Column A
What is included in the ETIA?
HOI, Taxes, Flood and HOA (if applicable)
Name 4 loans considered locked at application.
Home Equity
Bridge Loans
Vacant Land
Construction Only
Auto
Motorcycle/Snowmobile/Boat/ATV
Trailers
Mobile Homes
Unsecured Loans
When should you add per diem to a payoff?
If the payoff is not good through your disbursement date or for mail outs you need to include 5 additional days past disbursement.
When should a Homeowners Class fee be disclosed?
For TRID only, if the borrower is 1st time home buyer and the product is Home Advantage.
What is the loan purpose hiarchy?
Purchase
Refi
Construction
Home Equity
When should you provide rescission?
In a refinance or rent to own with a contract where it is the Borrower's primary residence.
After the initial CD goes out can you update the rate?
No
When should you show Builders Risk in the fees?
All construction loans where the Borrower is carrying it and not the contractor.
At LE we show this as a fee for all construction loans.
How long are payoffs, Title Commitments, ATR and O&E's good for?
30 days
What source docs can you use to verify if you have HOA?
Appraisal or if possible it is best to use documentation from the HOA
For Commercial loans, your signer names and title should match ______________.
Business Entity Checklist
What source document do you match the legal description?
Title Commitment or last recorded vesting deed
When should a Smart Asset be pulled?
Construction loans, if collateral is being purged, and new mobile homes if the taxes have not been assessed yet.
When paying off an ANB loan do you separate the interest?
Yes, unless the loan is TRID and you leave it combined in the total.
If an appraisal is bank paid at LE for $700. When it comes to CD it's now $500. Do we honor the total $700 credit?
Yes
When do you use full insurable vs loan amount when it comes to Real Estate?
Full insurable for all non 1st liens. Loan amount is less than improved value = Loan amount. Loan amount is more than the improved value = Full insurable
What is the hierarchy for the broker agents name/address/phone #?
1. Purchase Contract
2. PRELIM
3. Email communication with Title Agent
4.Company Website
What are 3 reasons you would list in a Change in Terms Agreement?
1. Rate (increase/decrease)
2. Removing or adding collateral
3. Removing or adding a borrower
4. Prepayment Penalty (adding/modifying)
5. Maturity Date (changing)
6. Loan Amount increase
7. Removing or adding guarantor
What doc do you use for the vesting for real estate loans?
Title commitment or last vesting deed
Name all fees (not standard) you should have with your construction loans.
ILC, Inspection, UCC State and County, Disbursers Notice (CO Only), Date Down Endorsement, O&E and Builders Risk
What is the hierarchy for settlement agents Name/address/phone number?
1. Title Commitment
2. PRELIM
3. Email communication with Title Agent
4. Company Website
Where does the Wildlife Mitigation fee and Rec fee get disclosed? Bonus double points! What county do these fees come from?
Recording fees: Transfer tax and non APR
Bonus: Gypsum
If we have a loan closing in January 2025 in Colorado. Should the Buyer be responsible for the taxes to be paid in February and June of 2025?
No! The seller should pay these as CO is collected in the rears and the buyer did not live there for the year of 2024.
Is a vacant lot loan considered HMDA reportable?
No
What Credit Policy Exception should be sited if you have a car over 10 years old?
S204.3 Vehicle financing is available for model years up to 10 years old. Maximum term is 72 months for vehicles up to 3 years old, 60 months for vehicles that are 4 to 6 years old, and 36 months for vehicles that are 7 to 10 years old.