Loan Types
This loan type requires a 3.5% minimum down payment
What is FHA
This document outlines final loan terms and costs.
What is the Closing Disclosure
Documentation for a two year work history
What is written VOE's confirming 2 year history or W2's and Verbal VOE's
AUS
What is Automated Underwriting System
The tolerance allowed for transfer taxes
What is zero tolerance
The document needed to determine the gross up factor
What is tax returns
The words RESPA stands for
What is Real Estate Settlement Procedures Act
FNMA Condo tool to look up if a Condo is approved
What is CPM, Condo Project Manager
Non QM
What is a non qualified mortgage
The Mavent result you will get on a bridge loan
What is a fail
What is the amount of earning history needed to use OT or Bonus
What is at least 12 months
Six pieces of information that make up an application
What is Address of the Property, Loan Amount, Income, Estimated Value of the Property, Name of the Borrower and Social Security Number. (ALIENS)
Percentage of rental income to be used if the borrower is buying a rental property but does not own a primary residence and/or does not have a primary housing expense (Agency Loan)
What is 0
SAR
What is a VA Staff Appraisal Reviewer
A type of loan that does not require a CD
What is a HELOC and Business Purpose DSCR
The history needed to use income when a borrower has two jobs
What is 2 years working two jobs consecutively
A new CD three day waiting period starts when the APR increases by how much
What is .125%
The two items required in order to use 2025 Self Employment income to qualify (hint IRS) (borrower self employed for many years)
What is evidence of 2025 taxes being accepted by the IRS and documentation of taxes owe/ paid or on approved payment plan
PITIA
What is Princpal, Interest, Taxes, Insurance and Association Dues
A valid reason that a borrower can purchase another primary home
What is relocation, increase value, bigger home, empty nesters, family size
The answer to this scenario - Can a borrower qualify for a MUW if the borrower has 1 installment late in the last 12 months but otherwise has clean credit, good DTI and 12 months in reserves.
What is No
A loan transaction type that requires the title only spouse or non borrowing spouse to sign the Initial CD
What is a Rescindable transaction
The agency that allows for DACA (aka C33, non permanent resident alien)
What is ONLY Fannie Mae
PDR
What is Property Data Report
The earliest date I can send the initial Closing Disclosure if I sent a Loan Estimate to the borrower today (Thursday)?
What is Friday/Tomorrow