DIRT
If the borrower provides the 6 Pieces of information to complete the application on Wednesday, when is the last day the MLO has to deliver the initial disclosures.
What is Monday?
This person takes a complete application, obtains W-2's, paystubs and initial application docs prior to sending to processing.
Who is the Mortgage Loan Officer?
True or False: There are some scenarios where we only need 1 year of employment listed on the URLA
What is False
The borrower requests to pay their insurance on their own but wants to escrow for taxes. Who decides if this is allowed.
Who is the Underwriter? (Based on Program guidelines and other factors)
The agreement that defines the expectations of a role.
What is SLA?
This day of the week a CD isn't required to be delivered for signatures to accommodate a closing date.
What is Wednesday?
This person sends a copy of the appraisal to the borrower AFTER the Underwriter has approved the appraisal.
Who is the Loan Processor
I am a self-employed borrower considering an FHA Loan for the low interest rate, after providing the most recent 2-year tax returns, my MLO called to ask me for...
What is a YTD P&L?
This is required to be added to P&I payments for borrowers escrowing.
What is 1/12 of the amount estimated to be due for taxes and insurance in the next 12 months?
Number of Days a MLO has to submit the complete application with Disclosures sent and income documents received.
What is 5 days?
This is a valid changed circumstance for the discount point increasing after the loan is locked.
What is a loan amount increase?
This person does the initial check on PMI Loans by running TQL to determine the best MI quote for the borrower.
Who is the Mortgage Loan Officer?
My borrower has been on the same job for 4 years and provided a W-2 and Paystub which shows base income plus a little bit of overtime and bonus that isn't needed for qualifying, when would I still need a VOE?
What is only with loan programs that have income limits?
True or False: Borrowers in a Flood Zone can waive escrowing for all taxes and insurances.
What is False? Borrower cannot waive escrows for Flood Insurance.
The SLA for Tolerance Cures, based on the average Respa Cures per loan file.
What is <= $25.00
This disclosure needs to be delivered within 3 business days of the appraisal showing repairs to avoid a RESPA Cure.
This person reviews the purchase advice, compares the sale price to the lock price, reports discrepancies and notifies Loan Ops of the purchase.
Who is the Post-Closer
When pre-qualifying a TBD borrower for an income limit program, do I always need a VOE to issue the pre-qual letter.
What is no? The borrower should provide paystubs and W-2's first determine if they are close to the income limits and have sufficient income to qualify before time and $ is spent on VOE's.
What document is sent to closing when the borrowers property taxes are expected to increase a lot in the next couple of years, typically New Construction.
What is the Payment Shock Letter?
The SLA for Average # of Days to get a file approved prior to closing.
What is >=5 days
This form must be accurately completed and delivered to the borrower within 3 business days of a complete application to give us a 10% tolerance on some fees.
What is the SSLP? (Settlement Service Provider List)
I rely on the accuracy of the Closing Schedule Date and Time, Notes and Closing Prep Screen.
Who is the Closer?
This is needed when we have business tax returns?
What is a Business 4506C signed by the officer of the business at closing.
The seller of a property has paid their taxes in full ahead of schedule. This impacts the borrowers escrow account, and the borrower needs to agree to what?
What is excess escrow collected?
This SLA is currently the one we struggle with the most (furthest from meeting the goal).
What is Total # of Suspended Files