Money Moves
What is the percentage of the "haircut" that is given to stocks, bonds, and mutual funds when used as reserves?
70%
What are the 3 main themes of income?
History, Trend, Continuance
What Lender is DU associated with?
Fannie Mae
Where in Tinman would you search for an income figure that appears to be overridden?
Facts
What type of pets does Dewayne have?
Deer
True of False: We should underwrite to QC.
False
Box 5
What does D1C stand for?
Day One Certainty
Where do you go in Tinman to determine if the file is a throttle file?
Tags(bottom right of Tinman)
What is Christine's favorite college team?
Michigan
What type of schooling is not acceptable to include in the two year employment history?
High School
What debt is included in the front end DTI?
Housing
True of False: If we have D1C for assets we never have to review the actual bank statements.
False
Under which section would you find important loan details such as the dti, ltv, and credit score?
Key Values
What is Chante's dad's favorite baseball team?
San Francisco Giants
True of False: Is the UW responsible for adding suspense tasks?
True
If Dewayne makes $10,000 biweekly, has a car lease for $200/month, proposed mortgage payment of $1000/month, and student loans with a $40,000 balance in deferment, what is his DTI? and will he be able to buy his wife a Louis bag?
7.38% and "maybe"
For a conforming loan under what circumstances would we manually underwrite a loan?
Never!!
What task in TM do you upload your blueprint PDF to?
Upload initial income report.
What is Jen's favorite celestial body?
The Moon.
When the income declines by 20%.
If you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2,000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6,000, what is your DTI?
33%
If DU returns D1C are we required to use the validated income calculation?
No.
True or False: For income or asset tasks that are not needed you should delete the task.
False...you should reject.
Massachusetts