Income
These 4 types of income generally require a 2-year history for qualifying
Overtime, bonus, commission, or self-employment income
What is the minimum down payment for an FHA loan
3.5%
The borrower must generally occupy the property within this timeframe for it to be considered a primary residence
60 days after closing
When does a possible delay of closing email go out
1 week prior to signing
What should be updated every time you work a file so management can quickly identify current status
Summary notes, dates and convo log
What is required in order to use Sch C income
Validated tax transcripts
Do VA loans have PMI
No
Appraisals are to be sent out within with timeframe
48 hours of receipt
A loan should never go longer than this without borrower contact
30 days
VA requires what to verify base income
TWN OR paystub, both are not required
What is the minimum down payment for a Conventional loan and under what circumstance
3% but require you to be a first-time homebuyer
A borrower closes on a primary residence but immediately lists it for rent. What occupancy concern could this create
Occupancy fraud
A customer calls frustrated about an underwriting condition. According to the Love the Customer non-negotiables, what should not be your primary method of communication
What is email? The playbook states to call the customer and not use email as the primary means of communicating with an unhappy customer.
This phrase reminds processors that every email, call, and voicemail should be documented
"Call log or it didn't happen"?
What is the max LTV to use the Freddie Asset Depletion program
No LTV restrictions
What percentage of a decline in SE income requires a manual downgrade
20%
If the borrower owns a foreign property F&C; where can they obtain proof of this
The local municipality
When is does the file require going back to "submitted"
Loan program change or change in property address
What is required to request an override
File be submitted on/before GYSD with everything fulfilled as possible and a valid reason for an outstanding condition
Name four income sources that may not require the standard history requirement when they are the borrower's only source of income
Social Security, pension, retirement, and disability income.
Where to do add NPS debt and is this lump sumed or separated
Section 2d - Other liabilities and one total monthly payment
Anytime we are using a lease, we must either have the security deposit & first's months rent OR (not 1007)
Receipt of two month's rent
How many unresponsive borrower attempts before notifying the LC
2
You find a borrower is now paying off debt to qualify, what is main priority?
$75 COC