Show:
Income
Loan Types
Occupancy Status
Purpose
Property Types
100

Partnership or LLC

What is two keywords that may mean a borrower is self employed

100
Meets Fannie Mae or Freddie Mac guidelines.
What is a conforming loan?
100

The borrower lives in the home for the majority of the year. It is the address on file for licensing and taxes.

What is a primary residence?

100
A borrower is looking to get a new mortgage to lower the interest rate.
What is a Rate and Term Refinance?
100
A one unit property that is detached.
What is a single family detached home?
200

Requires we ask if a borrower would like alimony, child support or separate maintenance to be considered for qualifying the loan.

What is ECOA?

200

5 and above 

How many units in a property make it a commerical propert?
200

The borrower will occupy the property for some portion of the year. It is typically more than 50 miles from the primary residence.

What is a second home?

200
A borrower is looking to get a new mortgage to get additional funds from the equity in their home.
What is Cash Out Refinance?
200
A single family attached home
What is a townhouse?
300
Funds need to be seasoned in an account for
What is 90 days?
300
A mortgage program established to help service men and women obtain home financing. Offers 100% financing without monthly mortgage insurance.
What is VA loan?
300

How long must you be in a Primary home before renting it out? 

1 year 

300
A borrower wants to get equity from their home but they do not want to refinance their existing mortgage.
What is a second mortgage or home equity loan?
300
Residents purchase stock in a corporation that owns a structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan
What is a Co-op?
400
What a self employed borrowers income is verified with.
What is two years tax returns?
400
Typically amortized over thirty years. This product offers an initial rate for a certain period of time. After the initial period ends, the rate becomes fully-indexed.
What is an ARM?
400

How many properties do you currently have financed? Have you received rental income in the past? How much will you receive in rental income?

What is three questions you should ask when a borrower wants to purchase an investment property?

400
A borrower is looking to combine their first mortgage and second mortgage. The second mortgage was used for home improvements.
What is cash out refinance?
400
Borrower owns the unit and interior walls as well as a portion of common areas.
What is a condo?
500
Disability, retirement, social security and pension
What are four sources of income that can be included on an application even if they have not been receiving it for the specified period of time if it is the borrower’s only source of income?
500
A short-term interim loan for financing the cost of building a home. The lender disburses funds to the builder at periodic intervals as work progresses
What is a construction loan?
500
The borrower purchases the home for their full-time student that is a reasonable distance away from their current property and no money transaction from the full-time student to the parents is received.
What is a second home?
500
A borrower is looking to combine their first mortgage and second mortgage from their 80/10/10 loan.
What is a Rate and Term Refinance?
500
Homes that are built in sections at a factory. The sections are transported to the home site on flat bed trucks. The home conform to all state, local and regional codes where the home is to be located. They are viewed as SFH Dwelling.
What is a modular home?