VA IRRRLs
What does IRRRL stand for?
Interest Rate Reduction Refinance Loan
What does FHA stand for?
Federal Housing Administration
What does VA stand for?
Department of Veteran Affairs
What are the types of cash outs?
Type I
Type II
What are the two insuring statuses?
Insuring Problem
Ready for Insuring
What is the test specific to VA IRRRLs?
Recoupment test
What three parties must sign the settlement certification?
Borrower, Seller, Settlement Agent
What is the test that must be run on all VA Loans?
VA 1% Test
What cash out type can the borrower receive cash back on?
What are the two invoices reviewed on jumbo loans?
Appraisal and Credit report
What tile is the IRRRL checklist located in?
Government Review tile
What are the five FHA loan types?
Purchase
Cash out refi
Debt Consolidation
Rate and Term
Streamline Refi
What signatures are required on the VA Certificate of Loan Disbursement?
Borrower and Lender Representative
True or False The recoupment test is run on cash out type II
False
How many checklist questions are in the government review tile for USDA loans?
Zero
How many months must the closing costs be paid within?
36 months
What loan type is the FHA Identity of Interest Certification on?
Purchase loans only
What is are the four VA loan types?
Purchase
IRRL
Cash Out Type I
Cash Out Type II
If your Cash Out Disclosure needs updating, where do you escalate to?
Team Lead
What does USDA Stand for?
United States Department of Agriculture
What are the three IRRRL specific documents?
Initial VA Loan Comparison
Final VA Loan Comparison
UWM VA Lender Certification
What is the formula for the minimum investment condition?
Sales Price x 3.5% = Minimum Investment
What States is the Tangible Net Benefit Required in?
Colorado, Maine, Maryland, Massachusetts, Rhode Island, West Virginia
What are the three sections that can be off by $10 on the cash out disclosure?
Total of Remaining Scheduled Payments (New)
Total of Remaining Scheduled Payments (Impact)
Amount of Increase in total paid over life of loan
What is the unique rider for USDA loans?
Rural Development Occupancy Rider