Who receives the remaining escrow funds if the loan is a VA cash out refinance?
The borrower
100
What happens when the EFC application is scrubbed?
Loans are uploaded into the application/database.
100
On LPS when ordering a final inspection what information is entered into the special instructions field?
Repairs to be inspected.
100
Name the investment requirement a borrower must meet on a FHA loan.
3.5%
100
How do you confirm if escrow funds have been applied as a principle reduction?
Review CPI
200
What documentation can you accept from the settlement agent to confirm escrow funds have been released?
Copy of release check or disbursement log.
200
What three places should all notes be posted in?
Origination system (LIS/LPS), Arrow and the EFC application
200
A rural development loan (RD/RECDS) final inspection MUST be ordered with a fee inspector.
False
200
Name the G/L account for Earned Fees.
7375555
200
A welcome call must be completed with 10 days of ___ ______.
File assignment
300
When submitting a check request to reimburse the borrower for receipts, what documentation must be included?
Check request, HUD I Settlement Statement, and a statement from the bwr.
300
How do you enter a loan note directly into LIS?
Go to J notes, select F5, type note, select F5 to save
300
On a termite escrow besides receiving a final termite report for termite treatment what else must be obtained for the file?
The original/initial termite report
300
Name one spot you can determine/find if a loan is part of the $100 down program.
Purchase contract, UW notes, Float/Lock Screen
300
Which EEM facilitor does Lee Caruthers works at?
Federal Energy
400
When would you check the non efc box on Milestone #15 Final Release?
If someone other than the Escrow for Completion department does not authorize release of the escrow funds.
400
On Dominion Homes files, who do we contact?
Jennifer Toth
400
If a home inpsection report obtained by the borrower is what the escrow items on the agreement are based off of then we can use the home inspection service to complete a final inspection.
True
400
Name two relationship builders.
Charleston Homes, Prairie Homes Inc, Regency Homes, Pacesetter Homes doing business as Regency Homes, Dream Scape Homes, New Traditions, Pardee Homes, Celebrity Homes
400
Do you know the Escrow for Completion contact information? Including phone, fax, and email.
What information is required in your note to confirm a release?
How funds were disbursed (check or wire); check # if applicable, payee, dollar amount of payment
500
Which milestones currently auto-note in the EFC application?
File assignment
Welcome letter
Order final inspection
Release of funds
500
What type of documentation is required to order the FI from the original appraiser when LTV is greater than 90% for a FHA new construction?
Building permit, Cert of Occupancy
500
Name five pieces of information that should be confirmed during the welcome call.
1)Bwr recvd welcome letter 2)best contact info for brwr 3)who is doing the repairs 4)will we need to pay a contractor from the escrow funds 5)brwr understands and has the full list of repairs 6)when work will be completed
500
How do you determine if a property is considered new construction?
If appraisal states one of the following: proposed, under construction, if the time period between the date of the certificate of occupancy was issued and the closing date is less than 12 months.