Show:
ORIGINATION
SET UP
PROCESSING
UNDERWRITING
POTPOURRI
100
Bank Statements, paystubs, Tax Returns and w2’s
What are items needed for a new loan application?
100
A document that discloses the terms and cost of a mortgage loan, including the APR.
What is a Loan Estimate?
100
The ratio of a loan balance to the appraised value of a home.
What is LTV?
100
The max DTI on a FHA manual UW without compensating factors.
What is 31/43%?
100
A woman who as a little girl had a beautiful white chicken that she would put in the basket of her bicycle and ride around with.
Who is Linda?
200
Issuer of unique identifiers required of all mortgage originators.
What is NMLS?
200
A wet signed or verbal confirmation that the borrower wishes to move forward with the loan.
What is the Notice of Intent to Proceed?
200
The sum of all monthly debt payments divided by the borrower's income.
What is DTI?
200
110% for VA and 115% for FHA for non taxable income.
What is grossing up?
200
A women who, when not on her yacht, enjoys motorcycle riding.
Who is Dorothea?
300
60% of retirement funds.
What are qualified reserves?
300
A tool used to collect and verify necessary information and documentation in order for a loan to move to processing.
What is the Set Up Worksheet?
300
Refinancing that requires limited documentation and underwriting.
What is streamline refinancing?
300
The maximum LTV for a Conv second home loan.
What is 90%?
300
A woman with an adorable Beagle named Bobby.
Who is Joanne.
400
An agreement by which a lender places its lien position behind that of another lender.
What is subordination?
400
The number of days we must wait to collect credit card info for the appraisal after ITP.
What is the three day waiting period?
400
A task performed by the Processor and then by the Operations Manager to confirm correctness prior to sending a loan in for final UW.
What is a COC Audit?
400
A cost to the borrower that guarantees the loan and is based on COE status.
What is the VA funding fee?
400
A guy who has a signature drink named "Papa Smurf".
Who is Marco?
500
Capacity, Capital, Collateral, Conditions, Character
What are the 5 Cs.
500
A place in Enompass where set up must input all the players of the transaction.
What are the file contacts.
500
A type of insurance often required by a lender when the down payment is less than 20%
What is PMI?
500
A guideline FHA changed in June of 2016 that impacted how a specific debt is calculated.
What are student loans?
500
A guy who's passion is rescuing dogs and finding their furrever homes.
Who is Rick?