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A fixed rate loan secured by the equity in your home.
What is a Home Equity Loan?
Equity in your home.
What is collateral?
We all must have this number before entering any equity applications in Velocity.
What is NMLS?
We will not place value on more than _____ acres of land.
What is 5?
A revolving source of funds, much like a credit card, that you can access as you choose.
What is a Home Equity Line of Credit (HELOC)?
Early Disclosures must be delivered to the member by the _______ business day after a completed loan application is received.
What is three?
For an equity application to be assigned to an Underwriter, we will place it in this Velocity queue.
What is Vendors Orders Queue?
The repayment schedule is not to exceed _____ years for the Flex & Regular LOC.
What is 15 years?
A fixed payment amount over a fixed time.
What is a Home Equity Loan?
A loan is considered completed after these 6 data elements are obtained.
What is June, 1976?
The Property Taxes & Homeowners Insurance must be entered in the Real Estate Cost section of Velocity for closed-end, but also must be entered in the _____ screen for DTI calculation.
What is the TAT screen?
A credit line that allows a borrower to tap into as needed up to a preset credit limit.
What is a Home Equity Line of Credit (HELOC)?
This disclosure verifies that the borrower has not applied for or obtained any new mortgage or type of credit to be secured by the same collateral within the past 30 days.
What is the Borrower Certification?
Both husband and wife must sign the _________ and ____________ regardless if they are both on the Deed.
What is the Deed of Trust & the Right to Cancel?
We must send the Notice of Incomplete Application & Request for Additional Information to the member after ______ days if we still require documentation such as a mortgage statement.
What is 30 days?