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31 Cards in this Set
- Front
- Back
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Purchase Inputting- Where are the fields for value and appraisal?
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property value on the bottom of the property details screen
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If DU states w2s are needed, then what impact will the decision being Referred have?
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There is a Wells Fargo Overlay requires 2 years of W2’s if a file is Referred
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What’s the max cltv and tltv for a subordinated second with cash out?
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80%
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What’s the max cltv and tltv for a subordinated second with NO cash out?
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90%
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How do I know if a loan is Rapid Value Eligible?
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Third block down states Appraisal Eligiblility= Yes.
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What do I put in 5cs if appraisal is Rapid Value Eligible?
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Note the RV Eligible in the 5cs
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About 75%?
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Rapid Value
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What happens to the money paid for an appraisal if we get a Rapid Value?
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The funds go into the “trusts receivable” account set up for your loan. If the application is Rapid Value eligible, then the amount above the $75 remains in the trusts receivable account to pay for the title report and the recording etc.
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How much do we charge on the credit card for a rapid value?
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We always charge the full amount for appraisal. Then we let the remainder in the Trusts Receivable account to be used for the other loan costs.
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When would I see this error: “GFE has been disclosed through CDD. Change Circumstance code is required in order to re-disclose GFE”?
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When I’ve not printed the docs upon decisioning. I’ve waited too long.
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Is there a difference between a TD and a cancellation?
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yes- TD- OCs applied and the branch said no, Cancelled- means our customer denied going further
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TD- How do I TD a loan application that has not been locked?
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Click my name and change the fulfilment branch to FastCars. Then go to Resources Fastcars to complete the reporting form.
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TD- How do I TD a loan that has been locked?
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Use the appropriate e radio button/fields in the FastCars reporting site
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Customer Changed jobs in the last year. How many w2s needed?
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All for the last two years.
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I get an FHA email from home office when a file goes into processing. What’s the email for?
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it tells us UFMIP refund amounts and assigns the new fha case number.
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What’s the first thing I do when I get a title report?
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forward it to the processor. IMMEDIATELY SO I DON’T PULL A TASSLER!! Sat on a title report for 2 weeks and missed a closing!
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What’s the name of my buddy that took the test at my desk?
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Her name is Ruby
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Cancelling loans: If an unlocked loan is cancelled, how long must you wait to reinstate?
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Kiom says-If it’s not locked then they can restart a loan at any time.
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CORE-What screen is used to choose the escrow priovider?
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property screen. You can make a note who you choose for escrow. Michelle will continue to complete the Family Routing Submission Form with all info and fax it into ELF.
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CORE: What must I remind customers about the checklist?
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Don’t send the docs to ELF, send them to ME. A borrower sent all their docs directly into ELF.
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Why should you wait a little before ordering the rapidvalue?
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any change to the ltv will require a re-pull of the RV, so Order rapidvalue once the title comes back because if there is a 2nd on the property, it'sll change the ltv
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What determines whether a customer should make their payment when a signing date is closely approaching?
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If the loan is CLEAR TO CLOSE (no further changes to terms), and the signing will finish and pass recission prior to when late charges are assessed, then don’t have OCs make their payment.
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There are three decision engines- what are they?
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WF decision engine, DU and LP
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Decisions in RED mean what?
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TD ( except some HARP loans will still return a red TD an be able to be approved.)
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Decision Engine returns a C2. What’s that?
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Usuall associated with a RED TD box
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What old style answer is reduned on decisions that means the DR is too high?
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A- is an old-school decision Td due to DR
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What’s the max cash out on a VA IRRRL?
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$0.00! It’s a streamlined r/t refi w/ no cash out!
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What’s the min time since bk discharge before we can consider any work?
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>2 years
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If WF has been bilked in a Bk discharge, can we do anything?
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NO
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How many years must lapse from a Foreclosure discharge?
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>3+ years
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When the Final HUD comes to me for review, what specifically should I look for?
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Look at the appraisal to see if it’s listed and shouldn’t be… like Khan’s was.
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