Systems
The system is what we use to communicate to coworkers.
What is TEAMs?
This individual is responsible for thoroughly reviewing the loan file and creating conditions when more information is needed.
What is an Underwriter?
Mismatching font and wonky layouts on a paystub might be considered this.
What is a red flag?
PC
What is Purchase Contract?
This date is when the Fair Housing Act was passed.
What is 1968?
This platform houses all procedures and manuals for each department.
What is Equity Resources Sharepoint?
This department is responsible for selling the loan on the secondary market.
What is Secondary?
When something suspicious is observed in a file it sure be reported at this time.
What is immediately?
DD
What is due diligence?
This person files or HMDA reporting annually.
WHo is Cindi Pratt?
This type of system is what Encompass is considered.
What is a Loan Origination System?
This stage of the loan is when the PSS member calls title to confirm the wiring instructions and where any documents that need sent to title to be signed at closing are added to the title co misc doc's bin.
What is Doc Order?
This type of fraud accounts for 20% of total Mortgage Fraud.
What is Fraud for Profit?
ARM
What is Adjustable Rate Mortgage?
This act provides consumers with sufficient information to make informed choices about high-cost home loans.
What is HOEPA?
This system houses our 'downtime trainings'.
What is paylocity?
This department is responsible for sending the closed loan package to the investor.
What is Post Closing?
This feature in Outlook has been created by our IT department so users can easily report suspicious emails.
What is the Phishing Alert Button?
PITI
What is Principal, Interest, Taxes and Insurance?
This regulation is often referred to as Reg B.
What is ECOA?
This application has the 'Sticky Note' feature.
What is OneNote?
This milestone is where the loan stays at for the longest time. During this time the processor (and PSS member) are working to get documents in that are needed from the borrower.
What is the UW Decision milestone?
This training reviews all things fraud in the mortgage industry and is a required training for all new hires to take.
What is AML training?
VOR
What is Verification of Rent?
This date is when FACTA (The Fair & Accurate Credit Transactions Act) was passed.
What is 2003