Point of Contacts (POC)
A client is in Pre-Lock and calling in to make changes to their Pre-Approval Letter. They are connected to this POC
Who is the LC or HA (if in SPOC)
A borrower calls and wants to talk about submitting an offer on a new home. This channel is used
What is the #purchase-file-cea-transfer channel
The ratio of how much the loan will be vs. the property value.
What is the LTV (Loan-to-Value) Ratio
The Minimum Credit Score for an application
What is 620
Do we Lend on Mobile Homes?
No
What a Loan Ranger on Tinman is known as
Who is a Processing Expert?
A borrower is at closing and needs to speak with someone about a discrepancy on the Closing Disclosure. Team is on the other coast and not in. This channel is used
What is the #closing-cea-requests channel or the #spoc-closing-escalations channel (if spoc)
A ratio to express a borrower's debt vs. their monthly income
What is the Debt to Income Ratio?
Maximum DTI Ratio for a conforming loan
What is 50%
This is how long our Pre-Approval Letters are Good for
What are 90 days?
When posting in a pre-lock transfer channel for an LC to speak with them, it is important to tag this in the comments section
What is a pod?
Bwr is refinancing and wants to talk about their cash-out options. This is the channel to use
What is the #refi-file-cea-transfer channel?
A one-time lump sum payment that is given by the lender to the client to help cover closing costs.
What are Credits?
This is our minimum Loan Amount for a Single Family Home Primary Residence Purchase or Refinance
What is $75,000?
Better does not charge these fees on our Loans.
What are Lender Fees?
**** DAILY DOUBLE**** Borrower is in Conditional Approval but saw a better rate online. This is who they should speak with
Who is the LC or HA (spoc)
Bwr called about their appraisal and wants an answer now on if the report has been received. Bwr eager to speak and will not take call back and team is unavailable. This channel is used
What is the #processing-cea-escalations or #spoc-processing-escalations channel (if spoc)
Also known as 'Paying down the Rate'
What are Points?
Maximum DTI ratio for a Jumbo Loan Application
What is 43%?
This is our maximum lock period
What is 75 days?
A Real Estate Agent is calling in to speak with the LC listed on the Pre-Approval Letter (PAL). This is who they should speak with
Who is the Agent Experience Partner (AEP)?
Bwr closed on their loan and was notified their servicer is no longer The Money Source. They want to know who to make their payment to now. This channel is used to assist
What is the #cea-support-requests channel
This letter is when the borrower has not locked but has had their documents reviewed by underwriting for a stronger offer.
What is the Verified Pre-Approval Letter (VPAL)?
Minimum LTV percent for a Primary Residence Single Family Home Cash out Refinance?
What is 80%
This is how far in advance you can lock for a new-construction home
What is 60 days?