About Spring
What is Spring EQ's largest channel
Wholesale/TPO
What is a 1003?
Uniform Residential Loan Application (URLA)
What is the minimum credit score required at Spring EQ?
640
What is the purpose of an Escrow account?
To collect and hold funds for property taxes and insurance so they can be paid on time on the borrower’s behalf
CLTV
Combined Loan to Value
What are the Spring Bee values?
Be Kind
Be Adaptable
Be Accountable
Be Better
Be Part of the Solution
What is a Lien?
A lien is a legal claim against a property
Which three items must be reviewed on the Mortgage Statement to verify the property occupancy?
Address, name, and date
Name three types of wage earners.
Investment, Self-Employment, Rental, W-2
PITI
Principal, Interest, Taxes, Insurance
What year did Spring EQ first open?
2016
What would a borrower's DTI tell us?
A borrower’s DTI (Debt to Income ratio) tells us how much of their monthly income is already committed to paying debts, and whether they can realistically take on a new payment without financial strain.
Which credit bureau do we use to pull borrower credit reports?
Experian
A borrower has a $120,000 salary and $5,000 in monthly debts. What is this person's DTI?
50%
AVM
Automated Valuation Model
What company purchased Spring EQ in 2023?
Cerberus
What is the Fair Credit Reporting Act?
A federal law that protects consumers by ensuring credit information is accurate, fair, and used only for legitimate purposes
When more than one borrower is on a loan, this credit score is always used for underwriting.
The lowest credit score among the borrowers.
What is HO-3?
It's the most common type of homeowners' insurance
LOS
Loan Origination System
What is our mission statement?
Empower homeowners and buyers to achieve and maximize the value of homeownership in a simple, fast, and ethical manner.
Name two reports the Bank Secrecy Act requires us to complete during certain situations.
Currency Transaction Report(CTR), Suspicious Activity Report(SAR)
Name three common factors that can impact a borrower’s credit score.
Payment History, Credit Utilization, Length of History, Types of credit, Inquiries.
What type of property is covered by an HO6 policy?
Condominium unit
CFPB
Consumer Finance Protection Bureau