Little Known
The LTV for first-time Home Buyers or Borrowers with 80% or less AMI
What is a 97% Loan with Fannie
This give a homeowner certain legal protections and saves them money
The fees waived on mortgages for current customers when refinancing or obtaining a new loan.
What is underwriting and processing
The best place to find the documentation needed for a file
What is AUS findings
$84,100 / $67,200 / $42,050
What are 100% /80% and 50% AMI
What is FHA
FHA / Freddie Mack / USDA
What are the agencies who use this method
FHA Calculation of Monthly Obligation For outstanding Student Loans, regardless of payment status, the Mortgagee must use: • the payment amount reported on the credit report or the actual documented payment, when the payment amount is above zero; or • 0.5 percent of the outstanding loan balance, when the monthly payment reported on the Borrower’s credit report is zero
The occupant of the home is either a parent of a disabled child
What is a Primary Residence
3 mortgage payments $300 fee, $10,000 minimum reduction in principle, can be performed multiple times, is not allowed for government, Chase, or second mortgages
What are recast rules
The credit the borrower receives when building a new home
What is $2000
The borrowers or realtors rarely have to call
What are updates at least once a week
Three Years
What is the number of years to be considered a first-time home buyer after previously owning a home
Borrowers whose annual income is $500K or greater or has $2.5mm in liquid assets
What is tier 1
• 1% of the outstanding balance, or • The actual documented payment (from the credit report; documentation obtained from the student loan lender; documentation supplied by the borrower) Exemptions: • If the actual documented payment is less than the 1% of the outstanding balance, and it will fully amortize the loan with no payment adjustments, the fully amortizing monthly payment may be used to qualify the borrower. If the borrower is on an income-based repayment plan, BOKF Mortgage will use the actual documented payment amount for the DTI calculation.
What is Portfolio
Borrower can be a repeat home buyer with a minimal down payment and discounted pmi
What is Home Ready and Home Possible
The borrower just found out that his parents will gift them $5000 for their closing. They want the lowest payment possible and they ask you how they should spend it.
What is buying the rate down. Do the math, but this almost always gives them a lower payment than putting down another $5K towards principle
$2500
What is the credit for borrower's earning 50% AMI on Home Ready and Home Possible loans
Buried in Sharepoint and you should be checking often
What are loan guidelines
Loan product does not allow manufactured housing
What is USDA
120 days
What is the timeline that documents expire on most loan products
What is section 184
Self Employed borrower has been in business for more than 5 years and is not using business assets for closing
What is one year tax returns
Borrower has had the loan for 2 years and property values have skyrocketed in his neighborhood. The new valuation determines he is now at 75%LTV
What is dropping PMI - this must be requested
Up to $15,000 down payment assistance for first time homebuyers with a household income of 80% AMI
What is FHLB HSP
BOK makes a business decision to change a loan guideline
What are overlays - found in the loan guideline matrix
Loans that require a large deposit to be documented and sourced that is equal or higher than 50% of the monthly qualifying income
What is Conventional and Portfolio
The product you choose if the borrower has decent credit and is at or below 80% AMI
What is Home Possible Home Ready
The student loan payment is $0 and you use it in qualifying ratios
What is Fannie Mae
If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0. The lender may then qualify the borrower with a $0 payment
Combining a 1st and 2nd mortgage into one mortgage
What is a Portfolio rate/term refinance *** the second has to be seasoned for at least 1 year, the total draws cannot exceed 2% of the new first mortgage
The timeline an Underwriter needs to decision a 184 loan to avoid repulling credit
What is 60 days
The amount of buyer credit for OHFA Gold
What is 3.5% of the LOAN Amount
The states that a BOK loan officer is not allowed to originate a mortgage
What are NONE
The maximum debt ratio for portfolio products
What is 43%
Able to exclude an installment debt from DTI when the balance is less than this
Payment calculated using this method
Total Balance x.5% =x / 12 = payment
Example
25,000x.5%=$1250 /12=$104.17 Mo payment
If the payment listed on the credit report is lower than this amount, SL Servicer must provide documentation that reflect actual loan terms and payment information AND dated within 60 days of loan closing
The borrower can go up to 50% dti on a $1,000,000 home
What is tier 1
Still need to decrease insurance costs after shopping different companies
Increase deductible most loans allow up to 5% of the face value
USDA and Bond- 1%
The borrower needs funds for down payment and closing costs but remembers he/she has been contributing into his/her retirement account.
What is a 401K loan or withdrawal
Making sure you don't miss anything on an application
What is going through each screen and comparing it to the Blend application if applicable
The loan type(s) where you run DU to determine loan guidelines
1) FAnnie Products
2) ISC
3) Tier One portfolio
You can reduce the dti when the borrower is paying child support or alimony
What is reducing the income by the amount of the payment
All deferred student loan payments are calculated on a 120 month amortization