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15 Cards in this Set
- Front
- Back
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What is the “eligibility phrase?”
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To Ensure Your Application Is Eligible, You And I Must Work Together to show that the debt ratio Meets The Required Levels. Using income from both you and your husband will Strengthen The Loan’s Ability To Qualify.
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What is the definition of Regulation B (Reg. B)?
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Reg. B is a federal regulation that requires lenders to notify customers of a credit decision within 30 days of the application date (interview date).
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What two types of application stages does Reg b apply to?
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It applies to all loans in Pre-Approval and Real Deal stages. Since inquiry and Credit Counseling are not application stages, they are not subject to Reg. B
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What is the impact of removing a borrower from the path of assistance regarding Reg B?
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Since inquiry and Credit Counseling are not application stages, they are not subject to Reg. B unless the home mortgage consultant removes the customer from the path of assistance (implied denial).
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When a borrower has been given an implied denial, what denial process must be followed?
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The home mortgage consultant must follow the Branch Denial process.
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What letters stop or satisfy the Reg. B clock?
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Commitment Letter
Adverse Action Notice (AAN) Additional Information Requested Letter (AIRL) Priority Buyer Letter (PBL) Counter-Offer Letter Mortgage Credit Approval Letter |
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What’s the number of days that REg. B tries to track?
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The required notification of the borrowerof their approval within 30 days.
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Since AIRL is a document used to satisfy Reg. B, how many days does the borrower have to respond to the AIRL?
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The customer has 15 business days from the date of the AIRL to provide the information requested or the loan will be cancelled.
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AOW: What three steps are critical to do a change Circumstance?
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Go into the Documents leftnav; 1) RESPA Fee Change Request Submission Form hyperlink which takes you to the CC Validation entrypage and 2) the Change Circumstance Dropdown box, then 3) reprint the GFE
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What is concept of the mortgage Interest Credit?
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it’s a poor way to describe a choice. It should be called a Skip or No-Skip-Payment Choice. The idea is that it’s a credit/payment made by the lender on the borrowers behalf to cover mortgage interest from the date of closing through to the first full month of the loan. A borrower can a) pay that amount of interest at closing as part of their Cash-To-Close, or b) have the lender pay cover the charge temporarily but the borrower can’t skip a payment.
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What is the difference between branch denial and implied denial?
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nothing
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What if a loan is referred to shari bell, is my defunct application denied or cancelled?
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cancelled
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What happens to the loan lock when a deal is converted from my application to one sent to shari bell?
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I don’t know.
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401ks- What are the w/d options (ways to get fund out?)
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Terminate Employment, Retirement at 55, 59 ½ or 65, Disability, Death, Loan; aka L-TERD a poop shaped like an L all over a SPD
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401ks- What is the “Terms and Conditions of W/D” also called (aka SPD)
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Summary Plan Description
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