Loan which is not backed by the Government that follows guidelines set forth by two main investors Fannie Mae and Freddie Mac
What is Conventional?
100
1 unit home that is occupied by the borrower between 1 day and 6 months out of the year
What is a Second Home?
100
Responsible for gathering and analyzing all information provided on the 1003 / Loan Application
Who is the Processor?
100
Movement Mortgage's goal is to have loans processed and CTC (Clear to Close) in _____ business days
What is 7?
200
In most cases this transaction involves Real Estate Agents
What is a Purchase?
200
This loan type requires Mortgage Insurance if the LTV (Loan-to-Value) is over 80%, down payment is less than 20%
What is a Conventional?
200
A 1-4 unit home that is occupied by the borrower more than 6 months out of the year
What is Owner Occupied?
200
I am responsible for Ordering the Appraisal, requesting the Rate Lock and sitting down with the borrower and taking the loan application, I am Operations #1 customer, the foundation of Movement Mortgage's Success
Who is the Loan Officer?
200
The team responsible for sending out the initial loan package to the borrower
Who is the Disclosures?
300
In most cases the Borrower puts down EMD (Earnest Money Deposit)
What is a Purchase?
300
Government loans which are insured by the Federal Housing Admistration
What is FHA?
300
A 1-4 unit that is not occupied by the borrower any time during the year, purchased with the intent of making a return
What is a Investment Property?
300
The part of the application where the borrower discloses whether they are a US Citizen
What is Declarations?
300
This team will review the initial disclosure package once received from the borrower and if corrections needed or disclosures are missing they will add them to your condition sheet
Who is the QC team (aka flatworld)?
400
Processor will be responsible for requesting a Payoff from the existing lienholder(s)
What is a Refinance?
400
Government loans which are insured by the Department of Veterans Affairs
What is VA?
400
A Tenant Occupied Rental property
What is an Investment Property?
400
Responsible for determining if the borrower is qualified to obtain a mortgage loan
Who is the Underwriter?
400
The two main investors which Conventional loans must follow guidelines for
Who is Fannie Mae and Freddie Mac?
500
Loan proceeds go towards paying off existing liens and then to Borrower to payoff debt
What is a Refinance (Cash-Out)?
500
This loan type is popular among first time homebuyers and borrowers with less-than-stellar credit
What is FHA?
500
The 3 Occupancy Types
What is Owner Occupied, Investment and Second Home?
500
The person(s) responsible for signing the 1003 / Application
Who is the Loan Officer and the Borrower(s)?
500
If a Underwriter reviews your loan at Submission and they feel they would recommend a denial they will forward the loan to this department for review to make the decision to deny or see if there is a way we can approve