INCOME
WHAT IT'S CALLED WHEN A BORROWER WORKS DIFFERENT HOURS EACH PAY PERIOD.
WHAT IS VARIABLE INCOME?
THESE ARE THE SIX KEY PIECES OF INFORMATION THAT TRIGGER A LOAN ESTIMATE.
WHAT IS ADDRESS, LOAN AMOUNT, INCOME, ESTIMATED VALUE, NAME, AND SOCIAL SECURITY NUMBER?
THIS PROPERTY TYPE CONSISTS OF A STRUCTURE THAT PROVIDES LIVING SPACE FOR A FEW FAMILIES ALTHOUGH OWNERSHIP OF THE STRUCTURE IS EVIDENCED BY A SINGLE DEED.
WHAT IS A 2-4 UNIT?
RREE STANDS FOR THIS.
WHAT IS RESIDENTIAL REAL ESTATE EVALUATION?
THIS FEE IS CHARGED TO OBTAIN A LOWER RATE ON YOUR LOAN.
WHAT IS A DISCOUNT?
BORROWERS WHO ARE SELF-EMPLOYED IN THIS INDUSTRY ARE CONSIDERED TO HAVE INELIGIBLE QUALIFYING INCOME.
WHAT IS CANNABIS OR MARIJUANA?
SECTION "A" OF THE LOAN ESTIMATE CANNOT CHANGE UNLESS THERE IS THIS.
WHAT IS A VALID CHANGE OF CIRCUMSTANCE?
THIS TYPE OF INSPECTION IS REQUIRED WHEN THERE IS EVIDENCE OF AN ADDITION TO A MANUFACTURED HOME.
WHAT IS A FOUNDATION INSPECTION OR STRUCTURAL ENGINEER REPORT?
THE MINIMUM DOCUMENTATION REQUIREMENT FOR SELF-EMPLOYED BORROWERS.
WHAT ARE TWO YEAR'S PERSONAL TAX RETURNS?
FANNIE MAE MAY APPLY ONE OR MORE OF THESE BASED ON THE CHARACTERISTICS OF YOUR LOAN (LTV, CREDIT SCORE, ETC.)
WHAT IS A LOAN LEVEL PRICE ADJUSTMENT (LLPA)?
ALONG WITH HISTORY, PREDICTABILITY, AND STABILITY, THIS IS CONSIDERED ONE OF THE MOST IMPORTANT FACTORS TO CONSIDER WHEN EVALUATING INCOME.
WHAT IS CONTINUITY?
THIS DOCUMENT IS SIGNED BY THE BORROWER AND USED TO COLLECT INFORMATION ON THEIR BEHALF.
WHAT IS A BORROWER'S AUTHORIZATION?
A PROPERTY THAT HAS A HOMEOWNER'S ASSOCIATION THAT REQUIRES THE PROPERTY OWNER TO PAY MANDATORY DUES IS CONSIDERED THIS.
WHAT IS A PUD (PLANNED UNIT DEVELOPMENT)?
THE MAXIMUM LTV WHEN USING AN ALTERNATE VALUATION FOR A PURCHASE TRANSACTION.
WHAT IS 90%?
THIS IS THE MAXIMUM RATE LOCK PERIOD FOR A LOAN.
WHAT IS 90 DAYS?
A RETIREMENT ACCOUNT BEING USED AS A SOURCE OF QUALIFYING INCOME MAY NOT ALSO BE USED AS THIS.
WHAT IS AN ASSET?
WHAT IS A CLOSING DISCLOSURE?
PROPERTY RIGHTS ARE TYPICALLY ______ AND NOT LEASEHOLD.
WHAT IS FEE SIMPLE?
THE REGULATORY STANDARD OF EVALUATING BORROWERS THAT LENDERS ARE REQUIRED TO FOLLOW.
WHAT IS THE ABILITY-TO-REPAY?
THIS IS A DOLLAR AMOUNT GIVEN TO THE BORROWER FOR ACCEPTING A RATE ABOVE PAR PRICING.
WHAT IS A CREDIT?
THIS TYPE OF EMPLOYMENT INCOME MAY INCLUDE QUARTERS' ALLOWANCE THAT CAN BE USED IN QUALIFYING.
WHAT IS MILITARY?
THIS DISCLOSURE IS USED IF A BORROWER WITHDRAWS THEIR APPLICATION, OR THEIR LOAN IS DENIED AND AN APPRAISAL HAS BEEN COMPLETED.
WHAT IS A CREDIT CARD AUTHORIZATION?
PROPERTIES GIVEN THIS CONDITION RATING ARE LIKELY NOT SALABLE ON THE SECONDARY MARKET.
WHAT IS C6?
THE SAFE HARBOR WHICH EVALUATES THE DIFFERENCE OF THE APR VS THE APOR AND APPLIES THE THRESHOLD REQUIREMENTS.
WHAT IS THE GENERAL PRICE-BASED QM?
THIS OCCURS IF MY LOAN DOES NOT CLOSE WITHIN THE RATE LOCK PERIOD AND HAS BEEN EXTENDED 30 ADDITIONAL DAYS.
WHAT IS WORSE CASE PRICING?