Advertising, Initial Interview, & 1003 Flashcards
4 P’s of Advertising
-Prominent (will the statement be noticed)
-Presented (Is the information clear and easy to understand)
-Placement (is the information in plain sight? Is important information able to be seen?)
-Proximity (Is all the info relevant and in close proximity to the qualifications of the claim.)
Is it ever okay to display a VA, USDA, or FHA logo on an ad or website? Is it okay to state that you are approved by these entities?
NO!
What are the size requirements for the Equal Housing logo on printed materials?
-1/2 page or larger: 2”X2”
-1/8 page to 1/2 page: 1”X1”
-4 column inches to 1/8 page: 1/2” X 1/2”
-Less than 4 column Inches: Don’t use logo. Instead, use slogan.
What are the 2 conditions of normal promotional and educational activities directed to a referral source?
- Activities are not conditioned on the referral of business.
- Activities do not involve defraying expenses that otherwise would be incurred by the referral source.
Pre-Qualification
An analysis of the borrower’s credit report, financial picture, income, and ability to purchase a home to let the borrower know how much they would likely qualify for.
Pre-Approval
A conditional commitment to grant the mortgage to the borrower. The difference from pre-qualification is that the borrower has applied and been approved for a specific mortgage amount.
6 key pieces of information that make up an application per TRID. Once you have these pieces of information you are required to send an LE disclosure in 3 days.
-Address of the property
-Loan amount requested
-Income (Borrowers income)
-Estimated property value or purchase price
-Name of the borrower
-social security number
Useful Acronym “ALIENS”
If the borrower tells you their credit score or requests that you do not run their credit, are you required to deliver the Loan Estimate (LE)?
No. You need permission to run a credit report for an accurate score and the SSN is required to run credit, so you are not required to give an LE until you have the SSN.
What are the 9 sections of the borrower information section of form 1009?
- Borrower information
- Assets & Liabilities
- Real Estate
- Loan Property Information
- Declarations
- Acknowledgements & Agreements
- Military Service
- Demographic Information
- LO Information
What are the 4 sections of the Lender Loan Information section of the1003?
- Property and Loan Information
- Title Information
- Mortgage Loan Information
- Qualifying the Borrower.
What does URLA stand for?
Uniformed Residential Loan Application (Form 1003 Fannie and form 65 Freddie)
What are the 3 additional forms and addendums of the 1003?
- Continuation Sheet
- Unmarried Addendum
- Additional Borrower
When should you fill out the additional borrower section of the 1003 addendum?
-If there are 2 borrowers with joint financial information unless you are filling a separate URLA for each borrower.
-For 3 or more borrowers.
When should the Unmarried Addendum be filled out on the URLA?
When the loan applicant marks they are unmarried on the 1003.
