Retail currently uses Corelogic Gap Report to monitor borrower inquiries. Direct uses this service
What is Equifax UDM Service?
100
This is the new name for the Direct product
What is Capital One 360
100
Eventually the new Empower will have a direct interface with this platform used to order 3rd Party Services
What is Loan Quality Gateway (LQG)
100
This coverage is normally required on loans with an LTV over 80%. Direct never requires it.
What is Mortgage Insurance?
100
Direct doesn't not allow this property type on loans being held for investment.
What is modular home?
200
HFS stands for Held For Sale. This means that the derogatory credit opinion will be based on this feedback.
What is DU?
200
This number represents the average length of time a loan is in the ING pipeline
What is 41?
200
Direct's position on escrow waivers of taxes and insurance is this.
What is all or nothing?
200
Current retail policy states that the maximum # of borrowers on a loan is 4. Direct is this
What is 2
200
Direct has a minimum credit score of this
What is 680
300
In Direct if a loan is Held For Investment any Derogatory Credit must be this far in the past.
What is 0x30 in a year?
300
The current Retail footprint is limited. Direct is represented in these states.
What is 50 states (and DC)
300
Direct allows Limited Cash Out under this circumstance.
What is Subordinate liens must be obtain as a simultaneous second?
300
Retail requires that each applicant have at least 1 credit score. Direct requires this number.
What is 2
300
Direct policy requires credit, income and asset documents be within 90 days of closing for existing properties. For existing or new construction it is this
What is 90 days?
400
This number represents the number of edits in the new Empower
What is 401
400
Acceptable Direct Occupancy Types are Principle and Secondary but not this type
What is investment?
400
Direct allows US Citizens, Intervivos/Revocable Trusts and this group to borrow.
What are Permanent Resident Aliens
400
Direct only originates loans with this purpose in Texas
What is Purchase
400
For Direct, unpaid charge-offs and collections should be paid prior to closing if account meets these circumstances.
What is Greater than $250 or if the aggregate total exceeds $1000
500
The vendor that is contracted to review appraisals for Direct production.
What is RETECHS?
500
These amortization terms are available under the Direct Program
What is 360 (30 years) or 180 (15 years)
500
For Direct HFS and HFI limits acreage to this.
What is 10 acres
500
Direct holds this position regarding Non-Arms Length Transactions
What is Not Permitted
500
Retail lending allows up to 4-unit properties. Direct allows this many units