LE Facts
Do you input the dates for rescission on an LE?
No
How much is a credit report for one borrower?
Where do you verify how the borrowers show on the LE?
Application
How many days do you have, to get an LE out after you receive all 6 items?
3 Days
If you do not have HOI what should you use to calculate the premium?
.25% x value/purchase price
How much is the origination fee for loans over $500,000.00?
1%
Are seller fees added at the LE phase?
No
How many days are rate locks good for on TRID?
60 Days
If we are paying off an existing loan on the collateral being taken. What is our purpose?
Refinance
What products does the bank pay the appraisal on?
Home Advantage
Bonus: Employee up to $300
What are the 6 items for a completed application?
ALIENS-Address, Loan Amount, Income, Estimate Property Value, Name, SSN
If there is no rate lock or product does not lock at application do you update the rate at LE and initial CD stage?
Yes
When do you select the Alternate Loan Estimate/Closing Disclosure?
Everything but a purchase and 2nd Lien HA purchase
What fee shows on the addendum?
Inspection
What date should you use for the application date?
The date the lender received all 6 items on the application or verbally.
For an online application you will look at the date the agreement was completed. Ensure your time zone is MST. If it was after 5:00PM this will be considered the next business day.
Name two TRID loan types locked at application.
Home equity 2nd lien, construction ONLY, lots and bridge loans.
What is the TRID Purpose Hierarchy from top to bottom?
Purchase
Refinance
Construction
Home Equity
Name 4 fees you would see outside the "norm" on a construction loan.
Date Down Endorsements/O&E, ILC, UCC state, UCC county, Inspection, Disburser's
If you have a purchase in April in the state of Wyoming should you ask the branch if the seller will be paying taxes?
Yes
What is the floor rate, Ceiling (% added), Margin and the Max Subsequ. Incr./Decr Cap?
3.000%, 5.000%, 3.000% and 2.000%