Mortgage
General
General
Process where a lender analyzes your finances to either approve or deny your loan.
What is Underwriting?
CL
What is Closer?
This individual assesses the value of the subject property
What is an Appraiser?
You will review this before every call and you will leave a note after every single borrower interaction. You can't ever leave too many notes
What is Conversation Log?
This vendor provides evidence that the property has no other existing liens that would cause issues at closing
What is Title Company?
A mortgage in which the interest rate remains the same throughout the entire life of the loan
What is a fixed rate mortgage?
AP
What is Appraisal?
Additional cost or fee paid on a loan.
What is Interest?
An electronic filing system where all borrower documents for a loan are located.
What is eFolder?
This task is performed while compiling the loan file to ensure that the borrower has a job
What is Verification of Employment (VOE)?
A mortgage loan that conforms to Fannie Mae and Freddie Mac guidelines
What is a conforming loan?
DTI
Beneficial for borrowers to create a more convenient payment schedule, a lower interest rate or a different term.
What is Refinancing?
Allows you to investigate the chronological listing of all disclosure packages that have gone out, if the customer has econsent, if a CD has been sent, and the earliest closing date allowed.
Disclosure Tracking
The initial amount of money borrowed.
What is Principal?
Expenses over and above the price of the property incurred by buyers and sellers when transferring ownership. This may include origination fees, doc stamps, etc.
What is Closing Costs?
POA
What is Power of Attorney?
A type of protection that compensates you if your home gets damaged during a covered incident
What is Homeowners Insurance?
After completing the scheduling on a final approval call, set the follow up date on the (blank) and mark the Final Approval Complete.
What is PNMAC-Customer Service Form?
Percentage of appraised value of a home paid quarterly to a town or city.
What is Property Taxes?
The agreement signed by the borrower placing a lien on the property
What is a Mortgage?
NBS
What is Non-Borrowing Spouse?
The first payment in your loan term that's equivalent to a percentage of your entire loan value.
What is Down Payment?
File Contacts are located here
What is Tools?
A call that keeps the customer informed by updating the customer on the status of their loan and anything that may be due.
What is a Follow up Call?