Mortgage General
Mortgage Programs
Mortgage Acronyms
Various
Mortgage General
100
ARM
What is an Adjustable Rate Mortgage
100
A Mortgage insured by the Federal Housing Administration.
What is an FHA Mortgage
100
DTI
What is Debt to Income Ratio?
100
Is cash on hand an acceptable source of funds to close?
What is NO!
100

True of false: 

Total loan term may not exceed the original term of the VA loan being refinanced plus 10 years. 

Ex. Current loan has 16 years left on loan term and mbr wants 30 yr term on new loan

What is True! In the example we would not be able to proceed

200

A mortgage in which the interest rate remains the same throughout the entire life of the loan

What is a fixed rate mortgage

200
a loan that is not insured or guaranteed by the federal government.
What is a Conventional Mortgage
200
LTV
What is Loan to Value?
200
What is the task you set to get Pmi removed? 

What is PMIREQ

200

Where do you got to find the death certificate?

What is Res

300

This document transfers ownership of the property

What is the Deed

300
a mortgage that is guaranteed by the U.S. Department of Veterans Affairs (VA).
What is a VA Mortgage
300

SA

Settlement Agent

300
an account set up by the lender to pay your property taxes and insurance premiums
What is an escrow account.
300

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

400

Member married his wife in 2010 and got his loan the same year after their marriage. He did not put his wife on the loan in 2010. Can he add her to his loan today?

What is No! A veteran who was married at the time the existing VA closed, but chose not to add their spouse cannot subsequently add that same spouse to the IRRRL application. 

400

Can an ok2sw verbally accept a recast agreement?

What is NO

400

PITI

Principle, Interest, Taxes and Insurance 

400
fees specifically used to buy-down a mortgage rate.
What are discount points.
400

What state allows the option for Rocket Mortgage to send tax payment from escrow to client to disburse themselves?

What is Wisconsin

500

This document secures the financial obligation of the client. 

What is the Note

500

How many days does it take for the recast process to be completed?

What is 45 days

500

FHA

Federal Housing Administration

500

On a VA loan- Will a borrower with A credit get a better rate than a borrower with B credit tier?

What is NO! Credit is not a factor when determining VA loan rates. 

500
  • This allows Rocket Mortgage to provide loan information and make basic changes, including the following: 
    • Edit phone numbers
    • Email
    • Mailing address updates
    • Schedule, edit, and delete payments
    • Request documents 

What is Okay to Speak With

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