Non QM Programs
What does DSCR stand for?
Debt Service Coverage Ratio
What is the earliest an appraisal can be ordered?
Once disclosures are signed
Name an AUS System used for Conventional Loans
DU or LPA
What is the loan application called?
1003, 3.2/3.4, URLA
Borrower wants a better rate. What type of refinance is this?
Rate/Term
One way to earn loyalty points
Closing loans, attending webinars, surveys, suggesting ideas, referring companies, self disclosing
What are the two types of eligible bank statements
Personal or Business
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 AD minimum DSCR ratio
no minimum or 0
AVM must be ___% confident and within ___% of value for transfer appraisal
90% and 10%
What is MI and when is it required?
Mortgage Insurance, >80% LTV
When are redisclosures sent?
When loan is locked, then when any change occurs
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
At least 3 CPA Letter requirements
Date, Signature, License number, attest to have reviewed taxes or financial audit, confirm self employment
How does a partner request concierge service?
upload/start loan, select bk statement program then go to actions and click request concierge service
What is the minimum FICO
No Min FICO
Document that gives lender permission to request transcripts
IRS 4506-C
What is LPC and BPC? What are the options?
LPC: determined from broker package up to 2.75%
BPC: 0-3%
highest wage earner FICO, highest amongst all