Products
We must be in 1st lien position for this product.
What is a Mortgage Eliminator?
A loan is HMDA reportable if it is secured by this.
What is a member's primary dwelling?
The Equity Processors prepare and provide the early disclosures to the member for these types of equity products.
What are closed-end Equity products (Mortgage Eliminator & Home Equity Installment)?
We place 100% value on the first _____ acres of land.
What is 5?
This is the minimum monthly payment on the Flex Home Equity Line of Credit.
What is 1% or $50 (whichever is greater)?
The maximum limit on this product is $100,000.
What is a Vacation Equity Line of Credit?
If a member opts out of providing their demographic information, we must make 1 selection for each category based on this.
What is visual observation or surname?
We cannot collect documents from the member until we receive these signed early disclosures.
What is the Intent to Proceed and Receipt of Homeownership Counseling List?
Payment Protection is available for only these 2 equity products.
What is Flex LOC & Regular LOC?
The maximum LTV on the Flex Home Equity Line of Credit is 100%
This is the maximum LTV on the Mortgage Eliminator.
What is 80%?
The TRID regulation applies to a Mortgage Eliminator loan, as well as this product.
What is a Home Equity Installment Loan?
If a member states they are going to use their funds for refinance & home improvement, we would report the purpose as this in Loan Director.
What is Refinance?
Early Disclosures must be delivered to the member by the _______ business day after a completed loan application is received.
What is the 3rd?
The repayment schedule is not to exceed _____ years for the Flex & Regular LOC.
What is 15 years?
The maximum LTV on this Equity Line of Credit is 90%
What is Interest-Only?
A full appraisal is required for amounts greater than $250,000 for this product.
What is a Mortgage Eliminator?
HMDA stands for this.
What is Home Mortgage Disclosure Act?
A loan is considered completed after these 6 data elements are obtained.
What is SSN, Name, Address, Stated Income, Estimated Property Value, and Loan Amount Requested?
For a married couple, both spouses must sign the _________ and ____________ regardless if they are both on the Deed.
What is the DEED OF TRUST and RIGHT TO CANCEL?
For most of our Home Equity products, Allegacy will pay up to ___________ towards the closing costs.
What is $500?
A benefit of this product is that members have the option to convert a segment to an installment loan.
What is a Flex LOC?
The _____ ________ is NOT HMDA reportable, as the information was originally reported during the Flex Equity Line of Credit application.
What is a Flex Segment?
This disclosure verifies that all information is true and complete, you are who you say you are, and that you have the authority to use this residence as collateral on a loan.
What is the Borrower Certification?
Lenders must have this number before entering any equity applications in Loan Director.
What is their NMLS number?
A full appraisal is required for a Flex Home Equity Line of Credit when the loan amount will exceed this dollar amount.
What is $100,000?