Non QM Programs
What is the minimum expense ratio allowed for bank statements?
10%
What is the earliest an appraisal can be ordered?
Once disclosures are signed
Name both AUS Systems (Acronym and what it stands for)
DU and LPA
Document that gives lender permission to request transcripts
4506-C
How does a broker choose their LPC?
Broker Package
1 way to earn and 1 way to spend loyalty points
Closing loans, attending webinars, surveys, suggesting ideas, referring companies, self-disclosing
Shirts/merch, lock extension, Waive UW fees, $500 credit, rush on closing
What are the PPP options AD offers?
0, 6mth, 1 2 3 4 5
What is the earliest a loan can be locked? Who locks it?
origination/started loan, MLO
What is the minimum FICO and Down payment for Conventional Loans
none (per AUS) and 3%
Which final settlement document discloses the exact fees, cash to close, and loan details?
CD or Closing Disclosure
FICO required for a DSCR below 1
680
Name 2 thing AD offers with DSCR that makes us stand out
No ratio, Mixed-Use, Multifamily up to 8 units, FTHB, any residency status, Gift funds allowed
Income types that are not allowed for a 2nd Lien
1 year Full Doc, 1/2 year P&L
The documents needed to vest in an LLC
Operating Agreement(or CPA letter) and Articles
Names of guidelines for Conventional and FHA
Selling Guide, HUD handbook/4000.1
What is new construction?
COO issued in the past 12 months
List all residency statuses eligible for Non QM loans
US Citizen, Perm Res, Non Perm Res, ITIN, Foreign National
How do we choose a FICO score on loans with 2 borrowers (Income and DSCR)?
highest wage earner middle FICO, highest middle amongst all
What is the amount of time for a Cashout refi a property must be off market (not be listed for sale) and what PPP is required
6 months
List 3 things UW 1 reviews
title, insurance, invoices, appraisal, assets, flood cert
What is PIW and how would I get it?
Appraisal Waiver (Property Inspection Waiver)- DU or LPA returns
When are redisclosures sent on a loan?
1. lock 2. COC
List all types of insurance
MI, Flood, HOI bonus for master
Prime and Super Prime
Credit event seasoning and mortgage history
12 mths 48 mths
0x30x12, 0x90x24
0x60x12
What CU score must my SSRs have to be acceptable? If my SSRs are not good what do we look at next?
2.5 or lower, we look at AVM
Name 2 fees included in the points and fees and the maximum points and fees on O/O and Invmt Non QM loans?
origination, UW fee, discount points
5%, 7%
How do I document variable income and length of time? (Bonus, Commission, overtime)
2 years, WVOE
What documents verify rental income for Long and Short term rent?
STR: AirDNA, 12 months history LTR: lease 1007
Name 2 types of closing
At a minimum what do I need to file an exception?
3 compensating factors, credit report, loan app, income (if applicable)