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Insure or Not Insure That Is The Question
I Feel Taxed
Here's Looking at Your Account
S Crow in the Know
The Water is Rising
100
What is placed on a loan if there is less than 20% down payment?
Private Mortgage Insurance (PMI)
100
When are property taxes in California due?
November 1st and February 1st
100
When is an escrow analysis done?
Every 12 months.
100
What is usually set up at loan origination to collect taxes and insurance?
An Impound/Escrow account
100
Who maps flood zones?
FEMA
200
When is Private Mortgage Insurance (PMI) automatically cancelled?
LTV reaches 78% and the loan is current
200
Who is responsible for paying the Supplemental Tax Bill?
The borrower. The bill goes directly to the borrower.
200
When is an off cycle analysis done? Name one.
Borrower request or when refunds/deposits to escrow account, LPI, other changes
200
What is the type of check that is issued by an insurance company for damages to the home?
Loss Draft
200
What type of insurance protects agains losses due to floods?
Flood Insurance
300
What is difference between Homeowners Insurance to Private Mortgage Insurance (PMI)?
Homeowners Insurance protects the home against damage and PMI protects the bank.
300
What happens if property taxes are not paid for 5 years?
Tax Sale.
300
What happens to a surplus that is less than $50?
Surplus is spread to reduce the monthly escrow payment.
300
If Union Bank forces the borrower to have an escrow account because of delinquent taxes, how long does the borrower have to have the escrow account?
The escrow account is there for the life of the loan.
300
What is the 1% annual chance of a flood called?
100 year flood
400
What is difference between Hazard Insurance vs Homeowners Insurance?
Hazard Insurance covers for theft, personal liability etc. while Homeowners Insurance protects the home for damage.
400
What MSP screens displays taxes paid?
The MSP screens SER1. (Also TAX2)
400
Where to find the last analysis information in MSP?
MSP screens ANA1/LAST
400
What is one loan program requires an escrow/impound account?
FHA
400
What happens when FEMA updates maps and determines property is now in a flood zone?
New to Flood Zone
500
What happens is the borrower doesn't have Homeowner's Insurance?
We will force place insurance.
500
How many installments must be delinquent for Union Bank take action to make taxes current?
Two installment delinquencies.
500
If there is a large shortgage, how many months is it spread over?
We spread it over 12 months.
500
In California the second tax installment is due when?
February
500
What is it called when FEMA updates maps and determines property is now out of the flood zone?
Out of Flood Zone