Non QM Programs
Minimum seasoning for cashout
What is the earliest an appraisal can be ordered?
Once disclosures are signed
Name the AUS Systems used for Conventional Loans
DU and LPA
Document that gives lender permission to request transcripts
4506-C
BPS stands for
basis point
2 ways to earn loyalty points
Closing loans, attending webinars, surveys, suggesting ideas, referring companies, self disclosing
What is the minimum expense ratio allowed for bank statements?
10%
If a loan is approved what document is sent out?
Conditional Approval or Approval Letter
Minimum down payment for Conventional Loans
3%
Which final settlement document discloses the exact fees, cash to close, and loan details?
CD or Closing Disclosure
What does “escrow” typically include?
Taxes and Insurance
Two ways to reach out to partner support
Phone or video on website
What is the FICO and LTV requirement for 55 DTI?
680 80 LTV, bonus: Purchase or R/t and O/O
AVM must be ___% confident and within ___% of value
90% and 10%
What is MI and when is it required?
Mortgage Insurance, >80% LTV
What is new construction?
COO issued in the past 12 months
What is the term for a fee charged to reduce the interest rate on a loan?
Discount Points
Minimum Borrower Contribution for an investment
10%
What does PPP stand for and the options AD offers?
Prepayment Penalty; 0, 6mth, 1 2 3 4 5
Which Underwriter reviews the appraisal, title and insurance
UW 1
What tool would you use for Home Ready/Home Possible?
AMI Lookup tool
What appraisal form/document verifies rental income?
1007
What is a WVOE and who fills it out?
Written verification of Employment, Employer
What tab on the website allows you to request branded marketing materials?
AD Studio
For a loan 1,000,000 minimum reserve requirement is
For a loan amount between 1,000,001 and 2,000,000 minimum reserve requirement is
For a loan amount more than 2,000,000 minimum reserve requirement is
3 months, 6 months, 12 months
3 things I need to file an exception?
3 compensating factors, crdit report, loan app uploaded
What is the minimum FICO
No Min FICO
What is sent out when I lock my loan?
redisclosures and lock confirmation
What is LPC and BPC? What are the options?
LPC: determined from broker package up to 2.75%
BPC: 0-3%
How do we choose a FICO score on loans (Income and DSCR)?
highest wage earner middle FICO, highest middle amongst all