Assets
The percentage of the borrower's monthly income that would be used to determine which deposits to their bank account(s) are considered to be large deposits for a Conventional loan.
What is 50%?
The section of the Credit Report that would show details for any bankruptcies filed by the Borrower.
What is the Public Records section?
The percentage of ownership in a business, that is used to determine a borrower is self-employed.
What is 25%?
The screen in Mortgage Director where the EMD (Earnest Money Deposit) if shown on the Purchase contract should be updated.
What is the Assets screen?
The date a Processor must have submitted prior to the Target Processing Date (TPD) to meet their 7-10 business day processing goal.
What is the Conditions Submitted Date (CSD)?
The percentage of the Sales Price that would be used to determine large deposits to a Borrower's bank account for FHA loans.
What is 1%?
Of the 3 scores shown on the credit report, this one would be used for qualifying.
What is the middle score?
The number of years of Tax Returns or K1's a Self Employed Borrower must provide in a mortgage transaction.
What is 2 years?
What are the FHA Data and the VA Data screens?
The date entered by the Processor to move the file back to the Underwriter for the Final Underwrite.
What is the Actual Processing Date (APD)?
The amount of money the borrower needs to show in addition to closing costs, can be liquid or non-liquid.
What are Reserves?
A letter given to a consumer to complete and to provide explanations for each derogatory account and inquiry reported to their credit within the last 120 days.
What is the Consumer Credit Explanation letter?
The type of verification of employment you would need if your borrower has special types of income like overtime, bonuses and commissions.
What is the WVOE or Written VOE?
The place in Mortgage Director where the Processor is responsible for inputting the date the Title was ordered?
What is in imaging, in the "Property-Preliminary Title Report" image folder?
The screen in Mortgage Director where you can see the date the Appraisal was ordered, received and approved.
What is General Information?
The two loan types that require funds to close to be liquidated prior to APD?
What is FHA and VA?
The section of the Credit Report that would show any alternate names (aka's) reported for the Borrower.
What is the source of information section?
The type of verification of employment you would need for the 10 day employment verification.
What is a Verbal VOE?
The place in Mortgage Director where any seller credits or concessions should be updated.
What is the Fee Screen (line 205), in the transaction tab?
The date in General Information which the Processor should complete to confirm they have completed the 2nd of the 3 main touch points of a loan file.
What is the 72 Hour Date?
The number of days bank statements are good for that are being used in a home loan transaction.
What is 120 days?
The "Date Reported" for each liability listed in the Credit section of the report, must be within 90 days of this.
What is, the date the Credit Report was pulled?
The number of times a borrower gets paid in a year if they are paid on a bi-weekly pay scale.
What is 26?
The folder in imaging where you should place all expired and unnecessary items which do not satisfy any of the Underwriter's conditions and do not require their review.
What is the "ZZ-Additional Items" folder?
The date the Processor must update in the "Property-HOI Policy" image folder to match the effective of the updated HOI Policy.
What is the document date?