Loan Estimate
Don't Hate, Abbreviate
Variances & Cures
Flood Insurance
Pot Luck
100
This is the date that the loan estimate would be considered received if a customer applies for a loan on Thursday and the disclosure is mailed on Friday?
What is Wednesday?
100
This is calculated by dividing the amount of the mortgage by the appraised value or purchase price of the home, whichever is less.
What is LTV?
100
Cannot decrease without a Valid Rate Change
What is Lender Credit?
100
In Zones A and V, you will find yourself required to obtain this.
What is mandatory flood insurance?
100
The 1003 and verbal authorization to pull credit must be uploaded to Point document storage within...
What is 24 hours of pulling credit?
200
Revised LE due to a Valid Change in Circumstance or Rate Lock must be provided or delivered within...
What is 3 Business Days?
200
The consumer protection statue that was enacted in October 2015 to combine two consumer disclosures into one streamlined document.
What is TRID?
200
This category of closing cost is NOT based on a variance of one fee but rather the entire category
What is 10% Variance Category?
200
The lesser amount of these three items determines the minimum flood insurance coverage required on a structure securing a loan in a flood zone for most investor's.
What is unpaid principal balance, replacement cost or $250,000?
200
This needs to be completed prior to buyer/seller receiving emails as a form of delivery of documents.
What is Electronic Consent?
300
If a revised Loan Estimate is issued after the consumer indicates an intent to proceed, the expiration date and time for this is left blank.
What is Closing Cost expiration date?
300
This government agency protects individuals and ensures that lenders treat applicants equally and fairly.
What is CFPB?
300
Three changes to the CD that will restart the three day waiting period prior to consummation.
What is APR becomes inaccurate, Loan Product Changed, or Prepayment Penalty is added?
300
These two Investor's require the Flood Insurance to be equal to or greater than the homeowners insurance coverage.
What is Wells Fargo and BB&T?
300
We cannot impose a fee to the consumer before these two things happen.
What is consumer receives the LE and indicates an intent to proceed? NOTE: Collecting a credit card or debit card number or obtaining a post-dated check for the payment of any fees constitutes “imposing” the fee, and is prohibited.
400
The revised LE requires no justification for changes after _____ days if no intent to proceed is received.
What is 10 business days?
400
Calculated by adding all Interest Paid (including per diem) and dividing it by the principal amount of the loan.
What is TIP?
400
TRID rule identifies three categories of tolerance thresholds
What is zero tolerance, 10 percent cumulative tolerance and no or unlimited tolerance?
400
Loan type that does not accept flood insurance policies from private insurers.
What is a FHA loan?
400
This regulation requires that within 30 days of application, we approve, deny or memo the file as why it took longer than 30 days to decision a loan.
What is Reg B (ECOA)?
500
When referring to initial and closing disclosures, this is the difference between a "general business day" and a "specific business day".
What is Saturday? Loan estimates must be delivered or placed in the mail within 3 business days of application. (You don't count Saturday as a business day for the loan estimate) The closing disclosure must be delivered three business days prior to close. (You do count Saturday as a business day for the closing disclosure)
500
SAFE stands for
What is the Secure and Fair Enforcement for Mortgage Licensing Act?
500
Any company that controls, is controlled by or is under common control with another company, as set forth in the Bank Holding Company Act of 1956.
What is an Affiliate?
500
These are the only two acceptable forms of proof of insurance required prior to closing on a loan that is secured by a structure located in a flood zone.
What is an issued flood policy (Declaration Page) or an application for flood insurance through the NFIP with proof of payment dated as of the closing date or earlier?
500
The maximum number days Community Bank will allow pre-qualifies where the borrower hasn't found a property yet to stay in pipeline.
What is 120 days?
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