Conventional
Which program do I need to use for an 8 year term?
FNMA?
I'm doing a RT FHA Refi to drop my rate from 6% to 3.5% after buying my home 2 years ago. My LTV on the new loan will be 92.6%. How long will I have MIP?
The life of the loan.
While VA loans don't use a front end ration, they do use this to qualify income.
Residual income
I had a chapter 7 BK 2 years ago, can you help me pull out cash?
Can
VA or FHA only
How do I re-send lock disclosures?
Email CNC support
Max LTV on RT Refi
95% or 97% if FNMA->FNMA or FHLMC->FHLMC
What is the minimum down payment on a purchase?
3.5%
You're doing a cash-out refinance to add 2 extra bedrooms to a borrower's house - their family of 5 conninues growing!
What LOE's should you ask for when requesting documents?
LOE Cash out
LOE Child care
Can we do an IRRL or a streamline on a NOO?
Can't
Due to COVID-19 we are no longer offering these
Where do I find an income worksheet and guidelines?
UW tab of the Intranet
Which AUS is used for FNMA and which for FHLMC?
FNMA - DU
FHLMC - LP
What terms are we currently offering on these loans?
I'm doing a cash out refinance for a vet. What out of pocket expenses should I warn them about?
Appraisal
Termite inspection
Well water test (if a private well)
Can you add the funding fee on top of a 90% LTV cash out Refi VA?
Can't. It must be included as part of the LTV.
When can we lock -
a purchase?
A refi with appraisal?
a SL/IRRL or PIW?
purchase - once we have purchase pre-approval
W/ appraisal - once doc'd & appraisal are received
a SL/IRRL/PIW - Once doc'd
What is the minimum down payment on a second home?
10%
How much is the UFMIP?
1.75% of the loan amount
What is the maximum loan amount on an IRRL?
The starting balance of their active mortgage loan, OR prior NOV amount if we did the previous loan
A borrower does the COVID 19 Loan forbearence for 3 months and makes all of the payments on the 4th month as scheduled.
Can we do a conventional loan?
YES
Borrower forbearance plan ends and borrower makes 3 consecutive payment: Fannie and Freddie loans only. Borrowers are eligible to refinance or buy a new home three months after their forbearance ends and they have made three consecutive payments under their repayment plan, or payment deferral option or loan modification.
How do I calculate if a RT passes benefit test for someone lowering their payment & going back in term?
(Closing cost - Initial escrow deposit - Pre-paids - Cash in hand)/ monthly savings = Months to recoup costs
What are the maximum seller concessions on a purchase with a minimum down payment?
3%
Minimum down payment is 5%, meaning an LTV of 95%. >90% LTV max is 3%.
<=90% LTV have a max of 6% concession
I'm doing an FHA cash out for a borr. with a 680 CScore. They do have medical collections and 1 sprint collection for $800, amounting to $1,800 in total. They do NOT want to pay them off. What should I do?
Enter a 5% monthly payment into liabilities and leave them alone!
(For Stevie B - Yes, I know we should advise them to pay it off, but that is not the answer here.)
Collection accounts in aggregate of $2,000 must be resolved by being paid off (as a cashout refinance) or included in the DTI (if no payment assume 5% of balance).
1st time use - 2.3%
Subsequent use - 3.6%
Do a conventional refinance for a family who lost their free & clear home last year due to taxes not being paid?
CAN!
The property is considered a 'Sheriff Sale' only due to a tax foreclosure. Sheriff sales do NOT need to be considered a foreclosure as long as there was not mortgage involved.
The title comes back with judgments that the borrower does not recognize. What do I need to do?
Note your file starter & have them ask title for the docs on it. They may have your borrower fill out an SOI or a BA