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14 Cards in this Set
- Front
- Back
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How do I find a particular VA IRRRL doc that doesn’t print out with the rest of the smart docs?
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Use the FIND feature under the Smartdoc box to locate the form by form number or name.
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What is Andrew’s Process?
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I sell the customer, get them interested, maybe do a quick rate. Then have them apply online at my website. Then I go pickup the application in My Leads and send the app to AOW. Call and Tell the customers of the documents that I need to review. I set up a f2f to give disclosures, have ocs sign and get their credit card for the credit report and appraisal. Once I have docs, I know OCs are moving forward and I can pull their credit, using “Verbal OK for Credit.” Without the docs, I’m always doing “Written Authorization For Credit.” For written OK, email it to their smartphone and have them bounce it back. I compile the file and send it to the packager. I move on to the next solicited customer. Eventually I’ll get stips and conditions and I’ll tell OCs what’s needed and get those items. Originate during the day and do training after hours. Surround myself with people I like. Don’t stay stuck with a question for too long.
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Four Customer Stages: What are they?
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Inquiry, Credit Counseling, Pre-approval, Real Deal
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Four Customer Stages: When a customer says their credit stinks too much to get a loan, what stage will you pursue?
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Credit Counseling stage- it allows me to pull credit without doing an application.
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Four Customer Stages: When a credit counseling stage is being pursued, should I charge for the credit report?
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No- it will be charged if OCs go ahead with the loan.
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Four Customer Stages: Pre approval stage is used when OCs have selected a home to purchase. True or False?
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False- it’s only for those where the customer has NOT selected the property yet.
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Four Customer Stages: How does AOW automatically know that a deal is a Pre-approval stage deal?
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I have given credit consent (because the customer wants to be pre-approved) or I have associated the credit report (because the debts need to be on the 1003 for a pre-approval), or I’ve entered the declarations page (to declare they’re going forward.)
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Four Customer Stages: Can I use the Decision Engine on a pre-approval stage?
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Of course! You’re trying to get them pre-approved… what’s the decision about whether they’re pre-approved.
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Four Customer Stages: For a Pre-Approval: Can you put in a property address that OCs MIGHT purchase on the application?
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NO! It’s only for homes that OCs WILL purchase. That’s because it goes onto the 1003 and each application corresponds only with ONE property.
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“Associating” debts on the credit report does what?
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Certifies them and transcribes them to the 1003, triggering the deal to become a REAL DEAL for Reg B purposes.
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On a VA loan or a WF Employee loan, who gets entered into the AOW application FIRST?
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The VA recipient or the WF employee.
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Four Customer Stages: Credit Counseling Stage- can I pull credit while ocs are on the phone?
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NO because they need to sign a written consent for Credit Counseling credit pull stage and it takes some time to get them the form and get it back for the file.
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Liabilities: Installment loans can be noted in the notes as not counted against the customer as a liability if they have less than how many payments left?
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Ten
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If I’m confused whether an odd scenario will work, who should I have look at it?
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Preflight at the “National Decisioning Desk.”
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