Loan Origination Activities Flashcards
A couple is legally separated, and the husband is on the loan but not going to live in the subject property, he should be treated as a ___
Non-occupying co-borrower
When a borrower chooses to allow their interest rate to rise or fall with the market until the loan is closed, it is called ___
a float
which form is the appraisal form used for investment properties?
1007
Form for URAR
1004
theory describes a state where the lender holds legal title until the debt is paid
Title theory
theory describes a state where the borrower holds legal title while the debt is paid off
Lien theory
Insurance which guarantees a lender a certain lien position on the title to a property free from undisclosed encumbrances is called
Lender’s title policy
If there is not a notarized power of attorney on file who would be allowed by the lender to sign on behalf of the applicant unable to attend the closing of the transaction?
A court appointed guardian
If a borrower does not think the dwelling of their property is in a flood zone but the flood map states the property is in a flood zone what can the borrower do to remove the requirement of flood insurance?
Request a letter of MAP amendment
A gift from the seller used to pay closing costs and do not have to be paid back
Seller concessions
A loan from the seller that functions as a second mortgage and must be repaid
Seller financing
URLA
Sections 1-3
- Borrower Information
- Financial Information
- Financial Information- Real Estate
URLA
Sections 4-6
- Loan & Property Information
- Declarations
- Acknowledgement & Agreement
URLA
Sections 7-9
- Military Service
- Demographic Information
- Loan Originator Information
If more than 25% of income is commission, bonus or overtime, we need
- 2 years of full tax returns (1040s)
- Signed 4506-C
government appraisals must include a
Case #
Appraisal Certificate of Completion
Form 442
Comprised of land and anything permanently affixed to the land
Real property
Anything that is transitory and can be moved (Chattel)
Personal Property
Servicing includes (6):
- Payment Collection
- Late Fees
- Foreclosure
- Bi-Weekly Payments
- Escrows
- Reconveyance
PPP can only be charged for ___ loans
QM, fixed rate, conforming loan
HOI is based on __
lesser of replacement cost or remaining loan amount
Flood Insurance is based on ___
lesser of $250k or remaining loan amount
