Polloanators Jeopardy

Guru

100

What are the statuses for loan funding?

• Submitted -  we sent wire transfer to title company and title company will fund loan . When a file status is submitted, the client is send confirmation that the loan was funded. If they have additional questions funded they will need to reach out to the title company, since they are the ones in charge of disbursing the funds.
• Approved- we have approve funding . Funds will be send out to title company very soon
• Not approved - waiting on additional information. Cea should let the client know  that we are still working on it and reach out to closer . 

200

What are third party fees associated with originating a loan?

https://app.getguru.com/card/c5GMLM5i/What-are-the-third-party-fees-associated-with-originating-a-loan

1. Appraisal fee: A home appraisal must be done by a licensed appraiser to determine the value of the property. You will get a copy of the report.
2. Credit report: We need to check your credit in order to determine your creditworthiness and monthly debt obligations.
3. Flood certification: We need to determine if your property is in a flood zone to ensure appropriate insurance coverage is in place.
4. Lender’s title insurance: This fee ensures we’re protected if someone later makes a claim against the title of the property.
5. Other title fees: You will see several miscellaneous title fees. These are charged by the title company for things such as document processing and paying the notary.
6. Real estate transfer taxes: Local and state governments charge a transfer tax when real-estate is sold.
7. Recording fees: A fee charged by your city or county to officially record the sale.
8. Settlement: This fee is paid to the settlement or escrow agent for coordinating the handling and disbursement of funds between the buyer and seller.
9. (optional)Owner’s title insurance: This is an optional fee. It ensures you are protected if someone later makes a claim against the title of the property.

300

What is the difference between prepaid and accrued interest? 

https://app.getguru.com/card/Tk68ooyc/Prepaid-Interest-Vs-Accrued-interest-

It is super crucial to understand the difference between prepaid interest and accrued interest. Prepaid Interest is interest collected for the days from the date of closing and the 1st of the next month that goes to us (Better). Accrued Interest is interest due to the current lender that has been accumulated and is paid off via the payoff amount.

400

What is the BSS phone number?

https://app.getguru.com/card/ibbk67nT/How-to-confirm-Better-Settlement-Service-BSS-wiring-instructions

BSS phone number: If the client needs to contact BSS, please provide them with 321-214-6735. If there are any issues, they can always call the after hours line at 407-951-4189.

500

Who painted Mona Lisa?

https://app.getguru.com/card/TXpAXKxc/Who-Painted-the-Mona-Lisa

lolol

Tinman and Post Lock

100

Explain the BPG

BPG should be a last resort to lock a client. We are not openly advertising it.

Any client who specifically mentions this policy by name is still eligible for us to beat it by $100 or get $100, if they meet all Terms and conditions.

Ally does not offer the BPG - we can look at any and all competing quotes to see if concessions can be made. Send all competing quotes to the LC on file.

Our BPG promotion states that we will match the rate and terms of another lender’s offer and beat the cost by $100 or we will send them a check for $100. If we cannot beat the competitor, the client will need to send us the closing disclosure and the mortgage note within 30 days of closing. If the client closes with the same rate and terms on the loan estimate we couldn’t beat, we will mail them $100.

• the Loan Estimate must be dated within 1 business day from its date of submission to Better Mortgage and submitted into tinman within 24 hours
• we cannot BPG ourselves/ This means if we match a rate and the competitor lender matches/reduces our rate, then we will not BPG again on the second loan estimate.
• we can't BPG a Credit Union or any financial institution in which the rates are not readily available to the public (Membership pricing)
• only eligible for loans that are $548,250 or less

200

Where can we find the DU (Desktop Underwriting) report?

This will be the two paper icons under day one certainty.

300

Where can I find the wiring instructions?

task --> find activity --> search "fund" --> "review and acknowledge info on bringing funds to close"

400

Where can you find the gift letter template?

task --> find activity --> search "gift letter" --> "upload gift letter documentation"

500

Where do I find the appraisal inspection date, time and type (interior or exterior)?

task --> find activity --> search "appraisal" --> "process appraisal"

Workday

100

Who is the TL on Angela Evans Team? What office are they in? What funnel are they in?

Charlotte, No TL 

200

Who is the TL on Julian Jaquez's team?

Steve DiPaola

300

Who is Mike Madonna's Manager

David Avellaneda

400

Who does Brooke Mullins Report to? What is Brooke's title?

Stephanie Wiseman

500

Who is Cristi Rader? What does she do? Who is her manager?

Ally Processor/ Hannah Silberg

NMLS Knowledge

100

What is the minimum credit score for an FHA loan?

580

200

What are the sections of RESPA

section 6- mortgage servicing statements

section 8- kickbacks

section 9- title

section 10- escrow

300

When the APR changes by this amount, we need to issue a new CD. What is that percentage?

.125%

400

Explain entitlement and what type of loan it is associated with.

VA loan entitlement is the dollar amount the Department of Veterans Affairs will guarantee on each VA home loan and helps determine how much a veteran can borrow before needing a down payment. VA loan entitlement is typically either $36,000 or 25% of the loan amount up to the conforming loan limit.

500

When someone violates RESPA, what is the fee?

$10k

Random

100

How old is Kim Kardashian?

40

200

In 2020, who performed the superbowl halftime show?

JLo and Shakira

300

Who was named the highest paid actor, famous for his franchises in 2020?

the rock

400

What is the statue of liberty made out of?

copper

500

Who invented the telephone?

Alexander Graham Bell