Important Days In Mortgage Loan Origination Flashcards by Marco Vidal III

Q

Annual Continuing education

A

8 Hours

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Q

License Education

A

20 Hours

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Q

Hud-1 Settlement

A

24 Hours

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Q

Funds disbursed on Residential Refinance

A

3 Days after the close of escrow

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Q

Disclosure/GFE & TR

A

3 Days after application

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Q

Recession on Residential Refinance

A

3 Days

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Q

Notice of Change of Services

A

15 Days

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Q

Wait to re-exam after failure

A

30 Days

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Q

Escrow Month

A

30 Days

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Q

Fico Report Dispute

A

30 Days

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Q

Update Do-Not Call-Records

A

30 Days

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Q

Notify Consumer of underwriting decision

A

30 Days

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Q

Do Not Call - can call with inquiry

A

3 Month

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Q

Break point installment payments

A

10 Months

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Q

Wait to take an exam after 4 failings

A

180 Days

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Q

Audit escrow account; over $50 & returned

A

Annually

Q

Free Credit Report

A

Yearly

Q

Do Not Call - with transaction OK

A

18 Months

Q

W-2’s, etc. needed

A

2 Years

Q

To reinstate expired licenses without retesting

A

5 Years

Q

Chapter 13 Bankruptcy

A

7 Years

Q

Chapter 7 Bankruptcy

A

10 Years