SAFE
The Safe Act was created in what year?
2008
Loans greater than $510,400 fall into this category?
Jumbo
This test show the liquidity of a business?
Acid Test or Quick Ratio
How many lenders have currently closed at least $26MM in volume this year?
2 (Colleen & Lindsey)
Where were fireworks invented?
China
What does the SAFE Act require mortgage lenders to do?
Register or a NMLS number
Non government loans up to $510,400
Conventional
In order to use business Income, the acid test ration must be greater than what?
1
Name one of our two underwriters?
Linda or Brenda
True or False, the declaration of independence was signed on July 4th, 1776?
False- August 2nd 1776
What does SAFE stand for?
Secure and Fair Enforcement for Mortgage.
Designed to help home owner's in rural america?
USDA
What does SAM stand for?
Schedule Analysis Method
Name the 4 cities we have mortgage loan officers in?
Fargo, GF, Bismarck, MSP
First american flag had how many stars?
13
True or False, bank's employees are exempt from Registering for an NMLS license?
False, bank employees are exempt from taking the test.
Loans designed for members of our armed services?
VA
True or false- if someone is receiving guaranteed payments from a business, federal income taxes are automatically withheld.
False
Within $5MM, how much in loan volume has Choice Home Loans Closed through 6/30?
$106,000,000
True or False, Americans spend over $1 Billion on fireworks annually?
True
What does NMLS stand for?
Nationwide Mortgage Licensing System
Finish these two phrases:
Fannie ____ and Freddie ____
Fannie Mae and Freddie Mac
True or false- depreciation must be deducted from a borrowers income.
False- it should be added back to a borrower's income.
Name 2 investors who we sell home loans too?
Chase, US Bank, Fannie Mae, Bank of ND, FAMC (Citizens One), Caliber Home Loans
Eating this kind of fish on the 4th of July in New England is a tradition? Name that fish?
Salmon