Cassie
Minimum credit score for a conventional loan
620
What cost is paid to lower interest
Discount points
$400
Appraisal fee
Difference between homes value and what you owe on the mortgage
Home Equity
2 main things you must state at the beginning of every call
NMLS ID and that you are on a recorded line
Pulling credit without effecting the borrowers credit score is pulling what type of credit?
Soft credit
What does GAP stand for
Greet/gather
Assess/apply
Prepare/present
Length of credit history makes up what percent of a credit score
15%
What does ADT offer to all new Freedom mortgage customers
A complementary home security and monitoring system
Combining debts into one payment
Debt consolidation
35% of credit score
Payment history
The I in QUIET method
isolate the objection
What is the difference between secured and unsecured installments
secured installments have collateral tied to them, unsecured does not
credit is good but something is wrong with the loan what AUS finding would this be
Approve/ineligible
Like a credit card but has higher interest rates and credit terms
Store card
What are the 3 credit agencies
Experian, Equifax and Transunion
A software which allows a soft credit inquiry to identify potential loan benefit and qualifications
Benefit assessment tool (BAT)
What are the 4 C's
credit, collateral, capacity and capital
The required amount of time owning a home before being able to do a cash-out
seasoning period
Proof of income required by lenders
paystubs/W-2s/tax return
Texas(A)(6)
a conventional cash out transaction
Conforming loan limit
$832,750
What is the appraisal waiver called for FNMA loans
PIW- Property inspection waiver
If an address on a credit report is from the past 2 years what is required from the borrower in order to prevent occupancy fraud
Letter of explanation
Texas(A)(4)
a non-home equity loan that allows for a rate and term, refinance on an existing Texas(a)(6)