The Value of the Loan Policy amount on the Title Binder
What is the Loan Amount?
100
The items that make up PITI (Total Loan Payment)
What is Principal, Interest, Taxes and Insurance?
100
DU is Freddie Mac's Automated Underwriting System
What is False?
100
If the Appraisal comes in lower than the sales price it will affect this ratio in your loan file
What is the Loan-to-Value (LTV) ?
100
Required when LTV is in excess on 80% on a Conventional Loan
What is Mortgage Insurance?
200
The value of the Owners Policy on the Title
What is the Sales Price?
200
The number of years that you would need to verify for Employment for the borrower
What is 2 years?
200
LP is Freddie Mac's Automated Underwriting System
What is True?
200
There are two types of this that we would commonly use they are DU and LP
What is Automated Underwriting System (AUS)?
200
The screen you would go into in PCL to update the EMD
What is the Expense Deposit Log?
300
The calculation in the loan file that would be affected if the borrower's monthly income decreased from 50,000 per to 40,0000 per year
What is the DTI?
300
The number of years for Address history you would need to verify for the borrower
What is 2 years ?
300
You should wait until after lunch to work on a final QC item
What is False?
300
A preliminary submission to the Underwriter which you would want to get in prior to the TPD date in order to get your first 5 points on your loan file
What is Conditions Submit Date (CSD)?
300
Movement Mortgage's #1 Customer
Who is the Loan Officer?
400
Folder you would drop your Wiring Instructions and E&O (Errors & Omissions) to once received with your Title Docs
What is the Additional Items - Wire & E&O ?
400
The name of the form that you need to attach to the Written VOE request (Form#4377) when sending to the Employer for completion
What is the Signed Borrower's Authorization form?
400
You should work on your loan right away when it is in submitted status
What is False?
400
Your final submission to the Underwriter, all conditions are signed off on, on the condition sheet and loan is ready to go to closing
What is Actual Processing Date (APD)?
400
Used to determine the Value of a property
What is the Appraisal?
500
The item you would review to see if the borrower had any Unreimbursed Employment Expenses (URE's) that the Underwriter would need to deduct from their monthly income
What is the IRS Transcripts?
500
The Section of Data Verify (Drive) that you would refer to, to verify the Employer information input to PCL prior to requesting the VOE.
What is the Employer Profile Report?
500
The date in the general info screen that should match the date the LO signed the 1003 is the Application Ready Date
What is False
500
The date set as a goal for you to submit your loan back to the Underwriter for a review, if you do you will get your first 5 points for your loan
What is Target Processing Date (TPD)?
500
The checklist used to submit to the Underwriter for CSD and APD