Loan Products
A mortgage NOT insured or guaranteed by the Federal Housing
What is an Conventional Mortgage.
UWM
What is United Whole Sale Mortgage
REG X
What is RESPA also known as
Name one of Elite Home Funding's in house processors
Who is Angel; Mckayla
What is our FULL office Address including Zip Code
What is
30500 Northwestern Hwy Suite 100
Farmington Hills, MI 48334
In the event of foreclosure, the lender is protected by mortgage insurance issued by the government. The insurance covers the full value of the loan.
What is a FHA Loan.
APR
What is Annual Percentage Rate (APR): The total yearly cost of a mortgage stated as a percentage of the loan amount; includes the base interest rate, primary mortgage insurance, and loan origination fee (points).
REG Z
What is TILA also known as.
Software used to track clients submissions, conditions, and documents in-house.
What is Lodasoft
Country of which Ghandi was born
India
100% LTV Government guaranteed loan for lower-income borrowers in rural areas. Requires an upfront funding fee and annual funding fee collected monthly.
What is a The United States Department of Agriculture (USDA) RHS (502) loan.
LTV
What is Acronym for Loan to Value
ECOA
What is the EQUAL CREDIT OPPORTUNITY ACT?
Name 2 government backed loan programs we use to originate loans for clients.
What are FHA and VA loans
Our 16th President
Who is Abraham Lincoln
Higher-interest loans with onerous terms made to borrowers with blemished credit or other qualification issues that do not conform with Fannie Mae and Freddie Mac underwriting requirements. These mortgage products disappeared with the collapse of the secondary market that purchased them.
What is a Subprime Mortgage.
DTI
What is Debt-to-Income Ratio: The relationship between the borrower's long-term debt payments and the monthly income.
FCRA
What is FAIR CREDIT REPORTING ACT?
Names of the nation's largest mortgage investor. A quasi-governmental secondary market organization that offers various mortgage purchase and securitization programs.
Fannie Mae
Winners of the Super Bowl
Who is the Green Bay Packers
Offering flexible payment options. offer flexible payment options. Common payment options might include: minimum payments, interest-only payments, fully amortizing 30-year payments, and fully amortizing 15-year payments. After the introductory interest rate expires, the minimum payment option can result in negative amortization since the payment may not be large enough to cover the amount of interest due. With unpaid interest added to a loan’s principal, the total amount of the loan increases over time. The interest-only payment avoids negative amortization but fails to reduce the principal balance of the loan.
What is an Option ARM, Non-traditional ARM or Hybrid Arm
PITI
What is Acronym for the items included in a monthly payment: principal, interest, taxes, and insurance.
HOEPA
What is the Home Ownership Equity Protection Act?
Another name for the Federal Home Loan Mortgage Corporation (FHLMC), a quasi-governmental secondary market organization that offers various mortgage purchase and securitization programs.
Freddie Mac
The Smallest of the Great lakes, it has a surface area of about 7,500 square miles
Lake Ontario