Pre-App / Application
These four laws apply to Advertising.
What are SAFE, TILA, MAP, DNC
Person responsible for collecting documents in processing.
Who is the Processor
AUS stands for
What is Automated Underwriting System
Days before closing that CD is delivered to customer
What is 3 business days
AKA for Escrow Account
What is the Impound Account
The Safe Act requires all advertisements to have what?
What is an NMLS ID
Form needed to request Tax Transcripts
What is the 4506-C
2 main responsibilities of the Underwriter
What is verify Changes in Circumstance and Approve/Deny the loan
The Right to Rescind gets sent to who on Open-End Mortgages
Who are all individuals with ownership in the property
Difference between closing and consummation
What is Closing is signing of documents and consummation is when you are obligated to repay the loan
There are 14 initial disclosures. Name 10 of them.
ABA/AfBA, CHARM, Early ARM, GFE, Home Loan Toolkit, Homeownership Counseling Organizations List, Initial Privacy Notice, Intent to Proceed, Loan Estimate, MSDS, Notice of Action Taken, Notice of Right to Receive an Appraisal, Initial TIL, What You Should Know About Your HELOC
2 forms requested for processing VA Loans
What is the COE and DD214
Name the 5 underwriting systems
What are TOTAL, DU, DO, GUS, LPA
Borrower receives Initial Escrow Statement
What is at close or within 45 days of escrow establishment
5 disclosures that can be sent during servicing
Annual Escrow Statement, Annual Privacy Notice, Initial Interest Rate Adjustment, Notice of Transfer, Subsequent Interest Rate Adjustment