Putting on Loans/ OI's Flashcards
What must you do in the comments section when completing checklist items?
Give explanation of how these were completed
What are some ways to find insurance verification?
EFile —> Insurance —> Insurance Co. Links
eoidirect.com
If changing a closing date or closing change request who must you contact and how?
Email ‘scheduling’
What needs to be filled out for insurance certification?
Hazard Insurance Worksheet
Three things to include on Hazard Insurance Worksheet:
1) make sure FirstBank is “Unit __________ mortgage.”
2) verify correct __________ is listed
3) verify coverage is __________ for property
1) owners
2) loan #
3) sufficient
What is an important intranet resource for mortgages?
Mortgage Rates and Information
What changes with a retirement plan loan interest rate and why?
It is increased do to non-recourse
What form needs to be filled out to request insurance information?
Insurance Request Form
What should be put in the comment area of an insurance request form?
“Please return ASAP for the benefit of our mutual customer.”
What are branch notes in LRMS generally used for?
For items you’ve done but are waiting on a response on or someone to get back to you
What should you do on every OI completed?
Send loan mail explaining completion
If we are using an existing application for a new loan, for form must we use for the checklist?
Existing Application Checklist
When scanning closing documents in, what must be done with the note?
Must make copy and interbank the physical note to Loan Ops
What should be the close date on all refinances?
12/31/2020
Where can you find closing timelines?
Loan Ops Portal
What three things are needed to setup new customer record?
1) Loan Application
2) Credit Report
3) ID’s
What would the closing costs be paid from in a cash out refinance?
From loan proceeds
When is the payment for a LOC due?
The last day of the month
When are all loan payments except for LOC’s due?
First day of the month
Lend on ____________ of purchase price and appraisal.
Lower
Where should you get “Real Estate Collateral Description” from?
Value Check
What will a mortgage checklist tell you?
What must be added or attached in loan mail to a new loan submission.
For appraisals what is a 2055?
1-4 Family Drive By
For appraisals, what is a 1075?
Condo Driveby
For all loans except a purchase, what title company do we use?
Land Title
For a purchase how do we know who the title company is?
From the purchase contract
A borrowers authorization is required for a FirstBank refinance. (T/F)
False, a borrowers authorization is not required for a FirstBank refinance however it is required for a non-FirstBank refinance.
Are weekly updates required for all loans?
No, only purchases
What is a ‘branch task’ generally added after loan submission?
20 Day Letter
In what time frame should all docs be submitted and the loan be approved in?
30 days
What two things should be completed by closing?
1) CARMELS
2) Loan File Checklist
Where can you find interest rate information on CICS?
LN30
Is there an origination fee on a LOC?
No
For a LOC how is interest and principal paid?
Interest = monthly Principal = at maturity
How long is an appraisal good for?
1 year
For mortgages, what is the general 3 step process to putting on a loan?
1) Application (Platform)
2) LRMS
3) Loan App Checklist
After submitting the loan request (for purchases) what two items should be uploaded to LRMS?
1) Value Check
2) Purchase Contract
After submitting a loan request for everything but purchases, what 3 items should be uploaded to LRMS?
1) Value Check
2) Credit Report
3) Loan Application
When do ALL OI’s need to be completed besides those at closing?
The day before the doc prep date
What should you put in the distribution section of the Loan Request when there are fees?
Net Proceeds
There are origination fees on HELOC’s and HEIL’s. (T/F)
False
What should you request early in process of a secondary market loan in regards to tax returns?
4506T
What is a 4506T?
Request previously filed tax returns copies or transcripts
