How well do you know your coworkers?
Mortgage Lingo
Submitting a File
Ring ring ring "CrossCountry Mortgage, how can I help you?"
Name that property type
POP CULTURE
TV & Movies
100
Which coworker was stuck in Poland during the covid shutdown of 2020?
Eva Malone
100
What does the acronym PITI stand for?
Principal, Interest, Taxes, Insurance
100
Who does the LO or LOA email when they have a complete file that is ready for Processing?
Linda Szpak at LSzpak@formanteam.com
100
A borrower calls you and asks what the minimum amount is that they can put as a down payment on a conventional loan. What is your answer?
3%
100
The borrower occupies a property for some portion of the year. It is more than 100 miles from their primary residence. What type of property is this considered?
Second Home
100
What does the acronym YOLO stand for?
You Only Live Once
100
What redhead Disney Princess gains feet but loses her voice?
The Little Mermaid
200
How tall is Debbie Musco-Yeck?
(points allowed within 1 inch over or under)
4 foot 9.5 inches
200
What does the acronym FHLMC stand for?
Federal Home Loan Mortgage Corporation
200
What is the name of the document that is required to be sent to Linda for submission into processing?
Processing Submission Form
200
A borrower calls you and asks if they close on July 5th, when would their first mortgage payment be due?
September 1
200
Name that property type: A borrower owns the unit and interior walls as well as a portion of the common areas. What type of property is this?
Condominium
200
What does the acronym SMH stand for?
Shaking my head
200
This movie keeps Forrest running all over. Name that movie.
Forrest Gump
300
Name Scott Forman's 2 grandchildren.
Jack & Henry
300
If the loan officer is "charging a point", what percentage of the loan amount is being charged for 1 point?
1% of the loan amount
300
Here is an example of a document – please describe the proper way to label this document as per our branches SOP
Chase - Savings Acct #2519 - 2-11-20 to 3-9-20
300
A borrow wants to get equity from their home but they do not want to refinance their existing mortgage. What options do they have?
Second mortgage or home equity loan
300
Name that property type: Residents purchase a stock in a corporation that owns a structure; each stockholder is then entitled to alive in a specific unit of the structure and responsible for paying a portion of the loan
Co-Op
300
Finish the lyrics:
I want to love you ______ _______ _______
(by Michael Jackson)
Pretty Young Thing
300
What are the names of the 7 Dwarfs in Snow White and the Seven Dwarfs?
Doc, Sneezy, Grumpy, Happy, Bashful, Sleepy, Dopey
400
What sport in highschool did our newest member Matt play?
Baseball
400
What does APR stand for and what is it?
Annual Percentage Rate
The yearly cost of a mortgage including interest and other expenses such as PMI and points expressed in a percentage.
400
Prior to a refinance loan being disclosed, the LO must complete the Net Tangible Benefit in the file. Name 5 potential Net Tangible Benefits to the borrower.
- Changing the loan program
- Reduced monthly payment
- Reduced interest rate
- Reduced loan term
- Cash Out
- Debt Consolidation
400
A borrower calls inquiring about a loan that is 100% LTV government guaranteed for lower income borrowers in rural areas. You let them know that this loan requires an upfront funding fee and annual funding fee collected monthly. What loan product are you speaking about?
USDA
400
What is the maximum number of second homes or investment properties that can be financed under FNMA guidelines?
10
400
Which tech entrepreneur named his son X Æ A-12
Elon Musk
400
How many Happy Potter movies are there?
8
500
What is the name of Tim O'shea's girlfriend?
Rose
500
What does LIBOR stand for and what is it?
London Inter-bank Offered Rate
A widely used interest benchmark consulted by lenders around the world as a predictor of future loan costs.
500
Name 3 sources of income in which it is required you to have a loan beam submitted along with a complete file into processing/underwriting?
Schedule E (rental property or royalty)
Trusts
Partnerships and/or LLC’s
Regular Corporations and/or S-Corps
500
A borrower wants to refinance their home but they let you know their home is currently in a trust. FNMA will allow closing title in what type of trust?
Inter Vivos Revocable Trust
500
Name that property type: A home that was built in sections at a factory. The sections were then transported to the home site on a flat bed truck. The home conforms to all state, local and regional codes where the home is to be located.
Modular home
500
Which rap artist sung the song "Old Town Road" alongside Billy Ray Cyrus
Lil Nas X
500
Taylor Swift made her acting debut in which movie?
Valentines Day