AES JEOPARDY!!

FHA / VA

100

What is the minimum down payment requirement for a FHA loan?

3.5% (96.5%LTV)

200

What is the max LTV for a VA loan?

100%

300

When does mortgage insurance fall off of a FHA Loan?

TRICK QUESTION - MI is on for the life of the loan.

400

What is the process for obtaining a Certificate of Eligibility (COE)?

Sr. UW will pull the COE from the VA portal or client uploads with conditions.

500

What is a Single Unit Approval (SUA)? HINT: Condo

When a condominium isnt approved with FHA, UWM will work with HUD to approve the condo. 

QM

100

What does QM stand for?

Qualified Mortgage

200

What does it mean for a loan to be considered a QM loan?

All fees are within the threshold for the corresponding loan amount.

300

What two tests are included in QM?

Fee Threshold Test

APR vs APOR Test

400

What are bona fide discount points?

Discount points that can be excluded from the fees threshold test based on the par rate and APOR.

500

What are the 4 ways to resolve QM fails?

Lower APR Fees

Waive Fees (UW, TRAC+, PA+)

Increase the rate 

Flip to borrower paid compensation

SAFE CHECK / FREE CREDIT

100

What credit agency are the credit reports pulled through?

Equifax

200

What is the process to opt out and use your own credit report?

Provide Credit company, Reference number, Username and Password in a CR to AUS.

300

What is the check down to transfer the credit report to a new loan number?

Previous loan is withdrawn, product selected on the new loan, no AUS runs

400

When do you send the CR to Vendor Assist?

When there are borrower info or liability changes and a new report is needed.

500

When do you send the CR to AUS?

When they are receiving errors on the initial AUS order or if the new report needs to be attached.

PRODUCTS AND PRICING

100

What does AE Support REFUSE to talk about?

PRICING

200

Can you extend a lock in File Import?

No, must in at least Underwriting status.

300

What is cheaper - Extension or Relock?

Im not sure, lets price these out in Products and Pricing so you can determine which is better. 

400

What is worse case pricing?

When pricing is worse today than the day the loan was originally locked. 

500

When can a loan receive current market pricing if already locked?

31 days or 61 days if non agency

GO LIONS!

100

Who performed the Lions half time show on Thanksgiving?

 Shaboozy

200

What is the best city that has a Thanksgiving parade AND televised football game?

DETROIT

300

What is the name of our running back duo?

Montgomery and Gibbs (SONIC AND KNUCKLES BABYYY)

400

What is our current winning record this season?

11-1

500

When and who are the lions playing their next game?

Dec 5, Greenbay Packers