Loan Origination Activity - Part 1 (Free Tutorial) скачать в хорошем качестве

Loan Origination Activity - Part 1 (Free Tutorial)

Welcome to the nineteenth episode of the National Mortgage Exam Tutorials & Practice Tests videos. The series will be following the sequence of topics as presented in the NMLS test content outline at https://bit.ly/NMLSoutline. You can purchase The SAFE Mortgage Loan Originator National Exam Study Guide at https://amazon.com/author/patriciaoco.... It is available in kindle and paperback versions. There are hundreds of questions and two practice exams. Please take a moment to subscribe at https://bit.ly/mortgage-exam. Starting with Video #7, practice quizzes are only provided to subscribers who follow the instructions at the end of each video. Requesters' names must be public (so I can see them) and match the name of a valid subscriber. Once you receive one quiz, you may make your name private again if you wish. Names and emails are kept strictly confidential and are not shared with anyone. ************************************************************************* Mortgage Loan Origination Activities – Part 1 Video #19 Loan Inquiry Process / Suitability of products & programs / phone or in-person • Overview o Determine purpose of loan  Purchase  Refinance  Reverse mortgage  HELOC  Second loan o Determine suitable loan product – VA, FHA, Rural or Conventional?  Type of property – primary, second home, investment  Income and debt  Credit score o Fixed rate or adjustable rate – how long do you plan to own o Savings o Employment history o Timeframe – when do you plan to buy? • Non-permissible questions o Age – unless legal age for signing contracts o Disabled or ill o Familial status – are you pregnant, planning on having more children o Marital status – are you single, divorced, or widowed?  Allowed questions – married, unmarried, separated • Gift donors o Investment properties are not eligible o Acceptable donors  Relative (spouse, child, or other blood relative)  Other individual related by marriage, adoption or legal guardianship  Fiancé, fiancée, or domestic partner o Pay closing costs, down payment (co-habitated for last 12 months), reserves o Donor letter  $ amount  Transfer date  Donor states no repayment necessary  Donor’s name, address, phone number and relationship to borrower • Borrower application o Borrower documentation  Ask them to bring items with them for in-person application  Past month paystub(s)  2 months bank statements  2 years income tax returns and corporate returns if applicable o Offering/negotiating terms  Down payment – mortgage insurance or not?  15 or 30 years  Discount points to lower interest if needed to qualify or requested?  Lender concessions to cover closing costs for a higher interest rate? o Accepting application  Signatures of all borrowers  Collect all documentation  Deliver 3-day disclosures (more on disclosures next video) Verification • Loan processor may do this. Depends on office policy. • Authorization forms o IRS 4506-T (Request for Transcript of Tax Returns) o Verification of Deposit (VOD) Fannie Mae 1006  Bank account assets attributable toward a loan application o Verification of Employment (VOE) Fannie Mae 1005 • Reserve Requirements – o NOTE 1: There is no % of bank account asset requirement as presented on NMLS exam outline o NOTE 2: Higher savings may be considered a “compensating factor” that may allow someone to obtain a loan who otherwise couldn’t o The amount of RESERVES required depends on property type and loan product o Here’s the breakdown:  Conventional loans • Primary residence - 2 months (could be as high as 6 months) • Vacation Homes – 3-4 months • Investment property – 6 months  VA loans • 1-2 units – no reserves needed • 3-4 units – 6 months  FHA loans • 1-2 units - no reserves needed • 3-4 units – 3 months