Show Me The Money
A borrower who owns more than 25% of a business is considered what?
Who is self-employed?
A legal document evidencing a person’s right to or ownership of a property.
What is Title?
These are 2 types of refinances.
What are Rate & Term and Cash Out refinances?
These are the 2 underwriting engines
What are DU and LP?
The three-page document that provides estimated costs to the borrower
The amount of income you earn in one month, before taxes or deductions and is used to calculate DTI. Its definitely not pretty!
What is Gross monthly income?
The legal Document Conveying Title to a property.
What is a Deed?
These are 3 types of property purposes in regards to ownership.
What are Primary, Secondary & Investment Properties?
Where you would you go to check an Overlay.
What is ALLREGS?
The Regulation in regards to ECOA.
What is Regulation B?
Any alimony or child support can be used as income if it will continue for this number of years
What is 3?
Title can be held in this form of Trust.
What is Revocable Trust?
Type of Real estate / Property purchased for making a profit.
What is an Investment Property?
The number of months PITI reserves for the subject property when it is an investment.
What is 6?
This is required if there is ant CHANGE in loan terms.
What is a Change of Circumstance?
One of the documents required for qualifying purposes when using Social Security Benefits income
What is Award Letter or 1099?
An agreement to to obtain first lien position over a second mortgage.
What is a Subordination?
Conventional, Government, non-Conforming and Subprime.
What are the 4 main loan types?
The credit scores used when 3 are reported
What is the Middle?
Where you go to see if you passed compliance.
What is Mavent?
Generally, the amount of years that is required to demonstrate that income is likely to continue
What is 2 Years?
The case in which a 2nd lien be paid through a rate/term refinance.
What is when that 2nd lien was originally used to purchase the property?
A transaction occurs when the parties involved are entirely independent of one another and have no reason to collude. You have to reach out to it!
What is an Arm's Length Transaction?
The minimum allowable credit score for a conventional loan.
What is 620?
The basic compliance rules Federal law requires that all loans pass..
What are ATR and QM?