Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Bank > Putting on Loans/ OI's > Flashcards

Putting on Loans/ OI's Flashcards

1
Q

What must you do in the comments section when completing checklist items?

A

Give explanation of how these were completed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are some ways to find insurance verification?

A

EFile —> Insurance —> Insurance Co. Links

eoidirect.com

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

If changing a closing date or closing change request who must you contact and how?

A

Email ‘scheduling’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What needs to be filled out for insurance certification?

A

Hazard Insurance Worksheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

A

1) owners
2) loan #
3) sufficient

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is an important intranet resource for mortgages?

A

Mortgage Rates and Information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What changes with a retirement plan loan interest rate and why?

A

It is increased do to non-recourse

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What form needs to be filled out to request insurance information?

A

Insurance Request Form

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What should be put in the comment area of an insurance request form?

A

“Please return ASAP for the benefit of our mutual customer.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are branch notes in LRMS generally used for?

A

For items you’ve done but are waiting on a response on or someone to get back to you

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What should you do on every OI completed?

A

Send loan mail explaining completion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

If we are using an existing application for a new loan, for form must we use for the checklist?

A

Existing Application Checklist

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

When scanning closing documents in, what must be done with the note?

A

Must make copy and interbank the physical note to Loan Ops

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What should be the close date on all refinances?

A

12/31/2020

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Where can you find closing timelines?

A

Loan Ops Portal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What three things are needed to setup new customer record?

A

1) Loan Application
2) Credit Report
3) ID’s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What would the closing costs be paid from in a cash out refinance?

A

From loan proceeds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

When is the payment for a LOC due?

A

The last day of the month

19
Q

When are all loan payments except for LOC’s due?

A

First day of the month

20
Q

Lend on ____________ of purchase price and appraisal.

A

Lower

21
Q

Where should you get “Real Estate Collateral Description” from?

A

Value Check

22
Q

What will a mortgage checklist tell you?

A

What must be added or attached in loan mail to a new loan submission.

23
Q

For appraisals what is a 2055?

A

1-4 Family Drive By

24
Q

For appraisals, what is a 1075?

A

Condo Driveby

25
Q

For all loans except a purchase, what title company do we use?

A

Land Title

26
Q

For a purchase how do we know who the title company is?

A

From the purchase contract

27
Q

A borrowers authorization is required for a FirstBank refinance. (T/F)

A

False, a borrowers authorization is not required for a FirstBank refinance however it is required for a non-FirstBank refinance.

28
Q

Are weekly updates required for all loans?

A

No, only purchases

29
Q

What is a ‘branch task’ generally added after loan submission?

A

20 Day Letter

30
Q

In what time frame should all docs be submitted and the loan be approved in?

A

30 days

31
Q

What two things should be completed by closing?

A

1) CARMELS

2) Loan File Checklist

32
Q

Where can you find interest rate information on CICS?

A

LN30

33
Q

Is there an origination fee on a LOC?

A

No

34
Q

For a LOC how is interest and principal paid?

A 
Interest = monthly
Principal = at maturity
35
Q

How long is an appraisal good for?

A

1 year

36
Q

For mortgages, what is the general 3 step process to putting on a loan?

A

1) Application (Platform)
2) LRMS
3) Loan App Checklist

37
Q

After submitting the loan request (for purchases) what two items should be uploaded to LRMS?

A

1) Value Check

2) Purchase Contract

38
Q

After submitting a loan request for everything but purchases, what 3 items should be uploaded to LRMS?

A

1) Value Check
2) Credit Report
3) Loan Application

39
Q

When do ALL OI’s need to be completed besides those at closing?

A

The day before the doc prep date

40
Q

What should you put in the distribution section of the Loan Request when there are fees?

A

Net Proceeds

41
Q

There are origination fees on HELOC’s and HEIL’s. (T/F)

A

False

42
Q

What should you request early in process of a secondary market loan in regards to tax returns?

A

4506T

43
Q

What is a 4506T?

A

Request previously filed tax returns copies or transcripts

Bank (28 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions