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seesaw
Swap points!
Oops!
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fairy
Take points!
5
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15
20
25
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gift
Win 25 points!
Okay!
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banana
Go to last place!
Oops!
15
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When working on a cash-out refinance loan, how will you know if an appraisal fee was Paid Outside of Closing (POC) by the borrower?
You should find notes about it in your loan comments.
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20
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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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thief
Give points!
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15
20
25
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seesaw
Swap points!
Okay!
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fairy
Take points!
5
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25
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thief
Give points!
5
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20
25
15
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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.
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15
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T or F: cash-out loans typically have lender credits/lender-paid fees
FALSE. Be sure to check your loan comments to find out how the loan was sold.
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15
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If you are using the "List of Payees for Full Docs" in your loan closing, what EDMS category should you upload it to?
The Payoff category.
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5
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What does the acronym POC mean?
Paid Outside of Closing, which may apply to invoices for items such as appraisals.
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10
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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
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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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banana
Go to last place!
Oops!
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star
Double points!
Okay!
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rocket
Go to first place!
Okay!
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baam
Lose 20 points!
Oops!
25
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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
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Name three inspections you might find in EDMS on a VA cash-out refinance loan.
Septic, Water, Pest, Termite are all acceptable answers.
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20
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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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15
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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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10
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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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