Mortgage Jeopardy

PHFA

100

PHFA stands for this

What is Pennsylvania Housing Finance Agency?

200

This is the PHFA program for first-time homebuyers.

What is KHL (Keystone Home Loan)?

300

K-FIT is forgiven over this many years.

What is 10?

400

This is the minimum required FICO for down payment assistance loans through PHFA.

What is 660?

500

PHFA requires this type of inspection even on conventional loans.

What is a pest inspection? A water quality test is also required if the property has private water.

Government loans

100

This is the FHA upfront MIP rate and this amount is typically financed into the mortgage.

What is 1.75% of the base loan amount?

200

This type of loan has limits on income and geographic location of the property.

What is USDA?

300

This is the minimum FICO to do a government loan through Homesale Mortgage.

What is 620?

400

This is the annual (paid monthly) MIP rate for FHA loans.

What is .55%  

Recently reduced from .85

500

This is the required down payment amount on a VA loan when a veteran is buying with a non-spouse.

What is 12.5%?

Know your LO

100

These are Mark's dog's name.

What is Lemmy, Bailey & Hazel.

200

This is how loan officers get paid.

What is commission - after the loan closes?

300

This is the number of children Mark has.

What is 0?

400

This is Newcomb's favorite sports team.

Who are the Mets?  HAHAHAHAHA

500

One of Mark's favorite pastimes is this.

What is closing loans?  

(and golf)

Why choose HSM?

100

Homesale Mortgage's processing, underwriting and closing are done in this state.

What is PA?

200

Homesale uses this platform to allow agents to partner with us for various types of marketing at no cost to the agent.

What is Total Expert?

300

This tool is for agents and borrowers to use from start to finish during a mortgage transaction.

What is the HSM mobile app?

400

This is the average turn-around time for HSM underwriting as of 10.7.2024.

What is one business day?  (Currently approx 4 hours)

Subject to change as volume increases - but never longer than 72 hours

500

This is who you should call if you want to offer a $500 closing cost credit to your buyers for new deals closing by 11.30.24.

Who is Mark?

Misc. Mortgage stuff

100

This is the current conventional conforming loan limit.

What is $795?,000

200

This is the Reading / Berks' office's mortgage success goal for 2024.

What is 17%?

Through Aug the office is at 9.4%.

300

After a bankruptcy, this is how long a borrower must wait to qualify for a conventional mortgage.

What is 4 years?

400

This is the # of days HSM needs to get a loan to closing.

What is 7 - as long as we can get the appraisal & title!

500

This is the monthly marketing allowance that Newcomb paid through HSM.

What is $0.00?