Income
Loan Types
Occupancy Status
MI Financial
Property Types
100
Partnership or LLC
What is two keywords that may mean a borrower is self employed
100
Meets Fannie Mae or Freddie Mac guidelines.
What is a conforming loan?
100
The borrower lives in the home for the majority of the year. It is the address on file for licensing and taxes.
What is a primary residence?
100

How many MIF employees are located in the Chicago MIF Branch location. 

What is 7

100

A one unit property that is detached.

What is a single family detached home?

200
Requires we ask if a borrower would like alimony, child support or separate maintenance to be considered for qualifying the loan.
What is ECOA?
200
An insurance program implemented by the government to encourage banks to make home loans after the depression. Borrowers are only required to make a 3.5% down payment.
What is FHA?
200
The borrower will occupy the property for some portion of the year. It is typically more than 50 miles from the primary residence.
What is a second home?
200

Which MIF branch employee has been with us the longest?

Who is Robert Dettbarn

200

A single family attached home

What is a townhouse?

300
Funds need to be seasoned in an account for
What is 90 days?
300
A mortgage program established to help service men and women obtain home financing. Offers 100% financing without monthly mortgage insurance.
What is VA loan?
300
The borrower purchases the home for their handicapped child or elderly parent.
What is a primary residence?
300

What year did the Branch of MI Financial open in Chicago?

What is 2010

300

A Property where 3 of the 4 sides of the lower level is underground is called?

What is a Walkout Basement

400
What a self employed borrowers income is verified with.
What is two years tax returns?
400
Typically amortized over thirty years. This product offers an initial rate for a certain period of time. After the initial period ends, the rate becomes fully-indexed.
What is an ARM?
400

How many properties do you currently have financed? Have you received rental income in the past? How much will you receive in rental income?

What is three questions you should ask when a borrower wants to purchase an investment property?

400

Name the current President of MI Financial

Who is Derek Klutch

400

Borrower owns the unit and interior walls as well as a portion of common areas.

What is a condo?

500
Disability, retirement, social security and pension
What are four sources of income that can be included on an application even if they have not been receiving it for the specified period of time if it is the borrower’s only source of income?
500

A Loan amount that exceeds $453,100 is called?

What is a Non-Conforming or Jumbo

500
The borrower purchases the home for their full-time student that is a reasonable distance away from their current property and no money transaction from the full-time student to the parents is received.
What is a second home?
500

Name the MIF branch employees that can originate Mortgage Loans? 

Who is ALL OF THEM!

500

Homes that are built in sections at a factory. The sections are transported to the home site on flat bed trucks. The home conform to all state, local and regional codes where the home is to be located. They are viewed as SFH Dwelling.

What is a modular home?

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