Processing
Where can you find the VA Funding fee?
Certificate of Eligibility (COE)
Who is responsible for resubmitting suspended loans to Underwriting?
The Processor.
( The MPC is to obtain the additional items and resubmit to UWing for the CAL to be issued.)
Can borrowers close with an expired driver's license?
YES! Mbrs need to have expired license along with not expired temporary driver's license.
Where do you retrieve a VA appraisal?
WebLGY
How many Rate Matches can a member submit?
Unlimited- as long as qualifying documentation from a competing lender is provided
Should you disclose the CBR fee on a re-key?
No. It should not be disclosed or charged on the new loan application as it is not a direct charge to the transaction.
Does the APR have to be quoted for first mortgage/refi rate quotes with zero discount points and zero origination fees, thus the APR is the same as the rate?
Yes, it is a requirement per Reg Z and TILA. The APR includes interest rates and other finance charges not limited to discount and origination fees.
What is the DROP DEAD DATE?
The absolute latest date a CD can be received by the member, which is 3 business days prior to closing.
How long are prior conventional appraisals valid for?
120 days from original appraisal report
What is the maximum allowable float down percentage?
0.500% rate reduction
What is an example of a 2-4 unit condo project?
2-4 units contain 2-4 units in the entire project.
The existing mortgage must be current. No more than how many days may have elapsed since the last payment.
45 Days
What are the requirements for a payoff?
-Statement date is within 30 days of the closing date. Includes all pages.
-Current balance, per diem and/or interest rate.
-Company Name
-Physical overnight address for payments, if available
-Account number
-Release/Satisfaction/Discharge fee (if applicable)
Who is responsible for reviewing and approving VA appraisals?
SAR (Staff Appraisal Reviewer)/UWS
What is Premium Pricing?
A pricing option allowing Navy Federal to offer members a closing costs credit.
When should you re-pull a CBR?
-CBR expires
-Mbr request re-pull due to debt decrease & HAVE submitted proof to credit bureau
-Mbr request re-pull due to debt decrease & HAVE NOT submitted proof to credit bureau. (Must submit to sup for approval)
What are some examples of loan conditions that are produced from the DataVerify report?
-A prior history of foreclosure activity
-Current residence address does not match the subject property address for an owner-occupied refinance transaction
-Undisclosed Debt Alert: Possible undisclosed mortgage transactions identified for the borrower in the past 120 days
-Possible Self-Employed: Employer search indicates the borrower may be an owner of the business and the borrower indicates they are not self-employed
How much is the RON eNotary fee?
$125
What is an acceptable reason to request a ROV (Reconsideration of Value)?
-Mbr doesn't believe the appraised value matches true market value
-Errors and /or omissions in the appraised report
-Appraiser did not consider relevant info about property or comparable properties
-Mbr suspects that personal characteristics or neighborhood demographics have improperly influence the appraised value.
When do you REPRICE a loan?
Changes made to the following:
Appraisal value
Loan Amount
Occupancy type
Product
Property type
Generally, when is a survey required?
How do I know when to use the Variable Income guidelines?
When the member’s rate of pay and/or the number of hours fluctuate, it’s necessary to use the Variable Income guideline since we can’t rely on the standard income calculation method
In order for an EARLY CD to be issued, what must be received and verified by the processor?
-Initial rate lock
-HOI
-Prelim CD
-ICR completed
-Conditional Approval Letter Sent
Why is it important to update the appraised value?
The maximum loan amount, the interest rate and any required down payments are all determined by an accurate Loan To Value. The LTV is calculated by dividing the loan amount by the lesser of the sales price or appraised value.
How do you reprice the loan?
Invalidate the lock, make the update, revalidate the lock, and the reprice the loan