mortgage loan officer cheat sheet

Loan Cabin Inc. NMLS 165732 dba Gustan Cho Associates, NMLS 873293, Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148; www.NMLSConsumerAccess.org. Special situation loans — such as a home equity loan or 80-10-10 financing — could be just what you need. If you’re among the increasing number of homeowners who reach retirement with insufficient assets for their golden years, carefully consider a reverse mortgage, which enables older homeowners to tap their home’s equity. Mortgage Compliance Cheat Sheets Fullfill Your Mortgage Lending Regulation Requirements. Assess how long it will take you to recoup your out-of-pocket refinance costs. How long do you expect to keep the loan? Mortgage Home Loan Cheat Sheet 3 out 4 Borrowers choose a New Loan Officer when looking for new Mortgage Options! ... C-to-P: construction-to-permanent mortgage loan. Below are the required documents for borrowers on the type of income they earn: 2 Months Bank Statements (all accounts / all pages / no printouts unless contain bank name and borrowers name with 30 days covered): If actual bank statements is not available, borrowers need to go to their bank and ask for two months bank statement printouts and the bank teller needs to sign, date, and stamp all pages of the bank statement printouts. Detailed instructions are included in the template. We’re here to help decode the jumble of letters and make you sound like a pro. Because the ocean of mortgage programs is bordered with reefs of jargon, learn loan lingo before you begin your mortgage-shopping voyage. Whether you do it yourself or hire a mortgage broker to shop for you, canvas a variety of lenders when seeking the best mortgage. However, some “special” loans, such as 100 percent loans and balloon loans, can be toxic. To calculate your monthly mortgage payment, simply multiply the relevant number from the table below by the size of your mortgage expressed in (divided by) thousands of dollars. Cheat Sheet. Our suite of mortgage compliance products includes the necessary tools to give your staff the upper hand in regulatory and consumer compliance through assistance in day-to-day operations and management of your financial institution's mortgage lending portfolio. Or you could end up with aggravation and a worse loan. Mortgages For Dummies Cheat Sheet. For example, with bank statements, make sure to get all of the pages, including the blank pages. Tammy Richardson is a managing partner and Chief Operating Officer at Capital Lending Network, Inc. Tammy shares her expertise in the many areas of mortgage lending and real estate related topics through her blogs and videos not just at Gustan Cho Associates but at other national media networks. Our goal is to make you as knowledgeable as possible before you commit to a particular mortgage, so to help you get started here are few tips and a monthly payment calculator to get you acquainted with mortgages. Unfortunately for most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. Be cautious. Importance Of Loan Officer Document Checklist. Investigate when shopping for a mortgage on the Internet. Not All Mortgage Insurance is Tax Deductible, If you own or want to own real estate, you need to understand mortgages. Though a home loan does indeed involve a few equations, it's fairly easy to break it … Use this worksheet to calculate the mortgage amount for which you qualify. 2 Years Federal Tax Returns – all pages / schedules / signed, 2 Months Bank Statements (all accounts / all pages / no printouts unless contain bank name and borrowers name with 30 days covered). Make sure that there are no irregular deposits, overdrafts, and that every page of the bank statements is provided including blank pages. Alabama, Texas, Ohio, Kentucky, Mississipi and Tennessee. There are so many acronyms in the mortgage space that often it can seem like a foreign language. Rental income can be used as qualified income if borrowers have at least a two year track record of managing rental properties and declare it on their tax returns (must have a two year history managing rental properties to use this income to qualify). Tammy is not just a licensed loan originator but has set company records as being named top producer of the year for many years. On the flip side, a borrower can have perfect credit scores of 800 FICO PLUS and never ever had a late payment in his life but with no documented income, it means no LOAN. For example, on a 30-year mortgage of $125,000 at 7.5 percent, you multiply 125 by 7.00 (from the table) to come up with an $875 monthly payment. Loan Cabin, Inc. is an Equal Housing Lender. Academy Mortgage provides relevant mortgage industry news including economic trends, industry updates, homebuyer education and financial regulation. Take stock of the situation. Make use of low-cost counseling approved by the United States Department of Housing and Urban Development. Home loan math doesn't have to be intimidating—all you need is a mortgage formula cheat sheet. This is part of the disclosures where the opening department of the mortgage lender will send out and/or mortgage processor if the processor is the one sending out the disclosures: Borrower’s Drivers License & Social Security Card: Real Estate Sales Contract On Purchase Transaction (Purchase): Sales Contract On Current Residence (Purchase): Homeowners Insurance Declaration Page (Refinance): Loan Officers need to realize that the pre-approval process is the most important phase of the entire mortgage loan process. All Rights Reserved. You may save time and money. Career Opportunities/Loan Officer Training, Loan Officer Document Checklist To Start Mortgage Process, Portfolio Mortgage Loan Programs For Foreign Nationals Home Buyers. *Warning: Mortgage payments are only a portion of the costs of owning a home. Twitter. Title: PROCESSING INFORMATION WORKSHEET Author: Starla Pham Created Date: 7/6/2005 1:03:00 AM Company: Pleasanton Mortgage Other titles: PROCESSING INFORMATION WORKSHEET View the cheat sheet for loan program descriptions to choose the best option. Most obstacles to mortgage qualification can and should be overcome prior to submitting a loan application. Below Is Additional Documents Required And Details Of Above List (Link) Of Documents Required To Process Your Loan : FULL DOC ORIGINATION CHECKLIST(ALL LOANS INCLUDING AUTOMATED UNDERWRITING LOAN DU/LP)REQUIRED FROM ALL BORROWERS.

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