan
what does LPA stand for?
LOVE PROTECT AMAZE
client wants to pay loan off over the phone, the pay off total is 10,100.00 can we make this payment?
no, client will have to send certified funds for anything over 10k
if client deletes auto pay monthly/bi weekly, can we set it up the same day it was deleted?
no, we need to wait for the deleted payment to process first.
if client wants escrow removed, but had a negative escrow balance that client ended up paying, now its showing a positive 0.00 balance, and is eligible, can client remove escrow?
yes
what is the definition of PMI?
an insurance that is being paid to cover their investor in case the loan goes into default.
What is the minimum a client needs to pay to begin a recast (not including fee)
$10k
T or F: when client pays loan off we send the escrow refunds via check initially
true
whats the most a client can pay to their principal?
99,999.99
if client is switching HOI, and wants to make sure we have the new policy on file that the HOI company sent in, what would you do?
get client to assurant to make sure we received proper docs, so they can make the update.
T or F: PMI comes from RM as a servicer
FALSE : comes from clients investor
What is a B notice?
where the IRS reports a discrepancy between client information on file than what Rocket Mortgage reports. (name changes, death, etc)
if client is going to pay loan off, but wants to know where his deed and or title will be after, what would we advise?
advise client to reach out to the county that the home is located in
if a client calls in and states they "made" a double payment in error, and wanted the funds back, funds are still processing via bank, can we refund the payment?
no, they would have to reach out to bank to place a stop payment
client states they are now 100% tax exempt and have sent in all docs needed to show this, would you set a task or would you get them to cotality for an update?
get client to cotality for the update
if client has a conventional loan, and wants to remove PMI sooner then the cancellation date, what would be some ways to get this removed?
either client can do a BPO, or an lump sum principal payment.
How many days does a client have to be in their primary home after closing?
60 days after mortgage execution
when a TM is generating a pay off statement, and we dont have an actual date that client wants, what would we do?
we would run an pay off estimate statement, that client will NOT receive on their RMS account
clients loan was transferred, as of 12.2.2025, and wants to make a payment with us, can they?
no, loan will be in its black out period while the information from one company is onboarding to our company.
T or F : client calls in stating they received a tax bill, as client is escrowed with us, it shows we are set to pay this soon, client wants it to be paid earlier, can client send in the the tax bill he received before us?
yes client can upload, email, mail or fax it to us to get paid earlier.
What task is set if the client is disputing the BPO results or the client is paying the difference from the home evaluation results?
PMIRSH
When can we doc request a 2025 1098?
after jan 31st, 2026
can a client use their escrow funds for part of their payoff?
yes they can