When your loan has a Paid Outside of Closing (POC) fee, which Lakewood screen do you use to document the payment was received?
The Fee Collection Summary screen.
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15
How do you calculate the payoff for a second mortgage or Home Equity Line of Credit (HELOC)?
The same way you calculate the payoff for a first mortgage.
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15
Which EDMS document will show you if a VA borrower is exempt or non-exempt from the VA funding fee?
Certificate of Eligibility (COE)
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thief
Give points!
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25
fairy
Take points!
5
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25
shark
Other team loses 20 points!
Okay!
lifesaver
Give 20 points!
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15
T or F: the "List of Payees for Full Docs" needs to be filled out and uploaded to EDMS for a cash-out refinance loan that is just paying off one mortgage.
False.
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15
T or F: the entire appraisal fee - including the appraisal management portion - should be listed on fee line #803
TRUE. The appraisal management amount also gets broken out into its own fee line.
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20
When paying off a judgement at closing, the payoff letter must be dated...
...within 30 days, and the payoff cannot be expired.
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10
T or F: creditor abbreviations are allowed to be used when closing cash-out refinance loans.
False.
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5
What does the acronym POC mean?
Paid Outside of Closing, which may apply to invoices for items such as appraisals.
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20
A credit supplement is acceptable documentation for which type of debt on a cash-out refinance loan?
Revolving - or credit card - debt.
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10
What is the maximum cash out limit on a conventional cash-out refinance loan?
There is no limit to how much the borrower can get back.
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10
T or F: cash-out loans require additional debts to be paid at closing.
FALSE. Many times additional debts are paid, but it is not REQUIRED.
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banana
Go to last place!
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seesaw
Swap points!
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shark
Other team loses 5 points!
Okay!
baam
Lose 15 points!
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heart
Other team wins 25 points!
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star
Double points!
Okay!
rocket
Go to first place!
Okay!
thief
Give points!
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10
On cash-out refinance loans, how much does Freedom charge for a credit report?
Whatever amount is listed on the credit report, or zero if there is no charge listed.
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15
Name three types of debt that might be paid using the proceeds from a cash-out refinance loan.
Revolving debt (credit cards), installment loans (car), judgements, mortgage loans are all acceptable answers.
