RefiNow
What is the maximum LTV/CLTV/HCLTV allowed?
97%
True or false: for a purchase, a purchase contract MUST be uploaded in order to lock a rate
TRUE
FHA loans are limited to what occupancy type(s)?
primary residence
Do we offer blanket loans?
NO- A blanket loan is one loan for multiple properties. More commonly used by investors because they will only need to apply for one mortgage and it gives them more flexibility to manage the portfolio.
This person's birthday is on Valentine's Day
ALI
Borrower(s) income but be less than or equal to ___% of the Area Median Income (AMI)
80%
Application milestone is in ______ lock.
PRE
What is the minimum down payment allowed for an FHA loan?
3.5%
At what point can a borrower waive escrow?
A customer can waive escrow if they choose as long as the product is conforming, LTV is at or below 80% (90% in the state of CA), subject property is not in a Flood Zone, and customer's credit score is at or above 680.
This person can lick their elbow
ELENI
What are one of the benefits of RefiNow?
If you help a borrower move past a pre-app suspension, what is the last step in order to make sure they can see their rate table?
under pricing tab, the last step is actually clicking a rate ( but not telling the bwr)
True or False: We must include a customer's spouse's monthly debt obligations when calculating the file's DTI, even if the spouse is not on the loan.
TRUE
What was the name of Vishal's old student loan company?
MyRichUncle
This person can solve a rubiks cube in 90 seconds or less
RYAN
What is the maximum cash back allowed?
$250, for TX loans cashback is not allowed in a rate and term
How would you explain the ICD?
the initial closing disclosure is not the final CD, it is much more accurate then the LE but is not yet final. We still need to do the final review and balance with title. Acknowledging the ICD does not mean the numbers are final rather they mean the bwr has received the doc.
UFMIP is equivalent to ____% of the total loan amount.
1.75%
What is the new AMEX offer?
This person survived a stingray attack
PETER
What is a seasoning period and what are the terms?
Seasoning refers to the age of the Mortgage. The existing loans must be seasoned at least 12 months but no more than 120 months (from the original note date to the closing date of borrower’s new loan).
What are some third party fees that seller might pay?
-transfer taxes or settlement costs (have bwr consult with their REA to determine which party is responsible for each cost)
What is the maximum seller credit allowed?
Seller credits toward closing costs are capped at 6% of the sale price, including UFMIP
Fannie Mae Form 1073 appraisal is used for
Interior and exterior appraisal of a condo
Name Tricia's last meal (entrée and drink of choice)
ahi seared tuna and an espresso martini