Escrow Analysis
What is the screen in Director 7 to view of an estimate escrow account?
ANA1 > TRAIL
True or False
Client will receive a mail copy if they are opt in for paperless.
False
What is the task to set a successor of interest?
SIIINI
What is the fee to collect to process recast and what tag needs to be set?
$250 and Recast Accepted
What is the task to set PMI removal?
PMIREQ
How much does the overage/shortage needs to be in order to request an off-schedule analysis?
$120
How can you change 1098 form to be received via mail instead of only being able to view on RMS?
MAS1 > IRS1 > Select No on E-Consent
True or False
Successor in interest is now liable for the loan
False.
Successor of interest makes them on okay to act/okay to receive; where they can make payments and receive information on the loan etc.
Does a recast shorten the clients maturity date?
No
It does not shorten the length of the loan term; the maturity date will be the same from when the loan was closed.
What are the three things that must be noted, when it comes to home improvements
type of improvements, cost, and date of completion
What determines when an analysis is ran each year?
State Schedule
What does mortgage insurance premiums mean on box 5?
The amount paid at closing for the VA funding fee
Can you set successor of interest if client is alive?
Yes
It is called a living gift.
How long must the client wait to recast after closing?
Must allow two full months to pass before requesting a recast
Cannot pay ahead to meet the 2-month requirement
True or False
Client can use home improvements done prior to closing.
False
Depending on the date cut off to run an analysis, what time stamp does the work item need to be submitted by?
4:00PM EST
When can client view their 1098 on RMS and when will we mail the statements?
Clients can view the statement within the first week of January, regardless of e-consent status
Will be mailed to the client no later than January 31st
What is the difference between okay to act and okay to receive once successor of interest is confirmed?
Okay to Receive Information:
This allows to provide loan information, but cannot make changes to the loan.
Okay to Act:
Can make any changes on the loan that a client would have been able to make, including the following: loss mitigation agreements, execute escrow waivers, and sign any documents as a client would
If the client wanted a May 1st start, their funds would need to be received by?
March 15th
What are the two-year requirements for both Freddie and Fannie
Fannie is 2 years from first payment date
Freddie is 2 years from OG date
Why would a client have a shortage of 60 months?
completed loan modification
What are the 4 reasons a client may receive multiple 1098s?
1. Client is paying off a mortgage with another lender
2. Client refinanced their loan
3. Servicing of the loan was transferred in the previous year
4. Client has multiple loans
What are the 5 possible reasons for the question; How do you attain interest to the property?
1. Probate/Will
2. Trust
3. Transfer of Deed effective upon client passing
4. Divorce
5. Living Gift
Do not enter death of homeowner
What type of loans are eligible and what type are ineligible?
Eligible: Fannie, Freddie, Schwab 1st, and Private investor conventional
Noneligible: FHA, USDA, VA, ARMs, and HELOCs
What information is needed to be provided for an AVM and where can you find it?
Loan number, investor name, investor number, and current LTOV
Can find in customer service and investor number can be found in MAS1>INV1