MERS/TAB
Mers number is called
what is
MIN number
disclosure desk looks for emails from the processor
true or false
what is
false
processor has not seen file yet
Closers assume there is no Mers number in file
True or False
what is
False
they have to look at everyfile to make sure it is there when needed or taken out when we service the loan
Stephanie registers MERS for all closed files
what is
false
Amanda, Shanique and Jordan do this
if property is in a flood zone we look for this
what is
Orange sticker on file
an ____________ needs to be done if loan closed with a Min and loan is not sold
what is
assignment
Disclosure desk leaves notes if mavent fails
true or false
what is
True
usually on VA over allowables and new construction for address
how many days prior to close does the CD have to go out
what is
3
PMI has to be A (activated) B (registered) C (ordered) soon after closing as possible
what is
A
PMI must be activated once the file closes
we do this on VA, FHA and RD loans
A) make sure government number on docs
B) check to see if collected amount is correct
C) look for paid receipt of program fee is in bucket
what is
C
have to verify the fee for the program was paid
true or false
All files start with a number in the MERS field
what is
True
Loan officer puts notes in to let closers know when things have been ordered
true or false
what is
false
that is items the processor puts in when they order
closers never change numbers in file for insurance and taxes this should be correct at underwriting
true or false
what is
False
closers will change any numbers that are not correct
disbursement ledgers are not needed on a Sold loan
True or False
what is
False
disbursement ledgers are needed on all loans investors request proof items have been paid
all documents go to investor on a sold loan except
A) 1003-initial
B) booking
C) 1003-TBD
D) 1003-Final
E) A,B and C
F) B, C and D
G) none of the above
what is
F
true or false
TAB is done for all Sold loans
what is
False
TAB is only done on loans we service
who should be putting in the approval for an Escrow Holdback
what is
person making the request
they should put this in upon approval but doesn't get done so Nancy will normally put in convo log
if there is a VA, FHA or PMI number it must be on the CD
True or False
True
do not have to look at underwriting conditions
True or False
what is
False
they have to make sure all conditions are cleared
All copies of notes are sent to the investors
True or False
what is
False
original notes are shipped to investors
TAB allows auditors to access loan docs
True or False
what is
True
Auditors can access loan docs for all in house loans, mortgage loans, commercial loans, consumer loans
convo log tells us where the loan will be sold
what is
false
don't know this until the loan has been sold unless the loan officer priced with a specific investor
Non-borrowing spouse must sign CDs, mortgage, riders, and right to rescind on an investment property
True or False
what is
False
on investment property they only need to sign the mortgage and rider, there is no right to rescind on an investment property
What items need to be notarized in loan package
A mortgage/Deed
B name/signature affidavit
C Compliance
D ALL OF THE ABOVE
what is
D ALL OF THE ABOVE
we sell loans to our investors. these investors are:
A) Franklin, Freddie Mac, Truist, Homepoint, PennyMac, USBank, USBank KHAP
B) Franklin, Freddie Mac, PennnyMac, USBank, USBank KHAP
C) Franklin, Citimortgage, Freddie Mac, BB&T, Homepoint, USBank and USBank KHAP
what is
A