foreclosure
programs
payments
denial reason
Forbearance
100

What is the pre-foreclosure review period?


Between due 3-4

100

This option is most pre approved when the loan is due between 4-6 with investor of Fannie or Freddie with no prior plans on file 

Deferment

100

When the loan is due 4 the minimum we can take is 

2 of 4

100

Due 12 investor is fha hardship still not over client is still unemployed 

Denial reason - max forbearance approval due 12

100

what are the most 4 qualifying ways to be approved for a forbearance 

Unemployment 

Ssi /disability 

Military 

Natural disaster

200

Loan due 10 active foreclosure and client will pull from there 401k to cure what document is needed

Reinstatement letter

200

How many months does the loan need to be before we can prequal in dude for a pc (partial claim)

Due 4

200

State of Illinois due 6 what is the minimum we can take 

We must accept at least one full monthly payment regardless of delinquency

200

Income is 4000 a month 

Mortgage payment is 2000

Home expenses is 3200

investor Fannie or freddie

Denial reason not enough income 

200

how often do clients need to do a check in 

once a month 

300

What does NOI mean

NOTICE OF INTENT 

300

When completing a afs  with this investor we must offer the pre approved repayment plan but NEVER DEFEND what investor is this 

VA

300

When the loan is due 5 plus what is the minimum we can take 

The full past due amount in one lump sum

300

Husband transfer the title into a companies name and out of his name and months later completes a afs for options due to delinquency 

Denial due to no clear title

300

how long can a client remain in forbearance 

12 months 

400

When the loan has an active sale date interfering with the closing of the sale of the home .these 2 documents are used to try to provide more time to close

Proof of funds and purchase agreement 

400

Client was approved for a repayment plan due to affordability.when discussing setting up the payments they ask can they split the payments up each month -yes or no 

NO

400

What all 4 options do we consider certified funds 

DEBIT

WIRE

CASHIER CHECK 

MONEY ORDER

400

Client fail behind due to reduction in income and we brought the loan current and they fell delinquent again 3 months later with the same hardship 

Denial due to no qualifying hardship

400

in what increments do we approved forbearance when the loan is due between 1-2 months 

1-2 months

500

How often here at rocket do we review loans for foreclosure 

Every week

500

FOR FHA when Is a recovery modification mostly approved 

When there’s no other options 

500

Best arp bonus: scenario - 

Client- my water heater is broken and I can’t pay you guys with this money in my account because I need to pay to get this fixed 1st I’ll pay you guys next month with my bonus

Best answer wins 

500

Client was approved for a flex modification but failed the 2nd trial payment due to another bill pulling out of there account the same time we pulled the payment and is now looking for another option 

Failed due to seasoning requirements 

500

who all can complete a forbearance check in

ONLY the client 

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