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Flashcards in General Lending Deck (26)
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1
Q

What is the default closing time?

A

9:00am

2
Q

What is ALWAYS the answer to “is early wire required?”

A

Yes

3
Q

What do you put for first payment?

A

First day of the month following closing or within 45 days after closing.

4
Q

What is a great resource for loan procedures?

A

Intranet —> Loan Submission Procedures

5
Q

What are the two places you can pull a KROLL report?

A

Platform or KROLL Website (www.factualdata.com)

6
Q

What is a term sheet?

A

A non binding letter of intent

7
Q

If a loan is below the loan amount for a jumbo what is it considered?

A

Conforming

8
Q

What must be documented when calling on maturing or past due loans?

A

Must log conversation notes

9
Q

Right to Cure for loans gives customer _________ days to make payment before action by the bank is taken.

A

20

10
Q

Where can you look for more information regarding credit reports and alerts on them?

A

Procedures and Manuals —> Accounts —> Transunion Guides

11
Q

For bridge loans what should be included in the “loan purpose comments” section?

A

Whether the loan will be followed by permanent financing.

12
Q

On a FIRM5 and FIRM7 what must be done in regards to interest rates?

A

They must be adjusted to the fully indexed rate

13
Q

How are fully indexed rates obtained?

A

By taking the 1 yr CMT and adding it to the current set margin.

14
Q

Where are margins and FIRM5 and 7 rate adjustments found?

A

Intranet—> Investment Property Mortgages Excel Sheet

15
Q

What must we do with a FIRM 5 OR FIRM7 rate when underwriting?

A

Calculate the fully indexed rate

16
Q

How is a fully indexed rate calculated?

A

Adding the 1 year CMT and Current Margin

17
Q

What is the 1 year CMT?

A

The current 10 year treasury bill

18
Q

Where can you find the current margin?

A

Investment property mortgages excel sheet on the intranet

19
Q

How much can interest rate increase the first year after a FIRM5 moves to variable?

A

2%

20
Q

How much can an interest rate increase the first year after moving to variable in a FIRM7?

A

3%

21
Q

How much can an interest rate increase over the life of the loan on a FIRM5 or FIRM7?

A

5%

22
Q

What is the cost for a modification?

A

1% of current loan amount

23
Q

What is the doc prep fee on a modification?

A

$200

24
Q

What is an interest long term rate?

A

10 year T Bill

25
Q

What is a short term interest rate?

A

Prime

26
Q

What is different between the APR and the Stated Rate on loan docs?

A

APR is ‘wholeistic’ while stated rate is just the rate. This means APR includes all fees throughout the loan. This gives an ‘actual’ payment feel.