Systems
The system is what we use to communicate to coworkers.
What is TEAMs?
This individual is responsible for taking the loan application. Either via sending the borrower a link or completing the application on behalf of the borrower.
What is a Loan Officer?
The fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.
What is phishing?
CTC
What is Clear to Close?
Alerts show as this color in Encompass.
What is red?
The Disclosure department must send the Disclosure package to the borrower in this number of days from a full loan application being taken.
What is three days?
This individual is responsible for contacting the borrower and obtaining any needed borrower documents for the transaction and fulfilling underwriting conditions from the underwriting approval.
What is a Processor?
This report can be found on Equity Zone and is filled out when you believe there is legitimate fraud occurring with a loan file.
What is the SAR (Suspicious Activity Report)?
LTV
What is Loan to Value?
Loans in Encompass are grouped together in different views that are called this name. This will show all loans that are allocated to a certain processor or type of view.
What is a Pipeline?
This disclosure signifies that the borrower is allowing the lender to request documents on their behalf (such as HOI, VOE, etc.).
What is a signed borrower cert and authorization?
This is the first stage in the loan process that a PSS member will begin to assist with ordering third party items (such as title work, appraisal, etc.)
What is Order All?
This type of fraud is defined as the misrepresentation or omission of the applicant’s intended occupancy of the home.
What is Occupancy Fraud?
EMD
What is Earnest Money Deposit?
This color of loan indicates that the loan has been withdrawn by the loan officer.
What is a pink loan?
This form is seen in both VA and FHA disclosures and allows the borrower to remove themselves from the loan contract if the home they are purchasing is appraised at a lower value than what the seller is selling it for.
What is an Amendatory Clause or Escape Clause?
This individual is responsible for wiring the funds to the title company at the time of the loan closing.
What is Accounting?
This individual is who you notify if you believe you have a legitimate case of fraud.
What is the compliance officer?
REO
What is Real Estate Owned?
This color of loan indicates that the loan is convention and needs AUS to be ran on it.
What is a purple loan?
This form gives us the authority to request a transcript of the borrower's tax returns. We use this form to verify there is no form of fraud in the application and to verify that tax returns provided to us were what was actually filed with the IRS.
What is the 4506-C form?
This department is the last department to touch the loan file and conduct their review.
What is the Quality Control department?
80% of fraud losses come from the 20% of reported fraud in this category.
What is Fraud for Profit?
SFR
What is Single Family Residence?
This represents the different phases of the loan process. Once a team member finishes one it moves the loan to the next phase of the process.
What is a Milestone?