Legal/Compliance
Regarding a time frame, Brokers can change their Lender Paid Compensation
What is every quarter? Based on a Calendar year (page 12)
In addition to Class and Novo, there are two other AMC's approved with AWMS.
Who is Service Link and Appraisal Links?
Page 14
This is the status that a loan must be in by lock expiration.
What is closing today status?
page 23
The AWMS underwriting fee.
What is $995?
This is the maximum LTV OO 3-4 unit purchase.
What is 75%
Page 26
Power of Attorney must be approved by an underwriter by which loan status?
What is prior to Final Approval?
Page. 46
AWMS requires an conventional appraisal transfer to have an effective date of how many days?
What is less than 90 days?
A loan can be relocked once expired or withdrawn after this many days.
What is 31 Days?
Page 25
These 2 fees will be charged in all loans and not included in the $995 AWMS fee.
This is the max DTI on a Agency Cash out Investment 2 unit.
What is meet the sheet?
page 26
This entity must hold licensing and registration of Third Party Processing Companies.
What is NMLS?
Page 19
There are 2 status's that an Appraisal can be in, in order to be transferred to AWMS.
What is "AS IS" and "Final Inspection Completed"
Page 15
What are the options for lock time extension ?
(FOR NO WORSE CASE HIT)
What are 3 extensions or 45 days? At a 2bsp daily cost.
Page 25
The one fee that a Broker can pay in the loan transaction.
What is an appraisal fee?
This is the AWMS minimum loan size.
What is a 60K?
page 35
The dollar amount of E&O insurance required to be held by the closing agent.
What is 1 million dollars?
Page 20
In addition to the borrower this entity can also pay for the appraisal fee.
What is a Mortgage Broker?
Loan locks are tied to this.
what is the borrower and property address?
Page 25
This is the number of days of allowable interest credits on FHA and Conventional/VA.
What is 5 days on Conventional/VA and 7 days on FHA?
Page 21
This is the maximum acreage in all states except TX.
What is no Maximum?
$2500 is the maximum total repair cost on a Escrow Holdback for this type of loan.
What is a Government loan?
Page 20
These 2 compliance standards must be met on all appraisals.
What is AIR (Appraiser Independence Requirements) and HVCC (Home Valuation Code of Conduct)?
Page 15
The time of the day you cannot lock a loan
What is the time for a new rate sheet to be released?
Page 23
These are the caveats that need to be met for Escrow Waiver from 80%-90% LTV outside of CA.
What is no 1st time Homebuyer, no prior BK (short sale, foreclosure), FICO greater or = 680, DTI less than or = to 43%?
Page 22
These are the items that would make a borrower ineligible to AWMS.
What is a borrower without a Social security number, Foreign National, Diplomatic Immunity, or only a ITIN number?
Page 26