Lss Flashcards
What are the two things every borrower wants to know?
How much is this loan costing me and what is my mortgage payment.
Before every closing…
Find the Note, Find the payment letter. Place Closing Statement on top, Note then Payment Letter.
What you’re about to sign is…
What you’ve already been told, likely by loan officer.
If any of these numbers don’t look correct…
We will get the Loan Officer on the phone to straighten this out.
895 is your origination fee…
Is or is that not correct?
Where can I find the fees?
Page 1 of the Closing Statement.
What is right behind the closing statement?
The Note.
Based off the Note I can tell the borrower…
The refinance cost, the monthly rate, the first payment date, last payment date, length of mortgage, interest rate and if it is fixed or adjustable rate as well as if there is a prepayment penalty fee.
What is a Grant Deed?
Also Known as a Quitclaim Deed, this is meant to change/add ownership interest in property.
What is a PCOR?
Preliminary Change of Ownership Report
Who is the trustee?
Someone designated rights in the Trust.
Who is the Settlor/Creator?
The person designating the trust.
Who can fill out a PCOR?
The person named in the trust will fill out all the empty fields through my cooperative, and thorough explanations.
What is the Title to Trust assets?
The original verbiage explaining who the trustees and/or settlors are within a particular trust and when it is dated/created.
Is it worse to half fill out a form, or not fill it out at all?
It is worse to leave something half filled out, it suggests errors throughout paperwork.
