Processing Loans Flashcards
Where can you go to find insurance verification?
Eoidirect.com
Do you escrow for taxes and insurance on a townhome?
No, only taxes
If a loan is below the limit for a jumbo what is it considered?
Conforming
If you are filling a “Closing Change Request” who must you email?
Scheduling
Where tenants pay outside expenses (trash, electric, etc)?
Triple Net
What customer type is an FHA loan good for?
Low credit score and/or poor credit history
Where do you go to obtain current fee and interest rates?
LRMS —> Applications —> Start Application —> Fee and Interest Rates
How many days does customer have to act after receiving Right to Cure?
20 days
a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Lien
a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage)
HELOC
