Products and Programs
Answer: This conventional loan program requires only 3% down for eligible first-time homebuyers and low-to-moderate income borrowers.
What is HomeReady or Home Possible?
This astronomical event, occurring in September, marks the beginning of fall in the Northern Hemisphere
What is the Autumnal Equinox?
This disclosure must generally be delivered within three business days of application.
What is the Loan Estimate (LE)?
The single largest referral source for most mortgage originators.
Who are real estate agents?
A borrower purchasing a $400,000 home with 10% down would borrow this amount.
What is $360,000?
A borrower is relocating for work and will occupy the property within 60 days of closing. Under agency guidelines, the property may typically be classified as this occupancy type.
What is a primary residence?
As summer transitions to fall, daylight hours become shorter because of changes in the Earth's position relative to this.
What is the Sun?
This federal law prohibits discrimination in housing-related transactions.
What is the Fair Housing Act?
This metric measures the percentage of applications that result in funded loans.
What is pull-through or conversion rate?
If a borrower earns $10,000 per month and has total debts of $4,300, this is the DTI ratio.
What is 43%?
A borrower wants to purchase a primary residence with less than 20% down and avoid monthly mortgage insurance.
What is a lender-paid mortgage insurance (LPMI) option?
Trees produce less of this pigment in the fall, allowing yellow and orange colors to become visible.
What is chlorophyll?
A borrower is denied credit due to insufficient income. Federal regulations generally require delivery of this notice.
What is an Adverse Action Notice?
A past client purchased four years ago at 6.875% and has accumulated significant equity. A proactive LO would likely discuss this opportunity
What is a refinance or cash-out refinance review?
A borrower buying a $500,000 home with a $400,000 loan has this LTV.
What is 80%?
A borrower is purchasing a home that requires significant repairs and wants to finance both the acquisition and renovations in a single loan
What is an FHA 203(k) loan?
Farmers often refer to the period of unusually warm weather that occurs after the first frost by this two-word term.
What is Indian Summer?
A lender discovers after closing that the original Loan Estimate understated fees beyond permissible tolerance thresholds. The lender generally must do this.
What is cure the tolerance violation?
PCCD
A borrower says, "Another lender quoted me a lower rate." Top producers often respond by first exploring this before discussing pricing.
What are the borrower's goals and needs?
A borrower refinances from a $3,000 payment to a $2,600 payment. Annual savings equal this amount.
What is $4,800?
These products typically require a longer amount of time from contract to closing.
What are PHFA, MMP, and non-delegated products like Bank Statement loans, DSCR, etc.
The peak Atlantic hurricane season occurs in this month, even though many people associate hurricanes with summer.
What is September?
A borrower receives a job offer for a salaried position beginning two weeks after closing. Depending upon investor guidelines, qualification may be possible using this type of income documentation.
What is future employment or employment offer income?
This is an easy way to increase your visibility with referral partners.
What is being in the office or
what is social media or
what is calling them?
A borrower has a $2,850 principal and interest payment, $650 taxes and insurance, and $300 HOA dues. What is the total housing expense?
What is $3,800 per month?