Rate Sheet
Fun Facts
Pre Approval
Account Conditions
Application
100
Where can you find the Earliest Available Closing Dates on the rate sheet?

Earliest Available Closing Dates box

100
What year was USAA founded?
1922
100
How long is a Pre-Approval valid for?
90 days
100
On a Pre Approval what account conditions would we add?
NONE!
100
What does the Member need in order to go through a full application?
A fully exacuted sales contract
200
What is the minimum lock for a purchase in NY?
60 day rate lock
200
What are our core values?

•Service •Loyalty •Honesty •Integrity

200
If a Member calls to extend the Pre Approval, what would you do?
Locate the file in Cadence, delete the reference number, re-pull credit and verify the information is still accurate.
200
What is the name of the Loan officer Account Condition Matrix?

Minimum Requirements for Cadence AWC

200
If the Member does not have a sales contract but would like to go through the full application, what would you do? 
Advise the Member that without a sales contract we cannot move the loan to the next step and complete the application.
300
What is the minimum lock for a VA loan purchase in any state but NY?
45 day rate lock
300
What is our Mission Statement?

The mission of the association is to facilitate the financial security of its members, associates, and their families through provision of a full range of highly competitive financial products and services; in so doing, USAA seeks to be the provider of choice for the military community.

300
What circumstances would require you to complete a Pre Approval in Cadence? 
Foreign address, co-applicant, investment home, city not available and NBS
300
If the Member calls in with a Sales Contract and wants to proceed with a VA loan- they are self employed with a part time job (over 2 years), including a retirement account and a checking account... what would you condition for?

Income:

Borrower's income must be supported by signed and dated two years most recent personal and business tax returns that include all schedules and attachments.

Current pay stub with YTD information

Assets:

Assets must be documented with bank statements, brokerage account statements, investment account statements or retirement account statements covering the most recent one month history (all pages including blank).

Most recent monthly or quarterly asset retirement statement along with terms of withdrawal.

Property:

Provide a copy of fully executed purchase agreement and all applicable addendums.

300
If the Member states their closing date is in 25 days from today, what would you do?
Locate the Expedited Closing Date Request, review closing date requests and update the application to the date on the sales contract 
400

What factors affect adjustments to the cost of a rate for a VA loan?

LTV and credit score
400
Who founded USAA, how many and what branch were they from?
25 Army Officers
400
If a Member was Pre Approved for an individual loan but now wants to do a joint loan with their spouse, what would you tell the Member?
Advise the Member that they would need to re-apply and we would now pull a joint credit report.
400
The Member tells you they are receiving social security income and retirement income, what will you condition for?

SS:

Provide Award Letters, Bank Statements or cancelled checks to support other forms of income. This is to include, but not limited to, Retirement, Social Security, Trust and Investment income.

Retirement:

Benefits award letter or statement with continuance or 1099.

400
What triggers the loan status into Application?

Address

Loan Amount

Income

Estimated Value

Name

Social Security Number

500
What factors affect adjustments to the cost of a rate for a conventional loan?
LTV, property type, occupancy type, credit score and location of home
500
What does USAA stand for?
United Services Automobile Association
500
If the Member calls to go through a Pre Approval for a VA loan in a community property state but does not want their spouse on the loan, what would you need to do?
Let the NBS know your NMLS ID and read the call disclosure. Then verify the NBS in portal and get permission to pull credit
500
A full application for a conventional loan- Borrower 1 is Active Duty with rental income. Borrower 2 is self employed and receives Drill Pay. They are including a checking and savings account and Borrower 1 pays child support. What will you condition for?

Income:

Copy of Leave and Earnings statement (LES) (B1&B2)

Provide your most recent two years signed federal tax returns (including all schedules) as proof of rental income. If you obtained the rental property after filing the tax returns, provide a copy of the current lease agreement.

Borrower's income must be supported by signed and dated two years most recent personal and business tax returns that include all schedules and attachments.

Current pay stub with YTD information and previous year W2 (B2)

Assets:

Assets must be documented with bank statements, brokerage account statements, investment account statements or retirement account statements covering the most recent two-months history (all pages including blank).

Additional Liabilities:

Provide legal documents verifying court ordered child support/alimony expense and its terms.

Property:

Provide a copy of fully executed purchase agreement and all applicable addendums.

500
What screen would you review to determine if the Member has accepted EDC?

ESign Document Tracking

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