The Quirks of QRM
Acceptable answers:
1. Through the browser
2. Via Citrix Workspace
3. Desktop version
What is the acronym commonly used to refer to Freddie Mac?
FHLMC
Bonus Points! What does the acronym mean?
What does FNMA stand for?
Federal National Mortgage Association
What does GNMA stand for?
Government National Mortgage Association
What has hands, but is unable to clap them?
A clock.
True or false: it is okay to manually export Ginnie pools.
False
True or false: labels cannot be created outside of Freddie.
True
True or false: the labels need to be put in loan order before printing.
False because unlike Freddie, the labels are already in loan order.
True or false: no OTP (one time passcode) is required when logging in to Ginnie.
False
I have many keys, but no locks. I have space, but no rooms. You may enter, but you may not go outside. What am I?
A keyboard.
A Shipper.
What are the official names of the two types of edits in Freddie?
Warnings and Critical
Bonus Points! Name the third tab that usually appears while in a loan in Freddie and is found next to the Warnings and Critical tabs.
What are the official names of the two types of edits in Fannie?
Warning and Fatal
Today we use SFPDM to process Ginnie pools, but prior to that we used what?
GinnieNET
What starts with an e, but only has one letter?
An envelope.
What is the official name of the QRM reported printed at the end of processing a pool and that is given along with the control log to a team lead to check?
(Hint: 6 words)
Loans Selected For Allocation Detail Report
What group does someone email if they receive the Freddie warning edit "Please confirm the HMDA Rate Spread Percent (Closing) is correct. A HMDA Rate Spread Percent (Closing) greater than or equal to 1.5% potentially identifies this loan as a Higher Priced Mortgage Loan (HPML) as defined by the Truth in Lending Act (Regulation Z)."
None because the edit is kept as a warning.
A new pooler approaches you in confusion and asks about the Fannie fatal edit "When DU indicates a First Time Homebuyer, then the 1st Time Homebuyer flag should be 'Yes' in Loan Delivery." You respond by saying they should write what in the edit email?
DU Submission # [] has the borrower as a First-Time Homebuyer, but NETO/Empower does not.
Bonus Points! What is the SFC?
When do you normally submit a pool in Ginnie SFPDM?
After the pool has cleared Validation and a team lead reviewed it.
Bonus Points! Name the exception.
I have pointed fangs, and I sit and wait. I have piercing force, and I crunch with weight. I grab my victims, but they do not fight. I join them each with a single, quick bite. What am I?
A stapler.
What button in QRM causes the "Loading library topic..." download if you click it.
Library
Double Jeopardy! Name where in QRM it is located.
What is the official name of the link someone clicks to get to the page where they can build their pool in Freddie?
Build Form 1034E
What are the Fannie meanings behind a red square, a yellow triangle, and a green circle.
A red square indicates a fatal edit, a yellow triangle indicates a warning edit, and a green circle indicates edits pass.
When updating a pool's UPB, do you round up or down?
Down
There is one of me in every corner, but two of me in every room. What am I?
The letter O.