The amount of money needed from the borrower to cover the full PITI payment on the subject property and/or all other properties owned, as required by AUS and agency guidelines.
What is Reserves?
100
Must be licensed and registered with NMLS, their responsibilities include prequalifying the borrower, advising and educating the borrower, and getting the loan package ready for underwriting.
What is the loan officer?
100
An amount of money (usually paid at a rate of time and a half) Paid to an hourly employee for hours worked above the standard 40 hours per week.
What is Overtime Income?
100
This type of income is received from another party (e.g. and ex-spouse) and is court ordered.
What is child support and/ or alimony income?
200
P.I.T.I
What is Principle Interest Taxes and Insurance
200
Individual retirement account. Contributions can be tax-deductible (taxed income at retirement.)
What is Traditional IRA?
200
Works with settlement agent to finalize financial details between buyer and seller and prepares legal documents to be signed.
What is the closer?
200
An amount of money paid to the employee as an incentive in addition to their base pay.
What is bonus income?
200
This type of income received by the borrower comes from interest and/ or dividends earned off various investments.
What is interest and dividend income?
300
C.A.I.V.R.S
What is Credit Alert Interactive Voice Response System?
300
Individual retirement account. Contributions are post-tax (non-taxed income at retirement).
What is Roth IRA?
300
Purchases the loan after closing (and may also service the loan in some cases.)
What is the investor?
300
An amount of money paid to the employee upon completion of a task or project (usually applies to those in sales.)
What is Commission income?
300
This type of income is received from a trustee that manages the trust fund set up for the borrower (and possibly other individuals) by a grantor (or donor)
What is Trust income?
400
M.I.P
What is Mortgage Insurance Premium?
400
Retirement account set up by an employer for an employee. The employer can elect to contribute as well ("matching" contributions).
What is 401(k)?
400
Orders appraisal report, reviews and approves the appraisal, provides a copy to the borrower, and communicates details to applicable government agencies.
What is the appraisal department?
400
An employee that works less than 40 hours per week (exact criteria is determined by the employer) and as a secondary job.
What is Part time income?
400
This type of income comes from rents received from the borrower's investment property (or properties)
What is Rental income?
500
U.R.E
What is Un-Reimbursed Employee Expenses?
500
Typically, 60% of the vested account balance is used, unless liquidated.
What is retirement accounts?
500
Locks the rate and commits the loan to an investor
What is Secondary/Rate lock?
500
Income obtained from the borrowers business (or from freelance or independent contract work.)
What is Self employment?
500
This type of income is received by the borrower based off an executed note for debt they loaned another party.