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Prime Alliance
New Products/Services
Regulations
Servicing
Loss Mitigation
100
Who talks to members and takes mortgage applications?
What is Real Estate & Branch Staff
100
Credit Union is now offering a Government Loan.
What is FHA?
100
Any staff member taking 5 or more applications must have what on all coorespondence with the member
What is a NMLS number?
100
A mortgage that may include homeowners insurance, property taxes and mortgage insurance
What is an escrow account.
100
Member has insufficient funds to payoff their mortgage loan.
What is a short sale
200
A member wants to know the status of his/her loan. What do you use to provide your member the answer?
What is pipeline?
200
An ARM loan that allows for higher loan amount qualification and enhanced buying power.
What is a 5/5 ARM
200
When "early disclosures" are required on mortgage or home equity loans they must be provide in a certain timeframe.
What is 3 business days?
200
At what point can a member request that mortgage insurance be dropped from their loan?
What is 80%
200
Member turns in keys to the credit union and executes a document to turn the property over to the credit unio.
What is deed-in-lieu
300
Member wants to know his/her loan options or to check rates.
What is Loan Consultant?
300
Staff that works to build relationships with Realtors to increase purchase loans.
What is a Loan Officer?
300
The risk of employment or income related information for the third-quarter of 2011 was up nearly 9% from the same period a year ago and up about 50% from two years ago. The trend toward misrepresenting borrower income or employment data will continue while the market remains stagnant.
What is Mortgage Fraud?
300
Loans that are sold to Fannie Mae are serviced by what entity?
What is ABECU
300
31%
What is the front end ratio recommended by Fannie Mae for workouts.
400
What do I need in order to take 5 or more loan applications?
What is a NMLS number.
400
A targeted mailing for Fannie Mae serviced loans to payoff the loan in 10 years.
What is Retire Your Mortgage
400
The most comprehensive source of loan origination data and a valuable market intelligence tool to help ABECU with marketing strategies through better understanding of our market, identifying strength, market share and target areas for improvement.
What is Home Mortgage Disclosure Act (HMDA)
400
A member receives notification of delinquent property taxes. What steps do you take to assist the member?
What is obtaining a copy of the delinquent notice and contacting Judi Philippi
400
Underwater
What is the term for owing more against your home than its current market value?
500
I need to inform the member at application the requirements for the loan process.
What is DU Findings?
500
Staff member that ensures that all mortgage loans are in compliance and made in accordance with secondary market guidelines and credit union policies and procedures.
What is Quality Control Manager
500
The most significant development coming out of the financial crisis for non-bank lenders was the creation of the first new federal regulatory agency in a decade. crisis?
What is Consumer Financial Protection Bureau (CFPB)
500
A member has a mortgage with ABECU and wants a lower interest rate but doesn't want to refinance.
What is a Modification Agreement.
500
Keeping members in their home with timely payments.
What is the goal of ABECU in Loss Mitigation.