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WorksheetsWhat do you REALLY know?!?!
Total questions: 20
Worksheet time: 10mins
What is the default branch template appraisal fee?
$550
$750
$1,000
Whatever I decide it to be
Is a septic inspection required on a VA loan?
Yes
NO
Sometimes
Only if the appraiser makes a note on the report
What is the VA funding fee for first time use, for less than 5% down payment?
2.3%
1.65%
1.4%
2%
If disclosures are sent to the wrong email, can they be resent to another email address?
No
Maybe
Have to send DocuSign
Have to wet sign
What MUST be completed for an Pre-ICD (Mailbox Rule) to go out?
UW Conditional Approval and Loan is locked
UW Conditional Approval, Loan Locked & Title Info received
UW conditional Approval, Loan Locked, Title received & Closer Assigned
UW conditional Approval, Loan Locked, Title received, Closer Assigned & HOI
If the borrower is Self-Employed and uses a personal checking account for their business. Do we have to verify large deposits?
Yes
No
Only if they are business income
When do we need to complete a LIQUIDITY worksheet on self employed borrowers?
Only when using distribution income - K1
Only if the business is an 1120S
When using ordinary income off the K1
Only if we are doing a 12 month average of the business
How many days do the LPP's have to disclose a loan, upon received contract?
24 hours
one week
48 hours
3 days
Are DD214's required on all active duty service members?
Yes- Required on all files
No
Yes - If a COE cannot be pulled
Do the LPP's call the borrowers for UW conditions?
Yes
No
Only if they originally asked them for documents
Who is in charge of submitting and getting a POA reviewed by Thrive for approval?
Melinda
Alexis
Ray Ray
Queen Bee
Sheri
Who submits the ROV's for FHA & Conventional loans?
Queen Bee
Your LC
Sheri
Appraisal Desk
The LO
Who submits a credit rescore once a loan has been handed off to processing
Your assigned LC
Rachel
The LO
Your assigned LPP
How many days does LPP have to review a prequal?
ASAP
24 hours
3 days
a week
How many days does your LC have to review and request conditions from your borrower?
24 hours
3 days
same day if received before 4pm
48 hours
How many days does an LPP have to disclose a loan?
24 hours
a week
3 days
same day
What is the best way to confirm the due date of your appraisal report.
Appraisal desk
Your LC
Rachel
Calendar
Who do you reach out to for an appraisal order if your loan has not been handed off?
Your LPP
Your LC
The Setup Dept
Rachel
If your LPP can not review your self employed tax returns within 3 days, what is your next step?
Reach out to your LC
Reach out to Rick to help review
Reach out to the Underwriting Help desk
Ask Sheri
What is an LO required to submit to an LPP so that the LPP's can start their process?
Detailed LO form
Prequal Email
Complete 1003 & a detailed LO form
Complete 1003, detailed LO form & a prequal email.
