VA IRRRLs
FHA
VA Basics
VA Cash Outs
MISC
100

What does IRRRL stand for?

Interest Rate Reduction Refinance Loan

100

What does FHA stand for?

Federal Housing Administration

100

What does VA stand for? 

Department of Veteran Affairs

100

What are the types of cash outs?

Type I 

Type II

100

What are the two insuring statuses?

Insuring Problem

Ready for Insuring

200

What is the test specific to VA IRRRLs?

Recoupment test

200

What three parties must sign the settlement certification? 

Borrower, Seller, Settlement Agent

200

What is the test that must be run on all VA Loans?

VA 1% Test

200

What cash out type can the borrower receive cash back on?

Type II
200

What are the two invoices reviewed on jumbo loans?

Appraisal and Credit report

300

What tile is the IRRRL checklist located in?

Government Review tile

300

What are the five FHA loan types?

Purchase 

Cash out refi

Debt Consolidation 

Rate and Term

Streamline Refi

300

What signatures are required on the VA Certificate of Loan Disbursement?

Borrower and Lender Representative 

300

True or False The recoupment test is run on cash out type II

False

300

How many checklist questions are in the government review tile for USDA loans?

Zero

400

How many months must the closing costs be paid within?

36 months

400

What loan type is the FHA Identity of Interest Certification on?

Purchase loans only

400

What is are the four VA loan types? 

Purchase

IRRL

Cash Out Type I

Cash Out Type II

400

If your Cash Out Disclosure needs updating, where do you escalate to?

Team Lead

400

What does USDA Stand for?

United States Department of Agriculture

500

What are the three IRRRL specific documents?

Initial VA Loan Comparison 

Final VA Loan Comparison 

UWM VA Lender Certification

500

What is the formula for the minimum investment condition?

Sales Price x 3.5% = Minimum Investment

500

What States is the Tangible Net Benefit Required in?

Colorado, Maine, Maryland, Massachusetts, Rhode Island, West Virginia

500

What are the three sections that can be off by $10 on the cash out disclosure?

Total of Remaining Scheduled Payments (New) 

Total of Remaining Scheduled Payments (Impact)

Amount of Increase in total paid over life of loan

500

What is the unique rider for USDA loans?

Rural Development Occupancy Rider

M
e
n
u