Why Does My Closer Keep Emailing Me?
As soon as you receive the email stating you are FINAL APPROVED
What 4 items do you ALWAYS need when you resubmit a loan?
1003, Transmittal, AUS, Memo to UW
Day 10
What do you look for on W-2 paystub?
Borrower name, Employer name, pay period dates, YTD income, rate of pay, deductions for taxes & social security, garnishments, deductions for anything out of the norm, 401K, where are the funds being direct deposited, is the YTD income aligned with the monthly income?, did the Borrower receive a raise or decrease in income?
When do you need PUD approval?
Attached Conventional or USDA loans.
What elements do you need for CTC? (Hint: There are 7 depending on the home type)
Final Approval, AIR/Waiver, HOI, Master Policy, Clean eFolder, Photo ID for ALL Title Holders, DD Approval
Where do you put EAD & Permanent Resident ID's? (What bucket?)
Permanent Resident Docs
What happens if you pull LQI and there is a new derogatory account?
Alert your LO and ask them to re-pull credit.
What is an allotment and what do you do if you see one on an LES?
An allotment means that the Borrower has their funds going to a specific place. It could be a bank account or to pay a debt. Ask the Borrower where the funds are going and obtain supporting documentation.
Make sure you get the amount updated or added to the appraisal.
What additional items do you need for VA loans that typically show up on your Closing Audit?
Factual Data Invoice & Land Value (needed in order to determine HOI coverage)
Planned Unit Development Approval
What is the minimum credit score for NVRM?
640
What do you do when you receive a new bank statement or VOA?
Review the transactions and look for large deposits, recurring payments that are not on credit, large withdrawals that seem fishy. After you have reviewed, update Encompass VOD screen immediately.
When do appraisals expire? And when do you get the recert?
120 days for CONV/USDA, 150 days for FHA, 180 days for VA. Recert must be dated PRIOR to the expiration date.
When do you pull the Factual Data Invoice for VA Loans and why?
After you pull LQI so all of the charges will show up on the invoice.
If a Borrower has multiple properties, what do I need and where do I put it?
ALWAYS obtain Mortgage Statement or proof property is owned F&C. If Mortgage is escrowed, obtain HOA fees or letter stating No HOA. If Mortgage is not escrowed or if property is owned F&C, obtain HOI & taxes, & HOA. Each property goes into their SEPARATE buckets named "Real Estate Owned". Put the property address in the description.
When reviewing credit, what do you check for on each liability?
Liability has a name, liability has a monthly payment (if not, input payment into Encompass), make sure last payment date is up to date, check to see that there is no PAST DUE balance
What constitutes as a large deposit for Conventional, FHA, USDA, & VA? Can you back out a large deposit without verifying what it is?
Conventional: 50% of gross monthly income, FHA: 1% of sales price, USDA/VA: UW discretion. NOTE: any deposit for USDA can be questioned as additional household income and may need to be verified. No; you must provide either an LOX or copy of deposit prior to backing out. The large deposit could be a loan that has not shown up on credit.
Appraiser's signature date
Where do you put the Quick Pay receipt for appraisals? (What bucket?)
Checks - POC/Upfront
What do you need to ALWAYS verify when you submit a loan for final approval?
What is the expiration date for credit on a VA loan? All other loan programs?
180 / 120
What do you need if a Borrower paid something off?
$0 balance statement or $0 balance on credit/LQI. Source where the funds came from to pay off the account. If the Borrower did not pay it in full all at once, you need to source the ENTIRE amount. (Example, debt is $4000 and Borrower paid $1000, $2500, & $500. You cannot just obtain the statement that shows the last payment, you need to source ALL 3 payments)
IMMEDIATELY email the SMR & CC RH Sales Mgr, Cindy Jerson, LP Sups, Ops Mgr, LO Sales Mgr, & LO. Send them the grid to fill out with additional comps that support the value. Let them know that you need it back in 24 hours. After you receive, email the information to the Appraiser. If the value comes in low, IMMEDIATELY email those same people and let them know what the value came back as. If the Borrower wishes to continue, obtain a letter stating that they acknowledge the low value and want to continue. If they want to challenge the value, obtain a letter stating that they want an ROV (Reconsideration of Value) and have SMR provide additional comps that the appraiser did not already use. Email all of this information to the UW (SAR) and they will send to the VA.