(1)
What are the 5 main things that set you up for success with every new case you get in queue?
1. NH Loan Exclusion
2. SH99 Exclusion
3. Related Matter Review
4. Update Categories
5. Inquiry Review (break it down) -write accurate response
if an individual that only signs the mortgage they are considered the _________?
Non Obligor
Ah, the dream—living for free without paying bills. Who wouldn’t want to sip coffee on their couch, knowing the electricity powering their Netflix binge isn’t coming out of their pocket?
What is the min interest rate that can be granted by a customer under the SCRA?
6% ~ unless the customer is already in a loan with interest rate less that 6%
What are the reasons carrying cost are so high for loans in foreclosure
1. FMC paying taxes
2. FMC paying insurance
3. FMC taking care of home, such as lawn
My lawn looks like it’s been attacked by a blindfolded goat with a vendetta.
Revocable Trust - this allows the trust to be changed through the life of the loan by the customer.
A beneficiary, What does that mean? Well, it’s kind of like being handed the keys to a treasure chest… but with a lock, a manual, and a trustee holding the key saying, “Not so fast.”
The CIT opened already on the loan is accurate and there is no need to review it? True or False
False: you determine the proper CIT based off YOUR research and only then do you confirm the CIT is accurate and if it isn't -update the CIT for proper handling
But hey, research isn’t all bad. It’s like baking a cake. You throw in some effort, mix it with a pinch of curiosity, and—if you don’t burn the metaphorical oven—you might just end up with something sweet. Or at least edible.
The interest that is provided in a payoff is interest through the next coming month - True / False?
False, interest is paid in arrears. It will calculate based of the interest of the month last paid to current.
Let’s talk about paying in arrears. You know, that magical moment when you get something now and pay for it later. It’s like being a financial Houdini—except instead of escaping handcuffs, you’re escaping immediate responsibility
I can confirm the BK authorization in Sale Force - True or False?
False, you must validate the perm note in Sagent
Is Flood coverage mandated/required? Yes or No?
Yes, FEMA dictates which homes are in a flood zone.
By the time I reached dry land (aka the curb), I looked like a soggy burrito with bad decision-making skills. Moral of the story? Always check the depth of puddles and never underestimate the power of rain to ruin your day—and your shoes.
What is the purpose of an escrow analysis?
To reconcile the taxes and insurance due to ensure there is enough funds being collected to pay out escrow
How do I access the CIT Matrix daily? Walk me through the steps completely
SharePoint, Documents, C&R Matrix, download only
So grab your compass (or just a pen) and chart your course. With the CIT matrix, you won’t just survive the workday—you’ll conquer it like the pirate king of getting things done. Yarrr!
Where can you find the most recent updates made to a process or procedure? (2 types/2 places)
SharePoint Procedures & Job Aids
Knowing where the procedures are housed feels like trying to find Narnia in your office filing cabinet.
Fees - a drive by audit of the property resulting from default is called what?
Property Inspection
You know the type—perfectly manicured lawn, windows so clean they probably reflect your insecurities, and a kitchen that looks like it’s never seen a burnt pancake in its life.
Tax Item Screen in Sagent displays only loans that are escrowed? True or False
False: 4 non escrow / 5 escrowed
Imagine the awkward conversation: “Hey, could you, uh, cover my taxes this year? I’ll totally Venmo you… eventually.”
What is an adjustable-rate mortgage?
An adjustable-rate mortgage (ARM) is a home loan where the interest rate changes on a set schedule, and thus the monthly payment changes which is based off the market index (which is outlined in detail in the note).
Ah, the thrilling adventure of adjusting payments! It's like trying to teach a cat to do your taxes—confusing, frustrating, and occasionally hilarious.
If my coworker or peer changes the categories, there is no need for me to check it again? True / False
False: you are responsible for updates to the loan the moment you touch the case. Leveraging the work by others is like borrowing your friend's Netflix password — it feels like you're cheating the system (because you are)
Channel your inner overachiever. Double-check, triple-check, and maybe even quadruple-check—but not to the point where you spiral into existential dread over whether you spelled “success” correctly.
A buyer takes over the seller's existing mortgage loan. The buyer becomes responsible for the remaining balance and terms of the loan.
Assumption
Moral of the story: assuming someone’s debt isn’t just scary—it’s a comedy waiting to happen. Proceed with caution, and maybe bring a financial advisor… or a therapist.
A process that allows homeowners to lower their monthly mortgage payments by making a large payment towards the principal balance without needing to refinance is called what?
Recast
Ah, "restructuring for financial gain"—the corporate equivalent of flipping your couch cushions to find loose change. It sounds so strategic, doesn’t it?
By purchasing discount points at closing, a buyer can significantly decrease the interest rate for a period of time which allows the MMP to be lower is called what?
Buydown Loan - the customer reduces payment for a period of time and the portion of the payment that the customer is saving is paid by the lender.
When someone helps cover your costs, suddenly you’re not lying awake at night wondering if you can survive on ramen for the fifth week in a row. Instead, you’re dreaming of slightly fancier ramen. Progress!
Which document supports the customers financial obligation to pay the mortgage?
Note!
Ah, the mortgage note—essentially the awkward contract that ties you to your house and your bank, like a clingy ex who won't stop texting.
Can we respond to a customer on a loan in BK without BK attorney permission?
No, we must have consent to speak and write to the customer first. FMC is at risk of lawsuits for violating BK protection and can also be costly as well.
Hefty penalties are like surprise guests at a party—uninvited, unpleasant, and guaranteed to ruin your mood.
What must be listed on all correspondence when a loan is in foreclosure?
FC Attorney name and telephone number
What is the type of work out called that when I end up with 2 liens on my property (loss mitigation workout)?
Partial Claim: this is a balance that is due once primary loan is paid in full. This can be paid during the loan as well.
Hope I win the lotto - because winning the lottery feels like the adult version of believing in Santa Claus.
What does it mean when a customer is representing by counsel?
They are represented by an attorney and all communication and calls must go through the attorney instead of the customer.
What tran should be present when customer pays toward the shortage.
SRE- Escrow Shortage
Paying the proper person is not just a financial responsibility—it’s a social survival skill