Show:
Residential OTP
WB-40 Amendment &
WB-44 Counter-Offer
Addendums
More Residential OTP
Double Jeopardy!
100
Where do you verify the proper address on the OTP?
Lines 4-6
100
Where would you find a change in the purchase price?
Line 5 of the WB-40 Amendment
100
Who completes the Real Estate Condition Report?
The seller/owner
100
What form includes Association dues? What line does it appear on?
Condominium Offer To Purchase form WB-14, Line 27
100
True or False We no longer need to document/evaluate self employment income that is not being used for qualifying purposes.
True
200
What lines would list items such as repairs, seller credits and personal property?
Lines 165-172 and/or 435-442
200
What is on lines 6-27 of the Amendment?
Additional earnest money, added repairs, seller credits, etc.
200
On the Real Estate Condition Report, what line indicates a defect in the structure of the property?
Line C.12
200
Where in Encompass do you verify the Purchase Price of the subject property?
Forms tab, UWCU Loan Application screen
200
What is the 2017 Mortgage Lending Division goal for funded loans?
$744 million
300
Where would you look to confirm the financing contingency date?
Line 219
300
On the counter offer, where would you find the counter offer number?
At the very top of the WB-44 Counter-Offer.
300
On the Real Estate Condition Report, where the seller explain any "Yes" responses to indicated defects?
Line D.3
300
If the OTP is accepted on February 10th and the loan commitment is due within 20 days, what is the actual commitment due date?
March 2nd
300
What is the new FNMA maximum loan amount for a single family home in 2017?
$424,100
400
What line would you find a list of attached addenda(s)?
Line 434
400
On the Counter Offer form, where does the party making the counter offer sign?
Line 40
400
What topic does Addendum S cover?
If subject property has lead-based paint.
400
Where do you enter the condo project name in Encompass?
UWCU Loan Application, Subject Property section
400
What is the cost of a PIW (Property Inspection Waiver) in 2017?
Zero! The fee was eliminated by FNMA.
500
Where do you look to see if the OTP was rejected or countered?
Line 461
500
Where does the Counter Offer get rejected or countered, if not accepted?
Line 46
500
On Addendum A, what line(s) would you find additional addendum(s) that were not listed in the OTP?
Lines 213 - 219.
500
Where do you indicate in Encompass the borrower's current home is pending sale?
Forms tab, VOM screen
500
How many additional positions are being added to the Mortgage Lending Division? What are they?
Five MLO, Processor, Closer, Mortgage Lending Sales Manager, Assistant Sales Support Manager