Income + Occupancy
The number we use to determine if our borrower has been receiving their salary consistently over the year.
What is the year-to-date earnings?
It's the document we follow to select the closing location from the wire instructions drop-down
What is the closing protection letter?
It's the calculation we follow to determine the large deposit threshold
What is half the total qualifying income?
They are the percentages we use to calculate estimated payments for student loans on DU and LP
What is 1% of the balance on DU and 0.5% of the balance on LP?
It's the percent increase over the previous year's earnings that we need to escalate to a team lead for comments.
What is 50%?
The calculation we use for estimated taxes on a California purchase
What is 1.25% of the purchase price?
The number of months of depository assets needed for a Fannie Mae purchase
What is 2?
The number of months payments we need to see consecutively to exclude debt as paid by another party
What is 12?
It's the number of years returns required for a business established less than 5 years ago on an LP loan?
What is two years?
WRCOG, and YGRENE listed on title are both indications of what?
What is a HERO PACE lien?
The step the borrower has to take before we can use trust assets as funds to close on an LP loan.
What is liquidation?
The Freddie Mac process for a documented foreclosure on the borrower's credit record
What is marking the declarations on the borrower tab?
They're the two types of vesting that Restricted stock can be structured as
Merit and Time based
The title endorsement that indicates a mandatory HOA for a property
What is ALTA 5?
The circumstances under which we can use an UTMA/UGMA account
What is when the borrower is the recipient of the account, not the custodian
The name for the credit score we use for qualification when borrower has 3 scores reporting
What is the median/middle?
The minimum account balance requirement to use assets as income on a Fannie Mae cash-out loan.
What is $500,000.00?
This team reviews leasehold documents
What is compliance?
The investor that makes us take a haircut on non-liquid assets being used to document reserves
What is Freddie Mac?
What is cash flow analysis/including in tax returns?