Miscellanious
To send files to underwriting with the appraisal and title ordered.
What is the goal of Project Review and Submissions?
Instead of the CTP worksheet, we use the borrower summary to confirm the loan details.
What do we use to verify loan details on a Traditional file?
What is a CTP mortgage?
Borrower Bids are needed
What is needed when the borrower is responsible for any sitework?
Drivers License or state issued ID.
What do we use to verify the borrowers legal name?
The file is marked Incomplete with builder and borrower conditions.
What does Project Review and submissions do when a file is not ready for appraisal order or UW?
A builder
Who is not involved on a traditional existing file?
The CTP Worksheet
What is the screen that breaks down the cost to construct and land?
What is the difference between rough grading and final rough grading (drainage grading)?
Parents, step parents, grandparents, siblings, aunts, uncles, in laws, spouses, but not cousins!
Who can gift land under FHA?
At RPL setup, project review is only looking at the land and build contract. However, project review will not ask for any contract revision until a file is in submission. This includes revising the contract to add in soft costs, closing costs, and/or interest reserve.
What will Project Review and Submission NOT do at RPL setup?
When the home is an End Loan or New Construction Purchase a builder is involved. This is because they are going to build the home before we close. It could be existing, under construction, or pending the start of construction.
When would we include a builder on a traditional file?
A CTP loan closes prior to the start of construction. We fund the builder throughout the construction and then at the end, we modify the loan. This entails switching the loan from a CTP to a true mortgage that we can sell off to investors.
What is Modifications?
The borrower cannot install their own septic during construction as it causes too many delays for the builder and our modifications team.
Why do we not allow the borrower to install their septic?
A Coborrower that is not going to be living in the home with the borrower. They are on the loan to help with qualification.
What is a non-occupying coborrower?
2 Dogs, 2 Cats, and 2 Skinny Pigs
What are Lexi's animals?
Traditional loans are for borrowers who want to purchase an existing, lived in home or possible refinance a home they already own.
What is a traditional loan?
Stick built. If there is an existing stick built home, it has to be proven uninhabitable with the removal plan prior to assigning the FHA case number.
What existing home will prevent us from assigning the FHA case number?
Borrower is paying outside of the contract also known as paying out of pocket.
What is Borrower POC?
2 year tax returns and TRVs
What is needed when a borrower is self-employed?
FHA does not allow the financing of existing home removal or demo. This means any existing homes have to be removed prior to closing or built into the build contract. We cannot use borrower bids.
What loan program doesn't allow financing of home removal or demo?
Written Verification of Employment
What is a WVOE?
Confirmation there are no endangered turtles on the property or a bid and plan for the removal.
Occasionally borrowers are responsible for "the removal of endangered turtles", what is required when this is a borrower responsibility?
Borrower Existing
Borrower POC
Borrower Bid Requested
Borrower Bid Received
What parts of the RPL show borrower responsibility?
On FHA, USDA, and Conv, the borrower and coborrower do not have to married or related to each other. However, if a veteran is going VA and wants a coborrower, the coborrower does have to be their spouse.
Does a borrower and coborrower have to be married to each other?