Loan Origination
This document must generally be delivered within three business days of application.
What is a Loan Estimate (LE)?
This federal law prohibits discrimination in lending.
What is the Equal Credit Opportunity Act (ECOA)?
This calculation compares total monthly obligations to monthly qualifying income.
What is debt-to-income ratio (DTI)?
This disclosure notifies consumers that affiliated companies have a business relationship.
What is the Affiliated Business Arrangement Disclosure?
A twice weekly call hosted by Stephanie Rembert, what is something that she provides?
What is an exception?
This form replaced the HUD-1 Settlement Statement for most mortgage transactions.
What is the Closing Disclosure (CD)?
Under TRID, an application is triggered when six key pieces of information are collected. This final piece is the desired ________.
What is the loan amount?
A borrower must generally receive a corrected CD this many business days before consummation if the APR exceeds tolerance limits.
What is three business days?
Fannie Mae's automated underwriting system.
What is Desktop Underwriter (DU)?
Consumers may not be required to use an affiliated provider unless the service is this.
What is required or mandatory?
When asking a question about qualifying to your manager, what should you always do first?
What is “check the guidelines”
Borrowers can complete a closing from home using this acronym for a notarization process conducted over live audio-video technology.
What is Remote Online Notarization? (RON)
The percentage of a home's value represented by the mortgage amount.
What is loan-to-value (LTV)?
This category of fees is not permitted to increase from the Loan Estimate to closing.
What are zero-tolerance fees?
Funds remaining after closing that demonstrate a borrower's financial strength.
What are reserves?
The ABA disclosure must describe the ownership interest and any expected financial ________.
What is a financial benefit or thing of value?
A common phrase used within Velocio, this should be the first thing you eat in the day to make the rest of your day go better.
What is a frog?
A corrected CD is often needed if this key loan term changes after disclosure.
What is the interest rate, loan product, or loan terms?
The process of collecting income, asset, and credit documentation prior to underwriting
What is loan origination?
This rule established the Loan Estimate and Closing Disclosure forms.
What is TRID?
For FHA loans, this monthly premium protects the lender against default risk.
What is Mortgage Insurance Premium (MIP)?
This federal law governs Affiliated Business Arrangements.
What is RESPA?
This crucial document must be completed to ensure a smooth and timely closing.
What is a 1003 or URLA?
Recording fees and certain third-party services commonly fall into this tolerance bucket.
What is the 10% cumulative tolerance bucket?
A consultative sales technique used to uncover a borrower's goals through questions.
What is a loan interview?
The allowable increase for zero-tolerance fees is exactly this amount.
What is $0?
The fourth “C” of underwriting, after Credit, Capacity, and Capital.
What is collateral?
Violations related to improper referral fees typically fall under this section of RESPA.
What is Section 8 of RESPA?
This is a crucial step in determining whether a VA loan can qualify.
What is a residual income calculation?
If the APR becomes inaccurate beyond regulatory limits, a new CD may trigger a new ________ business-day waiting period.
What is three business days?