CUNA MUTUAL
What are the 4 products that we offer through CUNA Mutual?
Guaranteed Asset Protection (GAP), Mechanical Repair Coverage, Credit Life , and Credit Disability
This is the term we use to describe a payment that includes principal, interest and escrow payments for taxes and insurance.
PITI
This term is used to reference a mobile or manufactured home that has had the axles removed, pilings cemented to the ground, and skirting placed around it.
Permanently Affixed
This is how long a mortgage application is good for.
90 days
This is the upfront, non-refundable, cost of a full appraisal.
$525.00
What Does MRC stand for?
Mechanical Repair Coverage
This is the term we use to describe when a credit report is pulled from each of the three credit reporting bureaus. We use this for all first mortgage transactions.
Tri Merge Credit Report
What is another name for a non-conforming mortgage?
Portfolio
This is the minimum credit score for a first time home buyer ARM.
650
What is the lowest credit score a borrower can have to qualify for one of our mortgage products? (NOTE: It does not qualify for every program.)
650
Can a member cancel Credit Life or Credit Disability after the loan has funded?
Yes
The member has a 30 days free look
This is the term we use to describe a mortgage that exceeds the conforming loan limit.
Jumbo Mortgage
This is the right of a borrower (and their spouse) to cancel a transaction for any reason within 3 days of the closing.
Rescission
This is the max DTI for all mortgages.
43%
What is the maximum LTV for FTHB ARM
95%
Can GAP and MRC be added to a loan after it has been funded?
If so, how does their payment change?
Yes, their payment does not change because they have to pay for it out of poacket.
This is an action of a mortgage lender taking possession of a property when the borrower fails to make the agreed upon payments.
Foreclosure
At what LTV percentage can a borrow drop PMI?
80%
We do not lend in which states?
COLT (California, Oklahoma, Louisiana, Texas)
This is the maximum loan amount for a conforming mortgage.
$548,250
What does the Consumer Loan Service Code 20 mean?
The loan is covered with GAP.
These is the government sponsored enterprise Community First sells conforming mortgages to that allows us to continue financing mortgage transactions.
Fannie Mae
This is an adjustment to a base interest rate based on certain features of the loan such as credit score, LTV, property type, etc. It's the reason we quote "as low as".
LLPA (Loan Level Pricing Adjustment)
Expenses over and above the price of the property incurred by buyers and sellers when transferring ownership. This may include origination fees, doc stamps, etc.
Closing Costs
If I must submit a referral to the mortgage department, this is what I will use to ensure I've asked the right questions.
Mortgage Referral Template