Loan Origination Activities Flashcards
A couple is legally separated, and the husband is on the loan but not going to live in the subject property, he should be treated as a ___
Non-occupying co-borrower
When a borrower chooses to allow their interest rate to rise or fall with the market until the loan is closed, it is called ___
a float
which form is the appraisal form used for investment properties?
1007
Form for URAR
1004
theory describes a state where the lender holds legal title until the debt is paid
Title theory
theory describes a state where the borrower holds legal title while the debt is paid off
Lien theory
Insurance which guarantees a lender a certain lien position on the title to a property free from undisclosed encumbrances is called
Lender’s title policy
If there is not a notarized power of attorney on file who would be allowed by the lender to sign on behalf of the applicant unable to attend the closing of the transaction?
A court appointed guardian
If a borrower does not think the dwelling of their property is in a flood zone but the flood map states the property is in a flood zone what can the borrower do to remove the requirement of flood insurance?
Request a letter of MAP amendment
A gift from the seller used to pay closing costs and do not have to be paid back
Seller concessions
A loan from the seller that functions as a second mortgage and must be repaid
Seller financing
URLA
Sections 1-3
- Borrower Information
- Financial Information
- Financial Information- Real Estate
URLA
Sections 4-6
- Loan & Property Information
- Declarations
- Acknowledgement & Agreement
URLA
Sections 7-9
- Military Service
- Demographic Information
- Loan Originator Information
If more than 25% of income is commission, bonus or overtime, we need
- 2 years of full tax returns (1040s)
- Signed 4506-C
