Income
Income of this type is grossed up by 25%
Untaxed Income (VA)
The button used in Ricochet to move a leads information into bluesage
Webhook
These must be said at the start of every call
NMLS Recorded Line
The minimum initial draw amount on a HELOC
75%
This is where the Guidelines can be found for easy reference and are updated in real time.
Chalkboard
Someone who owns a C or S Corporation must provide the these documents
Personal and Business Tax Returns
This is what is required to pull up your loan in EVO to order an appraisal.
Loan Number
What is the average turn time of a loan at Spring EQ
2-3 weeks
Minimum and Maximum loan amounts at Spring EQ
This is required for a borrower to be eligible for 50% DTI
700 / $3500 Residual
To collect only 1 paystub, this must be present on the paystub
Year to Date income
In Bluesage you must run this, prior to pitching any options to a borrower.
Compliance Ease
This is where you can request income calculations or guideline clarifications
Scenario Desk
This is the time period that a borrower cannot access their HELOC after closing.
90 days
This is the rule for late payments on a mortgage
1x30x7-24 (0x30x6)
This is the number of months we need to be able to prove a borrower will/can continue to collect the income
36 months
This system allows you to quickly ask questions of borrowers and get images of documents.
Heymarket
This is the one thing that you have complete control over that will dictate your success
Your Effort
This is the maximum draw period that can be set up on a Fixed Line HeLOC
3 years
These Co-borrowers are ineligible and cannot be on a loan application.
Non Occupant Co-Borrower
People earning this type of income still provide their personal tax returns for income, even though they do not own a business or collect a 1099.
Rental
Used to submit all types of requests
After this happens you are no longer responsible for the day to day of a Loan File.
Submission
This is the length of the interest only period of the interest only HELOC
10 years
Full Title work up and costs must be added to every loan over this amount
250k