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?
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?
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?
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?
What is Closed-end Equity Loans (Mortgage Eliminators & Home Equity Installment Loan)
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?
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?