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Flashcards in Processing Loans Deck (10)
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1
Q

Where can you go to find insurance verification?

A

Eoidirect.com

2
Q

Do you escrow for taxes and insurance on a townhome?

A

No, only taxes

3
Q

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

A

Conforming

4
Q

If you are filling a “Closing Change Request” who must you email?

A

Scheduling

5
Q

Where tenants pay outside expenses (trash, electric, etc)?

A

Triple Net

6
Q

What customer type is an FHA loan good for?

A

Low credit score and/or poor credit history

7
Q

Where do you go to obtain current fee and interest rates?

A

LRMS —> Applications —> Start Application —> Fee and Interest Rates

8
Q

How many days does customer have to act after receiving Right to Cure?

A

20 days

9
Q

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

A

Lien

10
Q

a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage)

A

HELOC