General Lending Flashcards
What is the default closing time?
9:00am
What is ALWAYS the answer to “is early wire required?”
Yes
What do you put for first payment?
First day of the month following closing or within 45 days after closing.
What is a great resource for loan procedures?
Intranet —> Loan Submission Procedures
What are the two places you can pull a KROLL report?
Platform or KROLL Website (www.factualdata.com)
What is a term sheet?
A non binding letter of intent
If a loan is below the loan amount for a jumbo what is it considered?
Conforming
What must be documented when calling on maturing or past due loans?
Must log conversation notes
Right to Cure for loans gives customer _________ days to make payment before action by the bank is taken.
20
Where can you look for more information regarding credit reports and alerts on them?
Procedures and Manuals —> Accounts —> Transunion Guides
For bridge loans what should be included in the “loan purpose comments” section?
Whether the loan will be followed by permanent financing.
On a FIRM5 and FIRM7 what must be done in regards to interest rates?
They must be adjusted to the fully indexed rate
How are fully indexed rates obtained?
By taking the 1 yr CMT and adding it to the current set margin.
Where are margins and FIRM5 and 7 rate adjustments found?
Intranet—> Investment Property Mortgages Excel Sheet
What must we do with a FIRM 5 OR FIRM7 rate when underwriting?
Calculate the fully indexed rate
