Mortgage
Servicing
Servicing
A payment typically collected on a monthly basis which typically consists of the principal, interest and escrow
What is a mortgage payment?
An account held by the lender into which a homeowner puts money in to pay hazard insurance, property taxes, PMI and special fees.
What is an escrow account?
Earning an extra $850.00 - $1000.00
What is quarterly bonus?
Street Number, State and Zip Code
What is searching by address?
legal document regarding the ownership of property or legal rights
What is the deed?
Loan Number, Homeowners's Full Name, Full Property Address
What is 3 pieces of verification?
An evaluation of the escrow account done by the lender on a yearly basis
What is an Escrow Analysis?
Attendance, Quality, Production
What is requirements to get a bonus?
What is a deferred balance?
Legal process used to recover the balance of a loan by forcing the sale of the asset
What is Foreclosure?
A payment made ever month to protect the lender
What is Private Mortgage Ins. (PMI)?
Having more funds in your escrow account than what is needed to pay your property taxes, hazard insurance, PMI or any special fees.
What is an Escrow Overage?
1 unscheduled
3 tardies
97% or higher
90% adherence or higher
What is level 1 Bonus requirements?
The amount due to satisfy the loan
What is the principal balance?
funds that do not make a full payment and are being held until full payment can be made
What is the Unapplied balance?
Insurance required by all lenders to protect their investment which typically covers perils such as Fire, Wind & Hail
What is Hazard Insurance (Homeowner's Insurance)?
Not having enough money in your escrow account to cover the actual amount needed to pay your property taxes, insurance and other escrowed items
What is an escrow shortage?
2 unscheduled
6 tardies
95% to 97%
90% adherence or higher
what is level 2 bonus requirements?
Statements, Welcome Letter, Note, Correspondence
What is the document tab?
An expert estimate of the value of the property
What is an Appraisal?
A company that homeowners pay their mortgage to
What is the Lender?
A monthly balance that should not be below 1/6 of the anticipated payment from the account
What is the Escrow Cushion
Health Ins., Dental, Vision, Sick days, Vacation days, Stock options
What is benefits once hired on as a full time employee?
Where you go to notate every call
What is IIM?
funds owed due to payments not being honored by bank
What is an NSF?