Common Terms
POI
Submitted in what format?
What is Proof of Income?
PDF format!
This color indicates that the customer's loan was approved today!
What is Dark Green?
Fluix paperwork deadline - if the sales rep doesn't submit the required documents by this time, their deal may not be processed that day.
What is 10:00 AM? (their time)
Currently, this is the Standard APR that sales reps have been asked to quote.
What is 10.99% APR?
My customer stated that they do not own the home, the home is listed under their parent(s) name. Will any of our lenders consider an approval for this customer? If so, which lender?
Who is Synchrony?
DTI
How is it calculated?
What is Debt to Income?
Monthly Debt / Monthly Income
You will see this color on the pending report when we have a problem! Such as: missing the contract / missing the finance packet / customer(s) has less than $2000 disposable income / invalid or expired ID / Finance received a cancellation email from customer service before processing
What is Orange?
"Stated Income – Mortgage – New Payment = ____________
Fill in the missing word ... hint: we require at least $2,000 of it!
What is Disposable Income?
This lenders loan docs can only be signed hard copy (aka wet signed).
Who is Synchrony?
I'm confused on payment factors. How do I use this the payment factor to accurately calculate what my customers monthly payment amount will be?
What is multiply the loan amount by the payment factor to calculate the monthly payment amount?
COB
How can you calculate what day this will land on?
What is Close of Books?
What is the 5th business day after the last day of the month?
This color indicates that the customer's loan was approved yesterday!
What is Yellow?
The GM must sign off and submit this sheet by 8:00 am their time after reviewing that the 4 minimum requirements of a sale have been met by the sales rep.
What is the MOD Redlines?
The only lender in our portfolio that does NOT allow you to buydown the APR.
Who is Service Finance?
I quoted my customer a 6 month deferral plan - can you LIST all lenders that offer this plan?
Who is Service Finance, First Security, Salal, PowerPay, Pure, Aqua and GoodLeap?
This document is used to clear stipulations with the lenders since it shows proof of ownership and property legal description
What is a Warranty Deed?
This color indicates that the loan docs were sent out 48+ hours ago! Potentially, we still need the loan docs to be signed OR maybe they have been signed and needing to clear a stipulation.
What is Red?
The below are all examples of:
What is acceptable forms of current and valid US Government ID's?
The only lender that will accept an application for a customer with an ITIN
Who is GoodLeap?
I quoted my customer a 12 month deferral plan - can you LIST all lenders that offer this plan?
Who is First Security, Salal, PowerPay, Pure, GoodLeap?
This type of lender requires that at least one applicant owns the land the property is on
What is a secured lender?
This color indicates a "pending" status and Finance needs your help to secure an approval
What is No Fill (aka Gray / Clear / White)?
When Finance receives credit applications with these two "employer" names, we will NEVER process the application through secured lenders.
What is "UNEMPLOYED" and "SELF EMPLOYED"?
We have this many lenders in our portfolio? Please name them all!
We have 8 lenders! Service, First Security, Salal, Pure, GoodLeap, Aqua, PowerPay, Synchrony
I sold a Siding, Gutters and Windows project but the customer only wants one loan. The customer put down a $10,000 deposit. The sold price of the Siding and Gutters combined is $40,000 and the Windows is $8,000. What should I do?
What is write up the Windows as a cash sale with $8000 deposit, apply the remaining $2000 deposit to the Siding and Gutters?