Live on Location
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FCT
Frequently asked Broker Questions
100
Alfonso was born in this month
What is April
100
A policy change was made in June 2015 where NOA's are no longer required for this type of employment
What is Guaranteed Full Time Hourly
100
A broker wants to buydown the 3 yr fixed term by 8bps, what is the commission buydown cost?
What is 24bps
100
Unlike FNF, FCT will not move THIS to the lawyer until file is complete on the FCT portal
What is Mortgage Funds (Proceeds)
100
Property taxes are collected by the lender for the following year, starting on what date?
What is IAD on or after April 30th
200
Steve Kissuk has 2 daughters, name them
What is Brooke & Sophie
200
Current rental income allowance on 1 rental portfolio property?
What is 50% add to income
200
At present, VB paid at what time?
What is the end of the next month, following funding.
200
On a Street Smart Refinance OR Transfer, identify the 3 contracts FCT completes with the client
What is: 1. Call to client to outline the process. 2. Signor appt set up. 3. In person signing with FCT notary.
200
Street Capital lends in all parts of the country except?
What is Quebec and the Territories
300
What team was Cliff Pennington acquired from?
Who are: The Oakland A's (Athletics)
300
Mortgage Insurance is required on conventional files where the property is located?
What is 50kms outside of an urban center or population of less the 5K
300
Provide the formula for calculating Street Pricing Credits
What is (MTG/1000) x term x buydown amount (bps) = SPC’s needed
300
The IVF form is used to confirm what 4 items of a client's identity and should match the brokers Filogix application exactly
What is: full name, date of birth, employer and employment type
300
When can lump sum prepayment privileges be made?
What is: on any scheduled payment date
400
Laura Shelton refers to her kids as?
What is Little People
400
DAILY DOUBLE!!! On August 1st 2015, B21 guidelines changed the Stated income program to now require what information and documents to support income reasonability?
What is most recent NOA, Line 150 personal income, gross & net income from business and nature of BFS.
400
On July 1st 2015, Loyalty compensation was discontinued. How long will trailers/renewals comp continue to be paid?
What is: For the life of the loan, pending is stays under Loyalty within Street Capital.
400
Title insurance is required on all transactions - FCT fee is?
What is $256.50 (acceptable, $256)
400
NHA approved lender refers to?
What is National Housing Act – CMHC approved list can be found on their website
500
Standard response for a password change
What is create a ticket
500
An independent broker must maintain this minimum funded volume with Street Capital to receive our top VB
What is $30M
500
Provide the 2 options for OCCUPANCY stat dec’s (purpose of property) signed with the solicitor
What are: owner occupied OR rental
500
Sliding Scale in a major URBAN center
What is: 80% of the first $1M / 50% of the balance
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