Obtaining Docs
We are conditioned for a wet sign, what's next?
What is... Get the document that the wet sign is needed for. We don't get things wet signed!
How many months after purchasing a home must you wait to do an FHA cash out?
When receiving a condition, what is the first thing we should ask ourselves?
Why?
They want a nearest living relative? What do we do?
Make one up, do not ask the borrower.
What is the difference between a divorce decree and a marital settlement agreement?
A divorce decree is stating they are divorced, a marital settlement explains who is keeping what in the divorce and other stipulations on them separating.
- child support, alimony, etc.
We are conditioned for an updated balance on a liability... what do we do?
Call CIC with the borrower and get a credit supp.
What is the max DTI on a VA cash out?
100%!
When dealing with a borrower we should never what?
WAIT!
They want to know how many dependents the veteran has, what do we do and what could be affected by disclosing dependents?
We disclose that they have ZERO dependents.
It could affect residual income.
A borrower has a manufactured home and does not have an affidavit of affixture, what must they do?
They must contact the county and DMV and surrender their title.
We need an LOX signed by the borrower. How do we get this?
3 years.
Excuses!
The borrower has many late payments and collections that need to be explained, what needs to be addressed?
Why the late occurred, what they did to fix it, and are they back on track.
An LO is trying to exclude a liability paid by others on an FHA loan and the person who makes the payments is not on the liability, what's is the next step?
We cannot exclude the debt because the person making the payments is not on the liability, it must be included in the DTI or paid off.
We need a 12 month payment history for the mortgage, what do we do?
1. try to make an account
2. ask the borrower for their login
3. conference call with the lender and borrower
How many lates are allowed in a VA cash out in 12 months?
1, 30 day late.
What do we never say on the phone with the borrower?
"How are you"?
The borrower doesn't have an email, what can we do?
Ask if we can email it to a relative, have them go to get it faxed and sent back, or hand write it.
Or make them an email!
To do a VA loan, the VA requires there be a what?
Net Tangible Benefit.
We must call social security for an award letter, what instructions do we give the borrower?
We tell them to write down our fax number, and act as if it's their fax number. We let them know they must say they are NEXT to the fax.
On an FHA Manual Underwrite, how much in reserves is needed?
One month PITI.
What 3 things should you know about every loan?
1. Last refinance
2. Loan type/lender
3. Income
An LOX must be wet signed, what do we do?
This would never be required!
What does URLA stand for?
Uniform Residential Loan Application