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1st Mortgages
1st Mortgages (2)
Deposit Accounts
1st Mortgage Process
What is that???
100
The initial payment amount when something is purchased on credit. In this case, the amount of the purchase price that the butter is paying.
What is the down payment
100
This is the loan and supporting documentation for the purchase of a home.
What is a Mortgage
100

This is offered to members depositing money for a specified length of time (6-60 months). 

(Bonus: Double Points) Say the complete name instead of just the acronym.

What is a CD (Certificate of Deposit)

100
At [this stage] of the mortgage process if a Pre-Approval is generated, the application remains with the express sales associate until a property is found and a contract is executed.
What is Application Stage
100

Ms. Rodriguez wants Planet Fitness to stop automatically taking money from her savings. 

She asks you to place this on her account as a solution.

What is a Stop Payment

200

Borrowers must secure this on the property prior to closing on the new home loan.

What is a Homeowners insurance or Property insurance

200
Lenders will require a borrower to get this on the property in order to ensure that the home is free and clear.
What is Title insurance
200

An interest-bearing, tax advantaged account designed for people with high deductible health plans.

What is Health Savings Account

200
At [this stage] of the mortgage process disclosure forms are signed by the member.
What is Application Stage
200

Ms. Parkers debit card was temporarily blocked with this description until she could verify a few suspicious transactions.

What is Warm Card

300
This is a special type of insurance that protects a lender against loss if a borrower defaults on a 1st mortgage.
What is PMI (Private Mortgage Insurance)
300
The term used to describe the amount of money that is borrowed for the mortgage.
What is Principal
300

This allows individuals to direct pretax income towards investments that can grow tax-deferred. 

(Bonus: Double Points) Say the complete name instead of just the acronym.

What is IRA (Individual Retirement Account)

300
By [this week] our Processing team should be gathering the final set of documents to submit to underwriting for final approval.
What is Week 3
300

This is a written authorization to represent or act on another's behalf.

What is Power of Attorney

400
This type of mortgage has a fixed rate interest for only a set period of time, typically one, three or five years.
What is an Adjustable rate mortgage (ARM)
400
This is a federal mandate that all lenders must follow. This was put in place to protect consumers
What is a Truth in Lending
400

When you get a mortgage most lenders prefer to set this up so they can pay your property taxes and insurance premiums for you.

(Mortgage) Escrow

400
By [this week] our processing team should be gathering the first set of support documents that meet the conditions required by underwriting.
What is Week 2
400

True or False

I can notarize a document that was signed before it was presented to me, if it's an acknowledgement.

True

500
This is the difference between the value of the home and the mortgage loan.
What is Equity
500
Lenders will usually require this ratio to be at least 80% to qualify for a mortgage.
What is Loan-to-value (LTV)
500

This is a popular estate planning tool that you can use to determine who will get your property when you die. 

What is a Revocable Living Trust account

500
This can cause a major delay in the process as the entire loan application is structured around the value of the home.
What is "Appraisal value coming in lower than expected"
500

This is where a partial loan payment is placed until the entire amount due (for the month) is paid.

What is Unapplied Funds