The loan officer is not required to sign the loan application
What is False?
100
When completing the Written VOE what document do you also need to attach to your request when you fax this to the employer?
What is the signed Borrower's Authorization form?
100
What date in PCL should match the date the LO signed the 1003 Application?
What is the Application Received date
100
Who is Movement Mortgage's #1 Customer?
Who is the Loan Officer?
200
LTV
What is Loan to Value?
200
Credit Cards are a type of revolving Debt
What is True?
200
What is the name of the form you would send to the borrower's Landlord to verify rental history?
What is the Verification of Rent (VOR)?
200
Date moving the loan to the Underwriter's desk to for the Initial credit review
***for a TBD loan you would enter this date once you entered in the subject property address
What is the Submitted Date?
200
Give two examples of liquid Assets
What is Checking Account and Savings Account?
300
COE
What is Certificate of Eligibility?
300
An example of a Liquid Asset would be a checking account
What is True?
300
How many years of employment need to be verified?
What is 2 Years?
300
Date entered by the Underwriter once the initial credit review is complete and the conditions sheet has been updated and can be pulled from print forms
What is Approved with Conditions?
300
Give 2 examples of Installment Debts
What is a Car Loans, Mortgage Loans?
(Property Loans-boats, motorcycle, etc.)
400
TPD
What is Target Processing Date?
400
401K is a liquid Asset
What is False ?
400
How many years of address history need to be verified?
What is 2 years?
400
Date moving the loan to the processor's desk to begin processing
What is the "In Processing" date?
400
What determines the Value of the property once received for a Loan file.
What is the Appraisal?
500
CSD
What is Conditions Submit Date?
500
It is ok to accept a VOE from the borrower if they tell you they got it from their HR person.
What is False
500
A letter which may be required from the borrower to explain something unclear or insufficiently documented in the application or file
What is a LOX ("Letter of Explanation")?
500
The 3 day wait period once closing docs have been signed by borrowers before a refinance can fund
What is Recission?
500
What are the 3 main touch points a processor is required to follow up with the LO/LOA throughout their loan?