General
An open end second mortgage that you can continue to “draw” on like a credit card.
HELOC
Money set aside so that the lender pays property tax and insurance on behalf of the borrower
Escrows/Impounds
This is where we find the "docs to be drawn as" section.
Clear to close/CTC
What is the maximum deductible percentage?
5
These loans should ALWAYS be escrowed
Government Loans FHA/VA
Which document is used to search for common nicknames?
The aka section of the credit report
When on the dwelling, it means that the policy covers exact costs of repairing/rebuilding the home to its original condition at the time of damage without taking depreciation into account.
Replacement Cost
The borrower has the choice to escrow or waive escrow
Conventional Loans
This document is uploaded to either add an additional vested party or remove one based on marriage cert, death cert, divorce decree or trust agreement.
Quit Claim Deed/ QCD
This protects us in the event that a borrower voids/cancels the policy.
Mortgagee Clause
Escrows are waived, and the borrower is on a monthly automatic payment plan, with an instalment of $500pm. How much do we collect at closing?
Nothing/$0.00
What type of loan/(s) can close in an LLC/company name as a vested party?
Cashout DSCR
What policy will list the current lender on the borrower's mortgage as the name insured
Lender placed Policies
If the loan has escrows and the policy is autopay on an already established policy where a previous payment has been made. What should you do?
Collect the remaining balance at closing.
Vested parties: John Smith and Cindy Smith Husband and wife, and Samantha West as joint tenants in common - Death cert for Cindy Smith uploaded and reviewed - Names on policy: John Smith and Samantha West. Who needs to be added to the policy?
No one. Cindy is deceased and a death cert has been loaded to the file.