Who Does What?
Who is This?
Compliance nightmares
Terminology
Potpourri
100
lender responsible for generation of government loans, [FHA/VA]
Who is an Eric. Eric and Fairway Mortgage originate all types of government loans. FHA, VA, Rural housing, KY Housing
100
Which of these two lenders is also a licensed real estate appraiser through the state.
Who is Mike. Bank of Lexington has several licensed appraisers on staff.
100
The acronym for TILA-RESPA Integrated Disclosures
What is TRID
100
The true cost of your loan, includes interest and some fees charged
What is APR [Annual Percentage Rate]
100
the number 2; Bill Gates and Warren Buffet
How many and who of the top 5 richest people in the world are from the U.S.of A.
200
Responsible for originations of construction loans for homeowners and builders
Who is Mike. Bank of Lexington provides construction financing for homeowners and builders.
200
In addition to lending, also raises cattle.
Who is Eric. Eric raises cattle on his farm near Lancaster
200
Regulation that covers appraisals in consumer loans, [ECOA, Reg. Z. or TRID?]
What is ECOA
200
The process of reducing, or accounting for, an amount (usually a financial debt) over a period according to a plan.
What is amortization.
200
There are lots of signatures in a conventional loan packet, is it 50, 100, over 125?
What is 125.
300
Originates 15 to 30 year fixed rate conventional loans
Who is Eric. Eric and Fairway Mortgage specialize in 15 and 30 year fixed rate loans
300
Has seen the sun rise on Mt. Haleakala on the island of Maui 3 times.
Who is Mike. Haleakala is a volcano that forms more than 75% of the Hawaiian Island of Maui The tallest peak of Haleakalā is 10,023 feet. From the summit one looks down into a massive depression some 7 miles across, 2 miles mi) wide, and nearly 2,600 ft deep. And its cold. Below 30 degrees at sun up. IN HAWAII!
300
The number of pages and regulations in the Dodd Frank Act.
What is over 2,400 and over 400
300
a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. The term is used by lenders to represent the ratio of the first mortgage line as a percentage of the total appraised value of real property
What is Loan to Value [or LTV].
300
The first bank loan was recorded in the 18th century, was it in Babylon, Jerusalem, or Athens?
What is Babylon-and who can tell us what that even is?
400
Which lender has to deal with the FDIC?
Who is Mike. Bank of Lexington is a Federally Regulated institution and a state chartered bank, so examinations are done by FDIC and KDFI.
400
Has two sons?
Who is Eric.
400
A free loan to a borrower and fines to the originator and employer.
What is a simple mistake made when taking a consumer related loan application. One check in a box can make a difference
400
all your monthly debt payments divided by your gross monthly income
What is debt to income
400
This company issued the first credit card in 1951. was it Visa, Sears, or American Express?
What is American Express.
500
You or your referral is buying a home that needs major repairs, which lender do you refer them to?
Who is Mike. Since this is more of a temporary financing situation, not permanent, Mike and Bank of Lexington can help get the house remodeled for Eric to finance.
500
May or may not have been a band geek [first chair trumpet] in High School
Who is Mike. Played trumpet from 4th grade through Junior year of High School.
500
The number of days after a closing disclosure is delivered to a consumer before a loan can be closed
What is 3.
500
Closing Disclosure, Certificate of Deposit, Churchill Downs
What is a C.D.
500
This is the percentage of US currency/bills that will test positive for fecal bacteria. <5%, 20%, 40%, 60%
What is 42%. Ewww.
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