The number of years of employment that are required to be updated and verified on the 1003 Application?
What is 2 years?
100
Locks the rate and commits the loan to an investor
What is Ratelock?
100
Department who at the initial loan submisson will index images and disclosures and then review them for errors and / or corrections neded
What is the QC Team?
100
Conventional Loans will always contain a Agency Case Number on the 1003
What is False?
100
Movement Mortgage Ops #1 Customer
Who is the Loan Officer?
200
The section where you could find the borrower's name, birth date and ssn on the 1003 Application.
What is the Borrower Information Section number III?
200
The person that Assists the LO and most often works closely with the Processor and Borrowers in completing Conditions required by the UW. This person is required to be licensed by the NMLS.
Who is the Loan Officer Assistant?
200
If your loan is placed in this status after upfront submission it means the Underwriter didn't have enough documentation or information to make a lending decision.
What is Not Ready Status?
200
Fee Simple means the borrower will legally own all improvements but the land will be leased from a 3rd party
What is False?
200
This persons job is to gather and validate all supporting documentation to verify the accuracy of all data provided in the 1003.
Who is the Processor?
300
The number of years of address history which must be provided on the 1003 Application.
What is 2 years?
300
Department responsible for sending the initial loan package to the borrower within required time frames
What is the Disclosure Department?
300
This department assigns the loan to a Processor and Underwriter.
What is Misson Control?
300
The number of units can be confirmed in Section II of your 1003
Who is True?
300
Movement Mortgage is a Movement of ___________ in the Industry
What is Change?
400
The Section of the 1003 where you can see if the borrower is a US Citizen.
What is Declarations, section VIII?
400
Reviews the loan as submitted by the LO and confirms the borrower meets agency guidelines for the loan program and structure
Who is the Underwriter?
400
Movement Mortgage's goal is to have a loan processed, underwritten and into closing within _______business days
What is 7?
400
If a loan application is taken face to face and the borrower says they do not wish to provide the Government Monitoring info it's ok and the LO should just skip past it to the next section
Who is False?
400
You want you to create these of everyone you come in contact with while working here at Movement by being exceptional and giving 110%.
What is a Raving Fans?
500
The person(s) responsible for signing the 1003 Application.
Who are the Borrower(s) and The Loan Officer (LO)?
500
Works with the Borrower taking the loan application, choosing the best or appropriate loan program and determining the price or rate of the loan
Who is the Loan Officer (LO)?
500
The three main Touchpoints of a Loan File
What is 24, 72 and 7 Days?
500
The Processor sends the request for the Appraisal and pulls the borrower's initial Credit Report
What is False?
500
The date that the LO Signs the 1003 Application should be the same as this date in our system (PCLender "PCL")