PS Communication
Morgan reaches out to you regarding the request for the addendum to remove the personal property. She said that her agent was the one to include the washer and dryer to ensure the seller left the items.
Who should you contact to assist with more information?
The selling agent
Kathy's selling agent is giving push back regarding our request for the FHA Addendum.
What is the best way to explain to the selling agent the request for the FHA addendum?
The FHA Addendum protects the client's Earnest Money Deposit
David is the top rated Real Estate Agent in his affluent community. He is so popular that he has decided he will only represent sellers. What kind of real estate agent is David?
Listing Agent
Brian's agent calls to let us know the title company they chose will no longer be an option and ask if Amrock can complete Title.
What action will you take before saying yes or no?
Check to see if the loan is Amrock eligible
Julie calls to let you know the bank is unwilling to do the required appraisal repairs and she won't be able to do them herself. She said after discussing the situation with her agent, she's decided not to move forward with the loan.
What action will you take with Julie's loan?
Submit for Suspense
Claire calls to get more information on a task on her To-Do list, asking her to provide additional documentation for an $18,000 deposit in her checking account.
How will you best explain to our client the why behind the what needed for this task?
This deposit is inconsistent with her other deposit. We need to trace/source the funds to make sure it is not a result of new debt.
When an appraisal must be completed by a certain date, what is the term used to describe this?
Appraisal Contingency
The appraiser will contact the seller or listing agent to schedule the appraisal.
After the PAR review the purchase agreement, they insert a tracking requesting the we contact the real estate agent for his/her license number.
Why must we obtain state license numbers?
The license numbers must be documented on the closing disclosure
While attempting to reach the selling agent, you are informed they are not available today, but the assistant to the selling agent is able to take your call and assist.
What term is used to describe the assistant to the selling agent?
The transaction coordinator
Joseph is selling his current home and using the funds he gets from that sale to offset some of the cost of buying his new home.
What will we foreshadow to Joe that we may ask him to provide regarding the sale of his current home?
The preliminary CD showing the closing date and proceeds
What is typically different on New Construction loans regarding client's earnest money deposit?
Typically, New Constructions loans will have multiple earnest money deposits over the course of the construction
What is the term used to describe a legally binding document that outlines the terms and conditions of the sale of real estate?
The purchase agreement
In the event you are unable to complete an Auto IC, what team do you need to contact and how will you need to contact them?
Purchase Title Coordinator team by inserting PTC Action tracking item in AMP
You've been working with a client in Phoenix, AZ and the loan is almost ready for closing, what type of closing will be utilized for this client?
Escrow
You are copied on an email from the VA appraisal team regarding Tidewater.
The real estate agent has how long to provide comparables?
48 business hours
Danny reaches out because he is frustrated with the paperwork involved with his home purchase. He is buying the home from his cousin and neither of them have a REA. You let Danny know about our FSBO assist program and how it can benefit him. Danny is interested, but wants to know the cost before he decides. What can you tell Danny about the cost of the program?
This is offered at no cost to Danny
Andrea calls with a question about her CD. She doesn't understand why she has to pay taxes at close when the seller already paid the taxes for the full year. What is the reason these taxes are showing on her CD?
Tax prorations
Porsha's selling agent sends you an email with the title agent's contact info and the title agency. What action do you need to take?
Complete the Auto IC in Clearpath/Pitch
Oscar, calls to let you know his wife is in the hospital and he isn't sure she will be able to attend signing. The seller is adamant about the ASD, so Oscar asks if they can use a POA for her at signing. Who needs to approve the POA?
Rocket Mortgage and the closing agent
During your initial conversation with, Jack, you review the notes and notice the client is a first time homebuyer.
What will you need to discuss with Jack this initial call?
Advise Jack he will need to complete the first time homebuyers education course, and gain Jack's commitment to do so early.
Berry is purchasing a bank-owned property. The property is in great shape and doesn't need any repairs. When you speak with Berry what will you want to foreshadow that he may be responsible for at closing?
Possible past due property taxes and HOA dues
Title companies may require this document, even though Rocket Mortgage does not require it, in order to provide us what document?
The Survey and Comprehensive Endorsement
What is the name of a policy that protects our client at the time of purchase from existing liens
OTP-Owner's Title Policy
What will we use AMP's Hot Dates screen to monitor as a loan moves through processing toward closing?
Milestones