Mortgage Champs 1
This type of mortgage adheres to the regulations set forth by Fannie Mae and Freddie Mac in relation to loan limits, LTV, and reserve requirements.
This is the term we use to describe a payment that includes principal, interest and escrow payments for taxes and insurance.
PITI
This term is used to reference a mobile or manufactured home that has had the axles removed, pilings cemented to the ground, and skirting placed around it.
Permanently Affixed
This is how long a mortgage application is good for.
90 days
This is the upfront, non-refundable, cost of a full appraisal.
$535.00
This is the length of time a borrower must go without owing a home to qualify for a conforming Low Down Payment Mortgage Program.
2 years
This is the term we use to describe when a credit report is pulled from each of the three credit reporting bureaus. We use this for all first mortgage transactions.
Tri Merge Credit Report
What is another name for a non-conforming mortgage?
Portfolio
This is the minimum credit score for a first time home buyer ARM.
680
What is the lowest credit score a borrower can have to qualify for one of our mortgage products? (NOTE: It does not qualify for every program.)
620
ARM (Adjustable Rate Mortgage)
This is the term we use to describe a mortgage that exceeds the conforming loan limit.
Jumbo Mortgage
This is the right of a borrower (and their spouse) to cancel a transaction for any reason within 3 days of the closing.
Rescission
This is the max DTI for all mortgages.
49%
This is the credit reporting bureau we use for 2nd mortgages.
Equifax
This is an account set up by a mortgage company to hold funds collected for property taxes and homeowner's insurance as a portion of each month's payment.
Escrow Account
This is an action of a mortgage lender taking possession of a property when the borrower fails to make the agreed upon payments.
Foreclosure
At what LTV percentage can a borrow drop PMI?
80%
We do not lend in which states?
COLT (California, Oklahoma, Louisiana, Texas)
This is the maximum loan amount for a conforming mortgage.
$548,250
This is insurance that borrowers must purchase on a conventional mortgage when they put down less than 20%. It protects the lender.
PMI (Private Mortgage Insurance)
These is the government sponsored enterprise Community First sells conforming mortgages to that allows us to continue financing mortgage transactions.
Fannie Mae
This is an adjustment to a base interest rate based on certain features of the loan such as credit score, LTV, property type, etc. It's the reason we quote "as low as".
LLPA (Loan Level Pricing Adjustment)
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
If I must submit a referral to the mortgage department, this is what I will use to ensure I've asked the right questions.
Mortgage Referral Template