Products
We must be in 1st lien position for this product.
What is a Mortgage Eliminator?
A loan is HMDA reportable if it is secured by this.
What is a dwelling?
The Equity Processors prepare and provide the early disclosures to the member for these types of products.
What is the Mortgage Eliminator & Home Equity Installment (closed-end)?
We all must have this number before entering any equity applications in Velocity.
What is NMLS?
We will not place value on more than _____ acres of land.
What is 5?
The maximum limit on this product is $100,000.
What is a Regular Equity Line of Credit?
If a member opts out of providing their demographic information, we must select 1 selection for each category based on this.
What is visual observation or surname?
What is the Intent to Proceed and Receipt of Homeownership Counseling List?
Installment debts with less than ____ payments remaining are not calculated for consumer apps, but they are included for equity applications.
What is less than 6 payments?
Payment Protection is available for these equity products.
What is Flex LOC & Regular LOC?
The TRID regulation applies to a Mortgage Eliminator loan, as well as this product.
What is a Home Equity Installment Loan?
If a member states they are going to use their funds for refinance & home improvement, we would report the purpose as this in Velocity.
What is Refinance?
Early Disclosures must be delivered to the member by the _______ business day after a completed loan application is received.
What is three?
For an equity application to be assigned to an Underwriter, we will place it in this Velocity queue.
What is Vendors Orders Queue?
The repayment schedule is not to exceed _____ years for the Flex & Regular LOC.
What is 15 years?
A full appraisal is required for amounts greater than $250,000 for this product.
What is a Mortgage Eliminator?
HMDA stands for this.
What is Home Mortgage Disclosure Act?
A loan is considered completed after these 6 data elements are obtained.
What is June, 1976?
The Property Taxes & Homeowners Insurance must be entered in the Real Estate Cost section of Velocity for closed-end, but also must be entered in the _____ screen for DTI calculation.
What is the TAT screen?
A benefit of this product is that members have the option to convert a segment to an installment loan.
What is a Flex LOC?
The _____ ________ is NOT HMDA reportbable, as the information was originally reported during the Flex Equity Line of Credit application.
What is a Flex Segment?
This disclosure verifies that the borrower has not applied for or obtained any new mortgage or type of credit to be secured by the same collateral within the past 30 days.
What is the Borrower Certification?
Both husband and wife must sign the _________ and ____________ regardless if they are both on the Deed.
What is the Deed of Trust & the Right to Cancel?
We must send the Notice of Incomplete Application & Request for Additional Information to the member after ______ days if we still require documentation such as a mortgage statement.
What is 30 days?