Organizing & Prioritizing
Successful people do this
What is do one thing at a time? Doing one thing at a time instead of jumping around allows you to concentrate better, do the job in less time, and make fewer errors.
The ability of a company to meet its financial obligations as they come due.
What is Liquidity?
True or False - when we see a loss on schedule C this is an automatic trigger confirming the business isn't stable and we can't use it
What is False? Look at whether a decline in income or a loss for the year is due to a one-time event or if it's recurring. A one time event can be explained.
True or False - We must give the client their cash to close number from the LOS screen at all times
What is False? Until corporate says otherwise, once the CD goes out that number is incorrect
Healthy Mindset
What is our Motto for 2020?
Respond to emails and calls
What is at the end of each block?
In order to use K1 income, you must validate either of the following 2
What is Distributions or Liquidity?
This is your business type when filing a schedule C
What is sole proprietorship?
Name the 2 different Types of Interested Party Contributions
What is Financing Contribution and Sales Concessions?
This is the number of standard milestone emails we send to the client
What is 5?
Intro, Condition, lock, consent, ctc
The single most counter-productive event
What is immediacy? Jumping task to task takes control over your strategic thinking. Validate every interruption before dropping what you're doing.
We're required to obtain 1120s if the client owns more than this %
What is 25%?
These document/s are needed in order to add back mortgages, notes & bonds to income
What is document from the note holder proving the debt will roll over OR proving the business has sufficient liquidity to support the payment?
True or False - Bonus Advances against future earnings is an Eligible source of funds
What is False?
On a conventional loan where client is receiving a gift, we're required to obtain
What is copy of check only?
At least one factor to consider when prioritizing
What is:
How much time do you have available?
Is this your peak energy cycle?
What is the highest priority task you can fit into this time frame?
The action of sharing something out among a number of recipients
What is Distribution?
Name the 2 'Other Income' Rules on tax returns
What is:
Subtract non-recurring other income?
Add non-recurring other losses?
Minimum borrower contribution requirement on a 2 unit, primary property, with LTV over 80% for Fannie and Freddie?
What is 5% for Fannie and 0% for Freddie?
These are the 3 areas of the CD we must look at
What is?:
Seller Assist
Credits
Are adjustments listed
3 Keys periods of time during the day that have a significant impact on what's accomplished
What is:
The last 15-30 minutes of each day? Prepping for next day
The first 60 minutes of each day? You're fresh so handle difficult tasks first
The first half of your day? All productivity gains occur during this time frame
These are the 4 line item numbers in Part III of the K1 we must look at
What are lines 1, 2, 3, and 16?
You calculate liquidity from this Schedule and this is the calculation setup
What is:
Schedule L? &
Cash on hand + Accounts Receivable / Current Liabilities = Current Liquidity Ratio?
Name 4 factors of reserve requirements determined by DU or LP
What is?:
Transaction Type
Occupancy Status
Amortization Type
Number of units
This is when PA endorsement fees are going up
What is 5/1/2020? They're going up from $150 to $300