Green/Red Time
The Green/Red Time phrase was introduced to PLA by this charismatic and handsome individual?
Who is Jeff.
Max Seller concessions on a VA loan
What is 4%
ALIENS stands for (in order)
What is:
Address
Loan Amount
Income
Estimated Property Value
Name (first and last)
Social Security Number
The Acronym FNMA stands for?
What is the Federal National Mortgage Association.
IFA offers a grant in the amount of?
What is $2,500
This is created when a file is not complete or the entire story is told/understood/communicated?
What is RED TIME for both processing and the MLO.
Who determines if an applicant qualifies for a VA loan?
Who is the Government (COE) and the investor underwriting the file?
Reg B states a loan application must be decisioned within how many days?
What is 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on the application
Appraisal waivers are available on which transactions?
What are Purchases, R/T refi's, and CO refi's on one unit properties only.
Fannie/Freddie offers Lenders a VLIP LLPA credit on Home Ready and Home Possible. How much is it?
What is $2,500.
What percentage of a process is made up of Green time?
Green time typically takes up 50-60% of a process, which means red time usually takes up between 40-50%. A WORLD CLASS process still has 10%-15% Red Time.
The standard maximum DTI on a VA loan?
41% but can be higher based on lender, residual income, compensating factors.
2 part question:
Home owners insurance coverage amounts must be (2 items)?
The maximum deductible that FNMA allows is?
What is:
1. 100% replacement Cost
2. 80% of the replacement cost Value
What is 5% of the property insurance coverage amount
Example: Replacement cost $100k. Loan amount $75K. Coverage required $80k.
78%
What is your PMI must be cancelled automatically once the LTV reaches 78 percent based on the original amortization schedule or when the midpoint of the amortization period is reached
Up to $15,000
What is the FHLB Home$tart grant?
The best way to ensure you are in Green Time is?
A complete file and telling/understanding the file.
What is the wait time for an FHA mortgage AFTER a foreclosure and when does the time start?
3 years after the foreclosure is complete (title transferred) unless there are extenuating circumstances (Serious illness or death of a wage earner)
Based on TRID the fastest a loan can close is?
What is 7 business days after the borrower receives the LE
What is, false. Only "qualifying income" needs to be used.
$163,800
$96,500-$131,790
69-170
What is the all time record of ISU vs KU in Basketball.
Do we currently offer 100% cash out on VA loans?
What is, "Sure Do!"
The maximum amount is 2% that can be charged between Origination and what?
2%
3%
6%
9%
Maximum interested party concessions by LTV/CLTV.
2% All investment properties.
3% Greater than 90%
6% 75.01%-90%
9% 75% or less
IFA Underwriting adds an additional week to processing of your loan.
What is false. IFA, does not underwrite and there turn time for compliance is 24-48 hours.