J-O-B
Works Hard for the Money
Give me the LOOT
Who get's credit?
Double the Dolla$
100
This is the amount of time of employment history that must be verified by the processor.
What is 2 years?
100
This type of income is obtained from the borrower's business
What is self-employment?
100
Funds that are held by the borrower to cover cash required at closing as well as any applicable reserve funds, as determined by the underwriter
What is assets?
100
A credit card is what type of debt.
What is revolving?
100
Name the 3 communication touch points
What is 24 hour, 72 hour, and 7 day?
200
This type of employment receive income as an hourly wage or a set salary from a employer on a regular basis.
What is Wage Earner Employee?
200
This income is not being "actively" earned.
What is passive income?
200
These are the two types of assets.
What is liquid and non-liquid?
200
An unsecured account that is repaid in full either monthly, or per the repayment terms set by the creditor.
What is Open debt?
200
Per guidelines, this is the rule to determine the large deposit threshold for FHA loans.
What is 1% of the sales price?
300
This document is issued to an employee, by their employer, that lists earnings and deductions.
What is paystub?
300
As a processor, you must collect ALL W-2s for the most recent _____ years
What is 2?
300
These are the 3 components of funds to close?
What is buyer closing costs, prepaids, and down payments?
300
This is meaning of "UREs".
What is Unreimbursed Expenses?
300
This is the percentage of monthly income used to determine the large deposit threshold on a Conventional loan with Freddie Mac.
What is 25%?
400
Self-employment income must be received for this amount of time to be considered for qualification.
What is 2 years?
400
If a borrower is paid semi-monthly, how many paychecks do they receive a year?
What is 24?
400
True or Fale. Reserves have to be liquid.
What is FALSE?
400
The 3 credit bureaus that collects personal and financial information on an individual for reporting purposes
What is Experian, Equifax and Transunion?
400
A document that itemizes out all of the service providers and fees associated with a real estate transaction
What is Closing Disclosure?
500
This type of verification of employment includes income information.
What is Written Verification of Employment (WVOE)?
500
This is the form number for individual tax returns.
What is 1040?
500
True or False. Cash on hand is NOT an acceptable source of assets.
What is TRUE?
500
The only acceptable piece of documentation we can accept to evidence a lien-free property.
What is HOI Bill showing no mortgagee?
500
A “Good Faith” deposit put down buy the borrower to show interest in the property.
What is Earnest Money?
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