Non QM Programs
What does DSCR stand for?
Debt Service Coverage Ratio
What is the earliest an appraisal can be ordered?
Once disclosures are signed
Name an AUS System used for Conventional Loans
DU or LPA
What is the loan application called?
1003, 3.2/3.4, URLA
Borrower wants a better rate. What type of refinance is this?
Rate/Term
One way to earn loyalty points
Closing loans, attending webinars, surveys, suggesting ideas, referring companies, self disclosing
What are the two types of eligible bank statements
Personal or Business
If a loan is approved what document is sent out?
Conditional Approval
Minimum down payment for Conventional Loans
3%
Which final settlement document discloses the exact fees, cash to close, and loan details?
CD or Closing Disclosure
What does “escrow” typically include?
Taxes and Insurance
Two ways to reach out to partner support
Phone or video on website
What is AD minimum DSCR ratio
no minimum or 0
AVM must be ___% confident and within ___% of value for transfer appraisal
90% and 10%
What is MI and when is it required?
Mortgage Insurance, >80% LTV
Which document outlines the terms of repayment including interest rate and payment schedule?
Loan Note
What is the term for a fee charged to reduce the interest rate on a loan?
Discount Points
LTV, Ratio, FICO, for FTHB DSCR
70, 1, 680,
What does PPP stand for and the options AD offers?
Prepayment Penalty; 0, 6mth, 1 2 3 4 5
Which Underwriter reviews the appraisal, title and insurance
UW 1
What tool would you use for Home Ready/Home Possible?
AMI Lookup tool
What appraisal form/document verifies rental income?
1007
What is a WVOE and who fills it out?
Written verification of Employment, Employer
What tab on the website allows you to request branded marketing materials?
AD Studio
At least 3 CPA Letter requirements
Date, Signature, License number, attest to have reviewed taxes or financial audit, confirm self employment
The documents required for submission- Primary Purchase
1.2.3.4.5.
1003
ID
Credit
Income Docs
Purchase Contract
What is the minimum FICO
No Min FICO
What document shows the property's legal description and ownership history?
Title commitment or title report
list the temporary buydown options
3-2-1, 2-1, 1-0
When can I float down? Please list either Non QM or Conventional pricing difference
0.25 Conventional
0.50 Non QM