Non QM Programs
Minimum seasoning for cashout
What is the earliest an appraisal can be ordered?
Once disclosures are signed
Name the AUS Systems used for Conventional Loans
DU and LPA
Document that gives lender permission to request transcripts
4506-C
Manufactured homes are allowed on what programs at AD?
Conventional, Government
1 way to earn and 1 way to spend loyalty points
Closing loans, attending webinars, surveys, suggesting ideas, referring companies, self-disclosing
Shirts/merch, lock extension, Waive UW fees, $500 credit, rush on closing
What is the minimum expense ratio allowed for bank statements?
10%
If a loan is approved what document is sent out?
Conditional Approval or Approval Letter
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
Name 2 thing AD offers with DSCR that makes us stand out
No ratio, Mixed-Use, Multifamily up to 8 units, FTHB, any residency status, Gift funds allowed
Income types that are not allowed for a 2nd Lien
1 year Full Doc, 1/2 year P&L
AVM must be ___% confident and within ___% of value
90% and 10%
What is MI and when is it required?
Mortgage Insurance, >80% LTV
What is new construction?
COO issued in the past 12 months
Name 2 things I can do from the "Actions" tab in AIM
Request CD, order appraisal, lock rate, request concierge, print approval letter, Change request, schedule closing
LTV and FICO requirement to be eligible for 55 DTI
80%, 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 is PIW and how would I get it?
Appraisal Waiver (Property Inspection Waiver)- DU or LPA returns
What appraisal form/document verifies rental income?
1007
List all types of insurance
MI, Flood, HOI bonus for master
Name the 3 income types that requires 20% MBC prior to using gift funds
WVOE/P&L/Asset Utilization
What CU score must my SSRs have to be acceptable? If my SSRs are not good what do we look at next?
2.5 or lower, we look at AVM then CDA
Who is responsible for completing the limited review? the full review?
Limited- UW support
Full- Broker, Processor
What is the minimum FICO
No Min FICO
What is sent out when I lock my loan?
redisclosures and lock confirmation
How does a Broker choose their LPC? and how do they change it?
Broker Package, Broker compensation change (request compensation change form) in partner forms
How do we choose a FICO score on loans with 2 borrowers (Income and DSCR)?
highest wage earner middle FICO, highest middle amongst all