Week One Wonders
A borrower earns $80,000 per year and has $1,500 in monthly debts.
Their home is valued at $200,000.
They have a first mortgage of $100,000 and a home equity loan of $20,000.
What is the Combined Loan-to-Value (CLTV)?
(100,000+20,000) / 200,000
60%
The borrower's Real Estate Owned
Name three types of homeowners insurance policies we may require at Spring EQ.
HO-3
HO-6
Fire
Flood
After a borrower takes their initial draw, how long must they wait before taking a second draw?
90 Days
NOI
Notice of Incompleteness
What minimum percentage of ownership in a business makes an individual self-employed for qualification purposes?
25%
Which icon is used to classify and describe documents in Blue Sage?
Document Manager
After how many days past due can a creditor report a late payment to the credit bureaus?
30 Days
How many 30-day late payments are allowed on a primary residence in the past 24 months?
One
PCCD
Post Closing Closing Disclosure
What are the 4 C's of Credit?
Credit, Capacity, Capital, Collateral
Whose job would it be to work the loan under the status of Conditional Approval?
CA/AM
What is not part of principal or interest, but is collected monthly to cover taxes and insurance?
Escrow Account
What is the maximum loan amount for someone with a credit score of 720?
$400,000
CTR
Currency Transaction Report
Who schedules closing?
CA or AM
Name the three dropdown boxes on the left side of Blue Sage
Fulfillment, Underwriting, Closing
How many tradelines must appear on a credit report to meet the minimum requirement, regardless of timeline?
Three tradelines:
with at least one of the tradelines being open with a date of the last activity within 6 months from the current date and reporting for at least the past 12 months OR A current mortgage paid as agreed for past 36 months
Name four eligible property types that Spring EQ accepts.
• Single Family
• PUDs
• Modular homes (as defined by Fannie Mae)
• Condominiums
• 1-4 unit primary residence properties in which the borrower occupies one of the units
PCI
Property Condition Inspection
What is our mission statement?
Empower homeowners and buyers to achieve and maximize the value of homeownership in a simple, fast, and ethical manner.
Experian provides the credit data, but which company do we use to order and access the credit report?
Xactus
Name 7 key elements on each credit tradeline we review.
Creditor Name, Account Number, Account Information, DLA, Terms, Max Delinquency, Balance, High Credit, Date Opened, etc
What are the expiration dates on each of these documents?
o Credit Report
o Income Documents
o Asset Documents
o Collateral
o Title
o Appraisal
o Credit Report - 60 Days
o Income Documents – 60 Days
o Asset Documents – 60 Days
o Collateral - 90 days
o Title - 90 Days
o Appraisal – 90 Days
FEMA
Federal Emergency Management Agency