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Heloan
Heloc
Mortgage Talk
Real Estate Terms
Rates
100
This is the minimum loan amount for a 1st lien Home Equity loan.
What is $25,000.00
100
This is the minimum draw amount in TX.
What is $4000.00
100
This is the system where mortgage referrals are entered.
What is Empower?
100
This is the ratio of the sum of the customer’s monthly debt payments (including the proposed payment for the new loan) divided by the customer’s gross monthly income.
What is Debt to Income (DTI)?
100
This is how you would quote the lowest rate possible on a 1st lien Home Equity Line of Credit in the amount of $100,000.00.
What is the annual percentage rate can be as low as 3.99 percent.
200
This is the maximum amount Capital One will consider for a Home Equity 1st or 2nd lien without an exception.
What is $300,000.00
200
This regulaation states that we cannot dissuade a customer from submitting a loan application.
What is Reg B?
200
This is a mortgage that periodically adjusts based on the current interest rate environment.
What is an adjustable rate mortgage (ARM)?
200
This is a one-page document describing the details of the loan being approved, conditioned, or declined.
What is a faxback?
200
This is the upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount.
What are points?
300
This is the max CLTV for a 1st or 2nd lien Home Equity loan.
What is 80%?
300
This is the max number of locks allowed on a Heloc.
What is 3?
300
This is the agency you are required to be registered with if you are going to recommend a residential lending product to a customer.
What is NMLS (Nationalwide Mortgage Licensing System)?
300
This specifies the purposes for which a consumer credit report may be obtained and the procedures which must be followed.
What is Fair Credit Reporting Act?
300
This is the term which includes your customers interest rate and all fees and charges on their loan.
What is the annual percentage rate (APR)?
400
This act applies if proceeds will be used for home improvements.
What is HMDA?
400
This is the maximum number of repayment years a customer has on a Heloc.
What is 20?
400
These are the two of the biggest buyers of mortgages.
Who are Fannie and Freddie Mac?
400
This is generally defined as “the house, outbuildings, and adjoining land owned and occupied by a person or family as a residence.”
What is a Homestead?
400
This is how you would quote a Home Equity term loan that will be in 2nd lien position in the amount of $35,000.00 and will be auto deducted from a Capital One checking account for a term of a 190 months.
What is the annual percentage rate can be as low as 7.24 % depending on your credit.
500
This is the date funds will be available for withdrawal, by customer, if they sign loan docs on Friday, May 25, 2012.
What is Thursday, May 31st. Because Monday is a bank holiday and therefore not considered a business day.
500
This document allows Capital One to place a lien against a customers property in exchange for the Home Equity Line of Credit.
What is Homestead Lien Contract and Deed of Trust?
500
These are the 3 steps to follow when submitting a referral to a Direct Mortgage to ensure your referrals go to the application.
What are 1) Enter referral into empower with notes 2) Use warm transfer hotline while customer is in branch 3) Email MC for follow up
500
This was designed to encourage lenders to serve the needs of all parts of their community.
What is Community Reinvestment Act? CRA
500
This is how much your customer would save, in interest alone, if they were currently in a 30 year fixed mortgage at 5.25%, had 25 years left to pay and are looking to refinance their 1st mtg for 15 years at the current Capital One Rate. Customer still owes $125,000.00 (Assume they would qualify for lowest rate on rate sheet).
What is approximately $66,681.00.