Day 3

Question 1

Account Executive

Answer 1

Serves as a caddy and a coach to our brokers

Question 2

First Line of Defense

Answer 2

Account Executive

Question 3

PITI

Answer 3

Principal
Interest
Taxes
Insurance

Question 4

HOI

Answer 4

Home Owner Insurance

Question 5

HOI covers 3 things

Answer 5

1. Fire
2. Theft
3. Acts of God

Question 6

MI

Answer 6

Mortgage Insurance

Question 7

When do you need MI

Answer 7

81 and higher

Question 8

Escrow and Impound Account

Answer 8

Savings account that collects money for taxes & insurance

Question 9

When do you have to escrow

Answer 9

LTV 95% or higher

Question 10

ITP

Intent to proceed

Answer 10

Loan Estimate
Home Loan Toolkit Booklet
Only Charged fir Credit Report

Question 11

Life of Loan

Answer 11

Broker Shops
Processing
Underwriter
Clear to Close
Instant Funding
Secondary Market
Retention

Question 12

DU

Answer 12

Desktop Underwriter

Fannie

Question 13

LPA

Answer 13

Loan Product Adviser

Freddie

Question 14

Close

Answer 14

Time
Date
Place

Question 15

Origination

Answer 15

1003
Credit Report
Appraisal

Question 16

Processing

Answer 16

Gathering document from borrowers

Broker

Question 17

Doc Indexing

Answer 17

Labeled correctly

Question 18

Set-Up

Answer 18

Gatekeepers
1003
CR
ITP
AUS

Question 19

Processor Assist

Answer 19

Collect documents on the brokers behalf

Question 20

Verbal Verification of Employment

Answer 20

30 days

Question 21

Disclosures

Answer 21

Proper State Requirements

Question 22

Vendor Assist

Answer 22

4506c

Question 23

Underwriter

Answer 23

Title

Liens

Question 24

Closing Team

Answer 24

Make sure closing cost are correct

Question 25

Wire Team

Answer 25

Send the money

Question 26

Uclose

Answer 26

Time
Date
Place

Question 27

Post-Closing

Answer 27

Prepare Documents for loan sale to secondary markets

Question 28

Secondary Marketing

Answer 28

Make our money

Question 29

Servicing

Answer 29

Principle split out interest

Manage Escrow

Question 30

Retention

Answer 30

Unconnect

Unite

Question 31

Senior Underwriter

Answer 31

Income
Credit
Occupancy

Question 32

Making a Credit Decision

Answer 32

Approved with Conditions
Rejected
Suspended

Question 33

Underwriter Approval Letter

Answer 33

FICO
DTI
LTV

Question 34

Underwriter II

Answer 34

Review Conditions

Clear Conditions

Question 35

CTC

Answer 35

Clear to Close

Question 36

Offer

Answer 36

Offer
Counter Offer
Seller’s Concessions

Question 37

Purchase Agreement

Answer 37

Price
Concession
Move in Date

Question 38

Inspection

Answer 38

Livable

Question 39

Unlivable

Answer 39

Foundation Cracked
Mold
H2O Damage
Infestation

Question 40

Appraisals

Answer 40

1. SQ Footage
2. # Bedrooms
3. # Bathrooms

Question 41

EMD

Answer 41

Earnest Money Deposit

Question 42

COO

Answer 42

Certificate of Occupancy

Question 43

Right of Rescission

Answer 43

After 3 days of closing u can back out

Question 44

Cash Back Fannie Mae

Answer 44

2% of the loan amount or $2000 which ever is lower

Question 45

Cash Back Freddie Mac

Answer 45

1% of the loan amount or $2000 which one is greater

Question 46

Title Insurance

Answer 46

Covers lender and borrower against loss

Question 47

Deed

Answer 47

Transfer of Ownership

Question 48

Flood Certificate

Answer 48

Not in flood zone