Assets
How many months assets are required?
Refer to AUS. Will be either 1 month or 2.
COP employer - pay stub states $8,700 monthly income. How many pay stubs are typically needed?
2 - Paid Bi-weekly (AUS will state for sure)
What channel do you categorize VA loans that are underwritten by FSB?
Correspondent
what year was the original DFCU founded?
1955
Who has the most children in the Mortgage department?
David - 8
You receive assets with page 2 missing. The borrower states that it is a blank page. Is it needed?
YES. All pages are required.
Borrower is a teacher for Granite School District. you receive a month of pay stubs (1) and 1 years W2. is any other income documentation needed?
Possibly - Teachers may only get paid 10 months of the year. Need a full VOE to state if they get paid for 10 or 12 months UNLESS the pay stub state this specifically.
How much can you gross up Social Security income?
25% - With Documentation (Taxes)
Without documentation Freddie allows us to gross up SSI 15%.
How many members does DFCU have?
To the nearest 100
75,900
of those who responded, what % prefer fruit candy to chocolate?
27%
What amount of cash to close does not need to be verified?
$500 or less
Borrower states they receive monthly bonus income. Can we use it?
Possibly. Do we need it to qualify?
Yes - Full VOE is required BEFORE added to the loan. No - Nothing is needed. Do not add it to the file.
Whose responsibility is it to reconcile CDs with the members?
Loan Officer
What is DFCU's current Net Worth ratio?
7.94
Who has worked for DFCU (in any department) the longest?
Mike Pearson - 22 years
While looking at assets, there is a deposit that you feel is a large deposit. How do you know if it needs to be sourced?
50% of monthly income - anything above this amount is required to be sourced.
Borrower has an investment property and has a lease agreement. What else (if anything) is needed to use the rental income?
When was the rental property purchased? If in current tax year, we need a copy of the CD showing the purchase. If it was purchased in a prior tax year, we will need a copy of the prior year tax return.
What 3 disclosures MUST go out when you have the 6 pieces of information?
- LE
- Housing Counseling
- Settlement Fees
How many DFCU CEO's have there been?
extra 100 Pts if they are named.
7
Chris Case; Morris Atwood; Gary Gibbs; Keith Carrol; Kris Mecham; Clint Gurney; Shane London
Who is the youngest employee in DFCU mortgages?
3 way tie - Processing
There is a large deposit of $25,000, but borrower is only able to verify $20,000 with copies of checks etc. Borrower receives $11,000 a month in income. What do we need to do with the remaining $5,000 that we are unable to source?
We are able to use the full $25,000. If we can source $20,000 that leaves only $5000 unsourced which is less than 50% of the monthly income. no longer a large deposit.
Borrower is self-employed for less than 5 years. How many years taxes are needed?
Refer to AUS, but should be 2 years.
ALIENS is an acronym for what?
the 6 pieces of information required to send out disclosures.
Address, Loan amount, Income, Estimate of home value, Name, Social security number.
What other names have DFCU been known as?
LDS Church Office Credit Union (original); LDS Church Employees Credit Union (1974).
Changed to DFCU in 1980s.
what is the average age of our department?
39 years old