Processing
When will the Proficiency Review be relaunched?
May 1st
For SEB loans, whenever tax returns/transcripts are in file and income is required to be calculated, how should the loan be submitted?
The Processor is to submit the loan as Doc Review and not a Credit Review.
Can borrowers close with an expired driver's license?
YES! Mbrs need to have expired license along with not expired temporary driver's license.
If the loan amount is over $33,500 and a change occurs that causes the loan to become HMPL or the HLTV is >90%, what valuation procedure is required?
Full appraisal will be required regardless of credit tier.
What are the 5 major components to the Doc Review process for UW?
-Review UAD
-Review the application and associated Empower screens
-Review the documents.
-Condition the loan
-Initial Decision Logic
What does the ITS acronym stands for?
Integrated Talent Strategy.
True/false: Equity loans cannot be used for business purpose.
False: Beginning March 4, 2025, all active loans that is for business purpose will be acceptable.
True/False: Members are eligible for Hybrid eClosings even if we have not obtained their eConsent.
False: Members are eligible for Hybrid eClosings if we have obtained their eConsent.
The maximum HLTV is 65% and the must have been built on or after 06/15/1976. For state of NY, it must have been built before 07/01/1994
If the loan was submitted for Doc Review and all third-party documents are in the file and all conditions can be cleared, what is required to be done by the UW?
What are the two Genesys goal measurement?
- Genesys Not Ready Hours
-Genesys Call Acceptance
For HELOC application, what is the acceptance minimum history of income timeframe for alimony/child support?
The most recent 2 months.
What are the requirements for external and internal Mortgage and/or Equity payoff?
-Payoff must be good 30 days past funding date.
Note: Payoff must be good 10 days past funding date for Internal Mortgage and/or Equity Payoff.
Who is responsible for the approval of prior appraisal or prior AVM with PCR that is not going to expire in 180 days and 120 days respectively at the time of closing?
An EPS or Equity Supervisor should approve prior appraisal or Prior AVM with PCR.
What should not stop the Doc Review from being completed?
Pending third-party documentation
What are the 4 key production goals categories for processors in 2025?
-Production Efficiency
-Member Experience
-Platform Utilization & Adaptation
-Skill Proficiency & Standards
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
True/False: For Hybrid eClosing, all documents are electronically signed except the documents requiring notarization which are ink signed in person.
True
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.
What are the 5 systems needed for effective Doc Review completion?
-Doc Portal
-Empower
-Jetpack
-Notepad
-UAD (Universal Agent Desktop)
Based on the 2025 ITS, what are 3 goals descriptors?
-Leading
-Achieving
-Striving
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.
The FVOE must be obtained at most point in the process?
Prior to transitioning the loan to closing
True/False: Duplex located in Texas and agricultural-type properties and any property with more than two units are acceptable for Equity.
False. These are part of the unacceptable Equity properties.
Asset documentation should clearly identify two of the following?
-The financial institution.
-The borrower(s) as the account holder.