I Reckon
French Fried Taters, Biscuits and Yellow Mustard
You Ought Not Talk Like That, You Just A Boy
What Ya Kill Jesse Fer?
How Do I Go About Getting A Hold Of The Po-Lice?
100
One form of loan application documentation used for applicants who are not self employed.
What is a VOE?
100
This is what stands alone as being necessary in all refinance transactions for the borrower.
What is tangible net benefit?
100
This is voluntary for loan applicants. If they decline, the loan originator should make a best guess based on visual observation.
What is government monitoring section of the 1003?
100
Concerned with a borrower's ability to meet monthly housing and other fixed debt expenses based on monthly income.
What is back-end DTI?
100
Used to contractually hold the interest rate and points for a loan. They are usually made in writing and the lender is bound to honor the rate at closing.
What is a lock-in agreement?
200
Required at least 3 business days before closing, any time the APR varies by more than one eighth of 1% (0.125%)
What is re-disclosure of APR?
200
This must be consistently received for a period of two years in order to be used for income qualification. The employer must verify that it is likely to continue as well.
What is overtime and bonus pay?
200
Used to obtain a transcript of a loan applicant's tax returns. Lenders use this to perform an independent verification of tax documentation.
What is a 4506T?
200
May be used for income qualification if they are court-ordered. The loan applicant must be able to show a stable history of receiving the payments.
What is child support and alimony?
200
This approach to appraisal is used for investment properties. It would generally not be used for a single-family home being used as a borrower's primary residence.
What is the income approach?
300
Due not later than three business days after receiving an application for credit secured by a first lien on a dwelling.
What is Notice of Right to Receive Appraisal Report?
300
Considers the replacement value of the property. It is often used for new properties and analyzes what it would cost to build a substitute residence, plus the value of the land.
What is the cost approach to appraisal?
300
{Base rate} x {hours}= {weekly income} {weekly income} x {weeks worked}= {annual income} {annual income} / 12 = {monthly income}
What is income calculation for hourly pay?
300
Payments for items such as rent and utilities. First-time homebuyers or consumers with little credit history may sometimes use these to establish creditworthiness.
What is nontraditional credit?
300
Defined as land and anything that is permanently affixed to it. Personal property includes items that can be moved.
What is real property?
400
This states that a loan has payment or loan terms that can change.
What is the adjustable-rate mortgage disclosure?
400
In Zones A and V, you will find yourself required to obtain this.
What is mandatory flood insurance?
400
{bi-weekly salary} x 26 = {annual income} {annual income} / 12 = {monthly income}
What is income calculation for bi-weekly pay?
400
**DAILY DOUBLE**
400
This would be required for any borrower accepting a high-cost home loan, first time borrowers accepting a negative amortization loan, any borrower seeking a reverse mortgage loan from the FHA, or encouraged for any borrowers choosing an ARM instead of a fixed- rate loan.
What is counseling?
500
Responsible for determining loan approval based on lender guidelines and borrower qualifications. They are responsible for making sure a loan applicant and subject property meet the requirements for a specific loan program.
What are underwriters?
500
May be made up to 15%. Fannie Mae and Freddie Mac permit ________ of 15% and gross adjustments of 25% to comparables in the sales comparison approach to appraisal.
What are net adjustments to comparables.
500
Stay on a credit report for 10 years. This is longer than standard credit account information, which is purged after 7 years.
What are bankruptcies?
500
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?
500
The process in which a broker originates and closes a loan in his/her own name, then transfers the loan to a lender at closing. The lender provides funds for disbursement.
What is table funding?
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