Building a team and becoming a go to for your clients
4 potential members of your team.
What is a Mortgage Lender, a Home Inspector, an Insurance Agent, a Title/Escrow Officer, a Home Warranty, a Contractor, a Financial Advisor, a RE Attorney, an Accountant, a Builder, a Landscaper, a Pool Company
The 4 C's of lending.
What is credit, cash, capacity, and collateral?
The minimum down payment required for FHA, VA, Conv.
What is FHA - 3.5%, VA - 0%, Conv. - 3%?
What does ATR stand for?
The term defined as the collateral on a mortgage loan.
What is the property being financed?
The meaning of the term FEED.
What is Financials, Emotions, Expectations, Distractions?
What is 750-799?
3 things lenders are looking for when reviewing available assets (cash).
What is no information blacked out, 2 month bank statements, large deposits, undisclosed recurring debt obligations?
3 things lenders consider when determining ATR
What is a 2year work history, stable and predictable income, income is likely to continue 3+ years, income has been reported to the IRS, income receipt for 1-12 months for non-traditional income?
Definition of property condition.
What is home is safe, habitable, and sealable?
3 areas you can look at to find your team.
What is your personal sphere, the chamber of commerce, your colleagues, online resources, networking, volunteering?
Two significant derogatory events.
What is Bankruptcy and Forclosure/Shortsale?
Typical percent of earnest money.
What is 1-2%?
Income calculation guidelines, the documents needed for the following income types: Salaried, Hourly, and Self Employed
What is...
Salaried: Most recent paystub and 2 years W-2's
Hourly: Most recent paystub and 2 years W-2's
Self Employed: Most recent 2 years filed 1040's, 1102's and or 1065's including all schedules.
...?
Definition of property history.
The property has a clear chain of title and no encumbrances
The definition of a mortgage.
What is a loan that allows for a borrower to finance a home by using their home as collateral?
3 requirements lenders look for when analyzing credit.
What is a minimum required credit score, a 2 year credit history, no significant derogatory credit in the last 12-36 months, medical collections are ok, length of time credit has been established (24 months preferred), type of accounts (Authorized user accounts vs your own)?
The definition of the Patriot Act.
What is a signed into law requiring all funds for mortgage transactions to be fully scored?
How is income qualification determined for Salaried, hourly and Self-Employed?
Salaried: can generally be taken as face value
Hourly: Will generally have the income over the last 2 years
Self-employed: Average of net income for the last 2 years. If income is declining, the most recent 12 month is used for qualification
Definition of insurability.
What is insurance coverage is required to cover 100% of the cost to rebuild the home as it stands?
The 4 different terms used to describe how loans will be underwritten and handled in the secondary market.
What is conforming financing, non-conforming financing, conventional financing, non-qm financing?
Two types of individual bankruptcies.
What is Chapter 13 and Chapter 7?
Definition of POC's.
What is the fees paid outside of closing such as; home inspections, pet inspections, HOA related fees, well/septic cert.?
need new question
What additional certification are required for VA loans?
What is termite inspection, well and septic certification?