DIRT
This cannot be issued once the initial closing disclosure is provided to the borrower.
What is a Loan Estimate?
First Bank & Trust has this many days to get the Statement of Denial in the mail to the borrowers from the time the denial is known.
What is 30 calendar days?
What is a common post-closing finding when tax returns are involved.
What is missing signatures?
This is acceptable to validate a borrower’s social security number for an FHA mortgage.
What is a W-2 that contains the borrower’s full social security number? OR What is an SSA-89?
This is required when the borrowers credit score is 680 or lower
What is VOR?
This day of the week is not counted in the closing disclosure definition of business days.
What is Sunday?
When a loan is denied for credit reasons found on the credit report, this is the date of action (or date denied) that should be reported.
What is the date of the credit report?
This needs to be completed on an FHA loan when there is an appraisal revision in order for Post Closing to be able to do the FHA insuring.
What is appraisal logging?
What is the Max LTV for borrower who currently rents from a family member and has lived in the property for 11 months with an executed lease?
What is 96.5%?
This is required for all household members to verify they are within the RD income limits.
What are Tax Transcripts?
This is a valid changed circumstance for the origination fee increasing after the initial loan estimate.
What is a loan amount increase?
If a loan does not work without adding or removing a borrower, this is the Adverse Action that needs to be taken.
What is a denial?
When a borrower requests an increase in their loan amount that increases the APR by more than .125% after the initial CD is sent – what two items are required?
What is Revised CD & new 3 day waiting period?
This form is required to be signed prior to ordering FHA case number.
What is a Hud/VA Addendum to URLA?
True or False – We need to document all non-retirement asset accounts borrowers have with RD loans, even if not used for qualifying.
What is True?
If we send a borrower a loan estimate electronically through Encompass on a Monday, assuming there are no federal holidays that week, and the borrower does not sign it, it is presumed to be received on this day.
What is Thursday?
If a loan is denied for credit reasons only & no income documents were provided, what Income Verification Type should be selected?
What is Income not relied up on at the time of credit decision?
If the accumulated title fees exceed 10% on the Closing Disclosing compared to the Loan Estimate, what needs to happen on the Closing Disclosure to make the loan compliant?
What is a RESPA Cure?
What is the Minimum required Investment (MRI)?
What is 3.5% adjusted Value of the Property?
For RD loans, what is required to increase family size when a borrower is expecting a child.
What is a date of birth?
If we send a borrower their initial closing disclosure electronically through Encompass on a Thursday, assuming there are no federal holidays, and the borrower does not sign it, this is the earliest day they can close.
What is the following Thursday?
If the referral source notifies the Loan officer to tell them that the borrower went with another lender for their TBD application and the borrower was previously provided a verbal preapproval, what action should be taken by the LO?
What is withdraw the loan on the borrowers behalf?
This is a fee charged by investors when we sell the servicing and don’t clear post close suspense items in time.
What is a late clearing fee?
New construction must have this form completed prior to the appraisal being ordered.
What is the FHA Builder Cert?
True or False - Government insuring agencies do not audit files or keep track of underwriters files that are run through DU/GUS with approve/eligible findings.
What is False?