Acronyms
CTC
Clear to Close
This document has a three day waiting period, including the day it is signed
Closing Disclosure
These are the first set of documents a client receives from the lender
Initial Disclosures
A veteran would typically get this loan
VA Loan
Name three parties involved in a purchase transaction
Listing Agent, Buyers Agent, Loan Officer, Title Agent, HOI Agent, Appraiser, Loan Processor, Underwriter
COC
Change of Escrow
This document has a one day waiting period before a closing disclosure can be sent
Loan Estimate
This document signals closing, and there is a three day waiting period after it's signed
Closing Disclosure
This loan is best for people with low credit scores and low income
FHA
Name the four folders in a Dropbox file
No Need, Initial Submission, Conditions, PTD
NMLS
Nationwide Mortgage Licensing System
If you refinancing your primary residence, how long do you have to wait to fund?
3 days, not including funding day or day of signing
This document is sent with initial disclosures, and sent again if any major changes are made to the loan structure
Loan Estimate
Someone who owns a property already and wants to take cash out of the equity in their home would apply for this loan
Cash-Out Refinance
What is it called when we're refinancing a property that has two liens, and the second lien needs to agree to take second position again after the close of the refinance?
Subordination or Resubordination
AUS
Automated Underwriting System
What is the waiting period called after signing a closing disclosure?
Cooling Off Period
This document is required for ALL clients
Borrowers Certification and Authorization
This loan acts like a credit card with the equity in your home
Home Equity Line of Credit
COE
Close of Escrow / Certificate of Eligibility
If the borrower refinances or sells within 180 days of a transaction, what is it called when the broker has to pay for the interest the lender lost out on?
EPO - Early Pay Off
This document is required for law firm clients
ABA - Affiliated Business Agreement
These loans don't follow Fannie Mae and Freddie Mac Guidelines
Non-QM - Non Qualified Mortgage