TEAM ANDERSON JEOPARDY

ACAPS

100

CLIENT LINDA HAS DOB 11/21/87 PER QDE BUT DBR STATES 11/21/90. WHAT OTHER ACCEPTABLE DOCUMENTATION IS OKAY TO USE TO PROVE THE DOB STATES 11/21/87? IF THAT DOCUMENTATION IS NOT OK (BONUS POINT), WHAT IS THE NEXT OPTION

SINCE WE ONLY NEED TO VERIFY MONTH AND YEAR, WE WOULD NEED TO USE LN TO PROVE 11/21/87 IS CORRECT. IF SC STATES MORE THAN 1 DOB OR STILL INCORRECT, PURSUE SSA89. IF STILL INCORRECT, TD APP FOR 27P/S

200

CLIENT BRENDA HAS A MORTGAGE, DISCLOSES NOT ESCROWED, SALARY/WAGE FOR WORKING AT MICROSOFT FOR 10 YEARS, HOA , AND NO TWN IN FILE SO THUS NEED VERITAX FOR VOE. NO DOCS ARE IN DMP. WHAT ARE THE LT13/14 CODES FOR THIS?

15M (MORTGAGE NOTE ), 46M (MORTGAGE STATEMENT) , 71M (HOI POLICY) , 65M (LAST 2 YEARS W2S AND CURRENT PAYSTUB ), HEM( HOA DUES), 58M (BORROWERS AUTH FORM)

300

FSF IS RECIEVED. WHAT TWO DEPARTMENTS OR QUEUES DOES IT NEED TO BE REVIEWED BY?

D22 (CMT APPRAISAL) AND C52 (U/W )

400

HSS HAS RECIEVED A HMDA VIOLATION FOR CHANGING THE LINE AMOUNT LOWER ON THE SUM PANEL DUE TO DTI . WHAT SHOULDVE THE HSS DONE WHEN LOWERING THE LINE AMOUNT?

EDIT OP1 WITH THE OFFER AND ACCEPT IT (MAKE SURE TO UPDATE HTX) 

500

CLIENT DAVID HAS A TRUST OVER THE COLLATERAL, WHAT ARE3 CONDITIONS YOU NEED TO RC TO TRIGGER TRUST CMT TO REVIEW YOUR DOCS. *** BONUS POINTS*** - WHAT ARE THE ITEMS YOU NEED FOR A TRUST REVIEW

MANUALLY RC 3AMP IN URQ, RC TRTT AND AFDA. 

- TRUST AFFADAVIT AND TRUST AGREEMENT ( TRUST AGREEMENT CAN BE REPLACED WITH BANK COT OR TRUST COT)

INCOME

100

CLIENT BARB EARNS PENSION INCOME FROM A NON GOVERNMENT PROVIDER. WHAT DOCS ARE NEEDED?

- COPY OF MOST RECENT PENSION AWARD LETTER

- COPY OF LAST YEARS 1099R

200

CLIENT JOHNSON EARNS FLUCTUATING INCOME. YOU NOTICE IT IS INCREASING YEAR OVER YEAR, WHAT CALCULCATION WOULD YOU USE?

• If the trend is increasing, YTD income may be included with the previous 2 year average.

300

CLIENT EDISON HAS 5 RENTAL PROPERTIES THAT NEEDS TO BE REVIWED FOR RENTAL INCOME. WHO DOES THIS GO TO ?

** BONUS POINTS OF 50 POINTS**  IF RENTAL INCOME IS COMING FROM COLALTERAL, WHAT TYPE OF HOME IS THIS AND WHAT APPRAISAL DOC/ AND WHO DOES IT GO 

U/W. FCA IS ONLY PERMITTED TO DO 2 RENTAL PROPERTIES FOR RENTAL REVIEW. 

IF RENTAL INCOME FROM COLL, CHANGE HOME TYPE TO MF, FSF IS NEEDED, AND U/W REVIWS RENTAL INCOME ONCE FSF COMES BACK AND GOES TO C52 QUEUE

400

GROSS UP INCOME *** 6 MINUTE TIMER ***

CLIENT HAROLD NEEDS A GROSS UP . CURRENTLY ITS OCTOBER 2022. HE SENDS IN TAX RETURNS. HIS SSI LETTER STATES HE EARNS $2000. LINE 6A 21,600 AND LINE 6B IS $18,000. LINE 16 STATES $5000 AND LINE 15 STATES $85,000. COMPLETE GROSS UP CALCULCATION AND LET ME KNOW THE ANNUAL TAXABLE, ANNUAL NONTAXABLE AND PTAX

Example layout for HTX

FCA REVIEW OF SSI GROSS UP:

PER 2022 SSI LETTER * 12: $2000 * 12 = $24,000

PER LINE 6B/6A = $18,000 / $21600  * 100 = 83% ROUNDED

$24,000 (ssi letter annually) * 83% = $19,920 ANNUALLY TAXABLE

$24,000 (ssi letter annually) - $19,920 (annual taxable from above) = $4080 ANNUALLY NON TAXABLE

PER LINE 16/15 = $5000/$85000 * 100 = 5.88 PTAX%

500

CLIENT RECIEVES INCOME FROM BEING A MANAGING DIRECTOR OF A  MARIJUANA COMPANY. WORKED FOR 30 YEARS AND IS A VERY WELL KNOWN COMPANY TO HELP CLIENTS BE MEDICIANLLY APPROVED TO BE PRESCRIBED MARIJUANA. IS THIS ACCEPTABLE FOR INCOME PURPOSES?

NO.

Unacceptable Income:If an applicant has a part-time job working at a marijuana dispensary, but does not need the part-time income to qualify, can we simply disregard the income, not use it for qualifying purposes and move forward with fulfilling the transaction?

A:No, applicants engaged in an illegal activity under Federal law, including the cultivation, distribution, or sale of marijuana are not eligible for financing.

CMT RELATED ITEMS

100

Today is 01/09/2023. Alta title has been received and taxes are due 02/01/2023 for first installement. Do we need to have those taxes paid ?  

yes. 

Taxes

• Due within 90 calendar days from the underwriter approval date
  • Paid prior to approval with proof of payment documented in the loan file
  • Paid with Bank of America disbursing HELOC funds to the taxing authority directly using an initial draw from the customer's HELOC and payment shown on the Acknowledgment and Authorization statement provided at Closing
    OR
  • Have other evidence documented in the loan file (e.g., current 1st mortgage payment indicates taxes are being escrowed, annual escrow statement, or other document) provided prior to approval indicating taxes are escrowed by the existing 1st lien holder

200

CLIENT ZACH HAS LTV 85% OVER 75% MAX. NO AVAILABLE OP1 OFFERS. WHAT QUESTION WOULD YOU NEED TO ASK AND HOW FAR BACK CAN YOU GO ON THAT QUESTION FOLLOW UP? WHERE WOULD YOU PLACE THESE NOTES? FOLLOW UP QUESTION - WHAT CODE DO YOU USE TO LET APPRAISAL TEAM KNOW

IF ANY MAJOR RENOVATIONS WITHIN THE LAST 12 MONTHS OCCURED . PLACE IN HTX AND SEND TO D31 (AT)

300

SC AND DE REQUIRE ATTORNEY PREFERENCE, WHAT IS ONE ITEM THAT YOU NEED AND HOW LONG IS THE TITLE DOC GOOD FOR SPECIFICALLY FOR SC? 

68MP/S - ATTORNEY PREFERENCE (VERBALLY, SIGNED DOC, OR EMAIL IS OK)

GOOD FOR 60 DAYS

400

DOES FLOOD DEC PAGE NEED TO BE UPDATED FOR SECOND LIEN? WHAT ABOUT HOI? 

HOI IN SECOND LIEN DOES NOT NEED TO BE UPDATED. FLD IN SECOND LIEN DOES. 

500

TITLE CMT FINDS JUDGEMENT ON CLIENT JOANS TITLE - SUNPOWER SOLAR - FROM 2007. WHAT TWO  DOCUEMNTS DO YOU NEED TO EVALUATE THIS JUDGEMENT?

SOLAR PANEL AGREEMENT AND FINANCIAL AGREEMENT (IF ANY)

SOLUTION CENTER

100

STUDENT LOAN SC CHANGED BACK IN NOV 2022. HOW DO YOU CALCULATE STUDENT LOANS ACCURATELY? 

Loans in repayment, deferment or forbearance:

• If the monthly payment amount is greater than zero, use the monthly payment amount reported on the credit report.

OR

• If the monthly payment amount reported on the credit report is zero or blank, use 0.50% of the outstanding loan balance.

200

define what is a thin credit file from SC for under and over 720 fico score

< FICO 720

Any of the following:

• < 5 open or closed tradelines
  
  OR
  
  
• Oldest tradeline was opened < 36 months as of credit report date

> 720 

Any of the following:

• < 3 open or closed tradelines
  
  OR
  
  
• Oldest tradeline was opened < 24 months as of credit report date

300

CLIENT JOHNSON WOULD LIKE TO WD BUT TURNS OUT TO THEY ARE NF IN DTI, LTV, HAVE A 2ND LIEN HUD ON TITLE THAT WE CANT PAY OFF, AND CURRENTLY IS NOT WORKING ( GOT LAID OFF). WHAT ARE THE 5 TD CODES TO PUT? 

36P, 05P, 18P, 29P, 30P

400

When do we need PRO involved? 

PRO should always review condos whether 1st or 2nd lien position, however in most cases they will begin their work and speak with HOA management for HELOC's being in first lien position to get a HOA cert. there are some cases where PRO is involved with HOA company for 2nd lien 

In Scope (PRO Review Required)

• Attached condos in first lien position
• Attached condos in second lien position with a line amount greater than $500,000
• Any attached condo collateral with an approved exception(s) regardless of amount or lien position
• Any attached condo collateral that is considered new construction regardless of amount or lien position

Out of Scope (PRO Review not Required)

• Detached condo projects
• 2–4-unit condo projects
• Condos in second lien position with a line amount ≤ $500,000

 

500

PAPP LIVES AT THE PROPERTY BUT SAPP DOES NOT . WHAT ARE THE REQUIREMENTS TO PROCEED FURTHER NON-OCCUPANT CO APPLICANT? *A FEW HAVE HAD THIS ALREADY AND HAS BEEN EXPLAINED IN TEAM MEETINGS ** 

- collateral must be primary 

- max line amount $150k

- LTV mus tbe less than 80% even if CF above 80%

- at least one applicant must have a BOA account dated 6 months back or min of 6 months of PITIA in reserves 

- non occupant co-applicant must be a family member or relative

- max DTI 42.99%

CREDIT

100

CBIP AND CPIS CONDITION POPS UP ON ARQ. IS IT DATING BACK THE LAST 90 DAYS (3 MONTHS) OR 120 DAYS (4 MONTHS)? 

The following ARQ codes systematically populate on the ARQ panel when there is a credit bureau inquiry reported less than four months ago. The condition re-appears when there are inquiries reported less than four months ago.

• CBIP - Credit Bureau Inquiry Primary Applicant
• CBIS - Credit Bureau Inquiry Secondary Applicant

200

CREDIT ON CLIENT ALEX SHOWS THEY WERE LATE IN MORTGAGE PAYMENT 3 MONTHS AGO BUT IS CURRENT. CAN WE PROCEED?

YES AND NO 

WE CAN ONLY ALLOW IT IF FICO IS > 720. NO IF <720. 

300

CLIENT AMY HAS A AMEX ACCOUNT AND IT STATES TERM IN MONTHS 001, WHAT WOULD YOU NEED TO REQUEST AND ADJUST?

BECAUSE IT IS EXPECTED TO BE PAID NEXT MONTH RATHER THAN REVOLVING , REQUESTING A 73MP/S - COPY OF CREDIT CARD STMT - IS NEEDED AND JUST WHAT IS ACTUALLY DUE NEXT MONTH . ADJUST ON DID

400

PFD ALERT IS SHOWN FOR MTG ALERT. WHAT ARE 3 FACTORS YOU NEED TO FIND THROUGH CREDIT TO SEE WHAT IS TRIGGERING IT? 

Mortgage Fraud Alert: One of the following scenarios occurs:

• The credit bureau report indicates a mortgage trade line with a balance but the application states there is no mortgage balance on the subject property.
• The credit bureau report indicates a non-mortgage revolving trade line with a limit or balance of $75,000 or greater.
• The credit bureau report indicates a non-mortgage trade line with a term of 120 months or greater, excluding those containing codes or descriptions defined as Student/Education or Auto loans.

500

what can easily break a deal during an application process when you notice the mortgage on a collateral or or1 property is an actual balloon mortgage? 

After obtaining the balloon note or balloon DOT and it states that the balloon lump sum payment is due within 5 years, to add that entire balance as solely the monthly payment. 

4

Review the note’s or mortgage validation Payment section to determine the date the lump sum payment is due.

Example:

• The first monthly payment begins 06/01/2015 and continues for the next 59 months. The final payment is a large dollar amount due on the 60th month.
• The date of review is 07/01/2016. The lump sum payment is due in 47 months, therefore, adjust the qualifying payment to use on the DID panel.

5

Refer to Qualifying Payment Based on Mortgage Type guidelines to determine the correct payment to use.

• Pay special attention to the term due date of the balloon lump sum payment to determine the qualifying mortgage payment to document on the DID panel.
• Document the HTX panel.
• Upload a copy of the mortgage note, mortgage validation and / or any riders to DM Portal.
• Proceed to the next step.