Assets
Something someone gives you with no obligation to give it back
What is a gift?
The exemption we always give
What is a homestead exemption?
The UW can go here to check to see if the insurance company has an acceptable rating if it was not found on UWM's Excel sheet
What is demotech.com and standardandpoors.com,
T/F The appraiser must state that the property meets 4000.1 minimum requirements on a 1004D.
What is false?
Joe Exotic's first husband
What/who is Brian Rhyne?
Sally makes $5,000 a month and has a $1,500 deposit showing on her bank statement
What is a large deposit?
A non-transferrable exemption in New York purchase transactions
What is a STAR exemption?
This is an acceptable insurance rating for USDA
What is B+?
The developer/builder is in control of the HOA
What is New?
Joe Exotic's first song ever recorded
What is "I Saw A Tiger"?
There is a deduction for $100 from JPMCB. There is no liability in EDGE for Chase. What is the underwriter's next step?
What is check the credit report?
Title has a special assessment for a sewer charge that is being included in the annual tax amount
What is do not include or escrow the sewer charge?
Calculates approximate reconstruction costs for properties
What is a replacement cost estimator?
The appraiser needs to comment on the marketability and value impact on all property types.
What is legal nonconforming zoning?
There is a collection account on the borrowers credit for $2,500. What is the exclusion reason?
The debt cannot be excluded.
This account never requires terms of withdrawal
IRA
California purchase price of $300,000
Taxes on title are $5,000.
What is the underwriters next step?
What is condition for a breakdown of property taxes as property taxes last paid exceeds 20% of calculated amount
There are two options to determine if dwelling coverage is sufficient.
1. Policy states the property is insured to "full" or "guaranteed" replacement cost
2.Dwelling coverage => the lesser of replacement cost or total loan amount
In the sales comparison approach, the appraiser must typically include a negative adjustment to the comps in the amount of the cost-to-cure.
What is deferred maintenacne?
Student loan payments are calculated this way.
The greater of the amount reporting on credit or 5% of the outstanding balance
Assets over $50,000
What are "income producing" assets?
This is the process for judgments on title for refinances and purchases
Refinances: all liens need to be paid in full and released (by the title company), or subordinated at closing. If it is paid, the source of funds used must be obtained.
Purchase: seller is responsible to ensure all liens are paid and released at closing
The 2 ways we can determine replacement cost.
Appraisal-cost approach
RCE provided by same company who issued binder
The location of the subject property and comparable sales and/or rentals
What is the neighborhood map?
There are 6 overvaluation flags on an appraisal
1. Collateral Underwriter Risk score above 4
2. FNM0797
3. Appraised value is the same as the purchase price
4. Excessive adjustments (line 10%, net 15%, gross 25%)
5. Across the board adjustments
6. Poorly bracketed adjusted/adjusted sales price