Loan Types
This loan type is insured by the US Department of Agriculture
What is a USDA loan
The abbreviation for Fannie Mae
What is FNMA?
A good quality control plan is like the
What is Canary in the Coal Mine?
The general term that refers to the rules and regulations that control the mortgage process
What is Mortgage Compliance?
It is common for a variety of costs associated with the transaction to be incurred by either the buyer or seller. These costs are known as
What are closing costs?
This is a loan type where the principal balance typically does not get paid down for the first 10 years?
What is a HELOC
This is required on all confirming loans with an LTV over 80.0%
What is mortgage insurance?
LOS Data accuracy is checked during the QC process known as ____ ______
What is Pre Funding?
This is the regulation that dictates timely delivery of loan approval
What is Reg B?
The maximum loan amount is determined by the borrower's financial condition and by the property ____
What is value?
This loan type was established to assist service men and woman obtain home financing with little to no down payment
What is a VA loan
The minimum credit score requirement
What is 620?
In addition to error and process concerns a quality control review can identify
What is fraud?
This is the regulation that collects borrower and loan data
What is HMDA
A borrower looking at getting a new mortgage to obtain additional funds from the equity of their home is applying for a ____ ____ _____
What is a cash out refinance?
These fixed rate loans meet Fannie Mae guidelines
What is a conforming loan
This is the name of the document that contains all of the loan requirements for Fannie Mae secondary market loans
What is the Selling Guide?
Re verification of occupancy occurs during
What is post closing QC?
This is the regulation that prohibits practices that drive up the cost of a loan
What is RESPA?
A property that the borrower owns the unit and interior walls as well as a portion of the common areas
What is a condo?
This loan type offers an initial rate for a certain period of time. After the initial period ends, the rate becomes fully indexed.
What is an ARM?
This is the name of the document that contains the requirements for a VA loan
What is the Lender Handbook?
Crystal S, Linda H, Kathy L
Who is your QC team?
This is the regulation that allows homebuyers to easily shop for the best deal on a mortgage
What is TRID?
The FNMA application form 1003 , is also known as the URLA. What does that stand for?
What is Uniform Residential Loan Application?