Sales Process
Maximum DTIs for a Manual UW on FHA
What is 31/43
Email for servicing questions
What is askcbm
High Priced Mortgage Loans are eligible to waive escrows
What is NO
Condos must be this type of loan and located in these states
What Portfolio/ALCO and MO, KS, IL, OK, CO, TX
Name the 5 Mortgage Insurance companies that Commerce Bank has available
What are Radian, Enact, Arch, Essent, and MGIC
Less than 25% self employed, not Schedule C, borrowers require this
What are K-1's only
You will need this from servicing to do a loan modification
What is a loan snapshot
An invoice, funds held at 1.5 X the invoice, and be held by Commerce is this type of holdback?
What is an Escrow Holdback
This is the Seasoning requirement for a Modification
What is 12 mos.
ALTA stands for
What is American Land Title Association
If a self employed borrower pays themselves, has not completed the previous years taxes, and you have the previous 2 years income docs. This is still required from the previous year.
What is a 2024 w2 or w2
What are December and May
Purchases, Second Homes, and Investment properties all have this in common when closing
What is no rescission period
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What is 12mos on sold loans and cashout refinances. What is no seasoning requirement
This is a form of MI that the client pays upfront
What is Single Premium
This is to be completed for a Remote Closing
What is the Remote Purchase Close Date on the Loan Officer Custom Screen
This is what happens when there is not enough funds in your escrow account to pay your property taxes and insurance
What is an escrow shortage
REL allows a _____ on an ALCO, Portfolio, or Government loan closing
What is a POA
This is a a program available in Missouri that allows a client to take advantage of a lower rate on a 30yr Fixed loan
What is MHDC Non-CAL
These are one time fees imposed by State or local governments on the transfer of property ownership
What are Real Estate Transfer Taxes
This should documented every week in Encompass
What is the convo log
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What is Commerce Bank ISAOA/ATIMA PO Box 5088 Troy, MI 48007-5088
Daily interest on a $150k loan amount, 6.5% interest rate
What is $26.71
Your client would like to keep their low 1st mortgage interest rate but doesn't qualify for a HEL/HELOC or has started to construction/remodel on the property
What is 2nd lien Renovation loan
Enacts borrower requested cancellation policy for clients that wish to use current value require this many years of seasoning on LTV's 75% and 80%
What is 2-5yrs and 5yrs