What information do we need an ATP to verify?
Borrower Full name and either DOB or last 4 of SSN and ATP full name.
If the system fails to play the automated disclosure, what step should be taken?
We should read the disclosure verbatim
When should we track a complaint or feedback?
Whenever the borrower states dissatisfaction with US, our product or our business.
To ensure we are following our procedures, What steps should we take when communicating via email?
We should ensure that the email conversation is added to the Remarks in NETO
The Borrower stated "I finally reach you, I've called several times and could not get a hold of you.
Should This be tracked Via DCC tracker? If so, why?
Yes! The borrower mentions that he tried several times to reach His PB. We would track this as a complaint since borrower is showing sign of frustration not being able to reach PB.
Where can we check to see if a borrower was previously verified?
We can check the call box if being transferred and we can check the remarks
If the Apr disclosure isn't stated on the call, what can we do to ensure we stay in compliance?
State APR every time you state the rate.
If the AVM fails, What steps should we take to continue with the application?
We need to verify the address to ensure its correct then we would ask the borrower if subject property is a multiunit, greater than 20 acres, used for agriculture or commercial, or currently listed for sale.
The Borrower asked ""Do you charge origination fees or any type of fess with this loan?
We do not charge any origination fees, application fees, or appraisal fees, and n o cash due at closing. However, if there is a request to bring taxes and insurance up-to-date at closing, those costs can be paid through your loan proceeds or by you directly to your providers. Additionally, after your loan funds, if you do not make your monthly payments on time, we will charge you late fees as you would expect from other mortgage companies.
If borrowers DOB is inaccurate on the application, how would we go about verifying borrower?
We can verify borrowers full name and last 4 of SSN then we can update the DOB according to borrower.
If Cobo is not married to borrower, can we gather the info from that borrower?
No, We will need the cobo on the line to answer questions and to acknowledge disclosures.
Borrower requested a loan amount over $350k. What do we need to show for asset reserves?
Three months of Bank statements showing most recent ending balance, this could be from Checking, Savings, Money Market, CDs, 401k and IRAs.
Borrower calls in and the agent was able to find a lead, what information should the agent verify with this borrower?
We are required to verify borrowers full name, property zip code and phone number.
P.S. If zip or phone is not on the lead we can verify email and/or any other information that is available
ATP calls in to accept a counter offer, what steps should we take?
Check file to ensure we can speak with this 3rd party, however, do advise we cannot make any changes and that we would need to speak with bo to accept CO.
If a married borrower resides in a homestead state, what is required for NBS at closing?
NBS is required to sign at closing.
P.s- NBS will not on mortgage liability and are only required to sign.
When discussing a counter offer, what information should we review with bo?
When reviewing a counter offer, we must review initial offer in full as well as the counter offer in full.
Agent played the credit disclosure and borrower responded- uh-huh- What should be the agents next step?
The agent need to get an affirmative and clear YES.
P.S. We can respond with "Is that a YES?"