Calculations
Loan Amount Divide by the purchase price and or appraised value =
What is LTV ?
The upper right hand corner of admin view in Tinman shows a series of numbers
What is the loan number ?
Milestone assigned immediately after a client locks their rate
What is Initial Processing ?
RESPA
Real Estate Settlement Procedures Act
ReXpa you Xpect to get information on the cost of the loan
A file in Pre-App is Suspended. Where can you look to find out why the file is suspended?
Facts-Reason
PITI + Monthly liabilities divided by monthly income
What is BACK end DTI?
Investment,second home,primary residence
What is occupancy ?
This is the clients point of contact AFTER they lock their rate
TILA
Truth in Lending Act
Tila-Z-you later because you Z advertisements and disclosures
What is the FNME conforming Loan limit?
$548,250
Income X's 26 divided by 12
What is Biweekly to monthly income?
Single Family, Condo, multi unit are examples of
What is property type
A button on the lower left side of tinman that allows you to see the clients LE in Admin view
What is Disclosures ?
ECOA
Equal Credit Opportunity Act
ecoBa - B cause we cannot discriminate
Will you have an escrow account if you have 90% LTV? Please state your answer and why.
PITI divided by monthly income
What is FRONT end DTI?
Letter that is given after an underwriter reviews client income docs and lets the client know how much of a loan they qualify for
What is a VPAL?
List of things client must complete and submit before their loan is sent to underwriting
What is tasks or activities ?
HMDA
Home Mortgage Disclosure Act
HMDAC - Reg C for correct information regarding property type, ethnicity etc..
How long will it take for my credit report to update?
Your credit report will update within the first week of the month after the transfer to your subservicing partner is complete
F = G*((m sub 1*m sub 2)/r^2)
What is the Isaac Newtons formula for the force of gravity ?
Funds used for down payment, closing cost and reserves
What are assets ?
Where you can find a timeline of the appraisal status
What is Third- Party-Statuses ?
GLB Act
Gramm-Leach-Bliley Act
Billy Graham wants to protect your privacy and information
How do I switch my homeowners insurance policy?
1. Activate your new insurance policy.
2. Cancel your existing insurance policy.
3. Update your lender.