mortgage loan officer cheat sheet

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. Mortgage qualification worksheet. 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. Just as you must prepare a compelling resume as the first step to securing a job you want, craft a positive, truthful mortgage application as a key to getting the loan you want. How much financial risk are you able to accept? We give people a second chance at life to own a dream home... © 2020 - Gustan Cho Associates. Refinancing — that is, obtaining a new mortgage to replace an existing one — can save you big money. Cheat Sheet. Income documentation is one of the most important factors in the mortgage process. HARP Refinance And How Does It Benefit Homeowners? The Ultimate Mortgage Acronym Cheat Sheet. If you fall on tough economic times and get behind on your housing payments, don’t resign yourself to foreclosure. We’re here to help decode the jumble of letters and make you sound like a pro. To select the best type of fixed-rate or adjustable-rate mortgage for your situation, clarify two important issues. Here are the requirements on using rental income: Converting a Current Residence to a Rental Property. The Federal agency that administers compliance with this law concerning this creditor is: Federal Trade Commission, 600 Pennsylvania Avenue, NW Washington, DC 20580; 202-326-2222. Maximize your chances for getting the mortgage you want the first time you apply by understanding how lenders evaluate your creditworthiness. Tammy Trainor is an associate contributing editor for Gustan Cho Associates and a managing partner and Chief Operating Officer of Capital Lending Network, Inc. Tammy is a 15 plus year veteran of the mortgage industry. Unfortunately for most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. Tammy Trainor has countless fans who follow her blogs. Investigate when shopping for a mortgage on the Internet. When you’re shopping for a mortgage, you could easily waste many hours and suffer financial losses by not getting the best loan that you can. Thursday, March 30, 2006 Interview Your Loan Officer. 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. Ranging from the purchase of a primary residence to the more complex HELOCs, our documents will assist your staff in getting the necessary information for QM and ATR requirements. This article on Loan Officer Document Checklist is a series of training worksheets that will be prepared and saved on the Mortgage Learning Center archives for both new loan officers or experienced who came on board to The Gustan Cho Team @ Gustan Cho Associates.. Take stock of the situation. Academy Mortgage provides relevant mortgage industry news including economic trends, industry updates, homebuyer education and financial regulation. Facebook. Loan Cabin Inc. NMLS 165732 dba Gustan Cho Associates, NMLS 873293, Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148; www.NMLSConsumerAccess.org. 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. Interested in learning more about the mortgage industry? Mortgage Compliance Cheat Sheets Fullfill Your Mortgage Lending Regulation Requirements. 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. Because the ocean of mortgage programs is bordered with reefs of jargon, learn loan lingo before you begin your mortgage-shopping voyage. Importance Of Loan Officer Document Checklist. How long do you expect to keep the loan? 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). Career Opportunities/Loan Officer Training, Loan Officer Document Checklist To Start Mortgage Process, Portfolio Mortgage Loan Programs For Foreign Nationals Home Buyers. Alabama, Texas, Ohio, Kentucky, Mississipi and Tennessee. Interview your potential Loan Officer! Most obstacles to mortgage qualification can and should be overcome prior to submitting a loan application. By Eric Tyson, Ray Brown . Assess how long it will take you to recoup your out-of-pocket refinance costs. Before you get a mortgage, be sure you understand your personal financial situation. Review your spending and debts and begin a dialogue with your lender to find a solution. Make use of low-cost counseling approved by the United States Department of Housing and Urban Development. For borrowers applying for FHA Loans, there are conditions that the lender may request: This Loan Officer Document Checklist Was Created By Tammy Trainor of Gustan Cho Associates. Mortgages For Dummies Cheat Sheet. 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. You may save time and money. Best Time To Purchase A Home For First Time Home Buyers, Can You Qualify For An FHA Loan With Late Payments. The only truly all-inclusive federal banking compliance advisory service staffed with attorneys, former auditors and compliance specialists; all with banking experience and the know-how to keep your team's knowledge fresh in our ever-changing regulatory world. There are so many acronyms in the mortgage space that often it can seem like a foreign language. Gustan Cho and his team of licensed mortgage loan officers and support staff are experts in originating and funding loans with no lender overlays. Detailed instructions are included in the template. Print. Be sure to shop not only for a low-cost loan but also for lenders that provide a high level of service. For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second largest expense item. Twitter. Tammy is not just a licensed loan originator but has set company records as being named top producer of the year for many years. Whether you do it yourself or hire a mortgage broker to shop for you, canvas a variety of lenders when seeking the best mortgage. Home loan math doesn't have to be intimidating—all you need is a mortgage formula cheat sheet. This article on Loan Officer Document Checklist is a series of training worksheets that will be prepared and saved on the Mortgage Learning Center archives for both new loan officers or experienced who came on board to The Gustan Cho Team @ Gustan Cho Associates. Your email address will not be published. I know how the Home Loan Game is played! Use this worksheet to calculate the mortgage amount for which you qualify. Tammy Trainor has mastered every aspect of mortgage operations. 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. For example, with bank statements, make sure to get all of the pages, including the blank pages. Our tools include policies, procedures, checklists, risk assessments, worksheets, training tools and much more. Compare various lenders’ mortgage programs and understand the myriad costs and features associated with each loan. Though a home loan does indeed involve a few equations, it's fairly easy to break it … Enter income and debt information, and the template will calculate ratios and qualifying monthly payment amounts. GCA - Commercial And Residential Informational Center, Rebuilding And Reestablishing Your Credit, This BLOG On Loan Officer Document Checklist Was UPDATED And PUBLISHED On October 10th, 2020, Importance Of Loan Officer Document Checklist. Over 75% of our borrowers represents are folks who contact us because they either got a last minute loan denial or were going through major stress with their original lender DIRECT LICENSED STATES WITH NO OVERLAYS: California, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, New Jersey, Pennsylvania. Don’t waste time and money on loans that end up rejected. Save my name, email, and website in this browser for the next time I comment. Download the ActiveComply Loan Officer Social Media Compliance Cheat Sheet with simple Do's and Don'ts for mortgage loan officers on Facebook, Instagram, and more! After you get a mortgage to purchase a home, stay informed about interest rates, because a drop in rates could provide a money-saving opportunity. The amount of money a banker is willing to lend you isn’t necessarily the amount you can “afford” to borrow given your financial goals and current situation. All Rights Reserved. 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. ... C-to-P: construction-to-permanent mortgage loan. ... truthful mortgage application as a key to getting the loan you want. Mandatory Purchase at Loan Origination Flowchart, Mortgage Lending Disclosures Timing Chart, Mortgage Loan Originator Definitions by State, Mortgage Servicing Rules Coverage Cheat Sheet, Qualified Mortgage (QM) Flowchart for Small Creditors, Regulation AA Consumer Loans Cosigner Loan Officer Flowchart, Regulation B Application Decision Process Flowchart, Regulation B Equal Credit Opportunity Act GMI Flowchart, Regulation B Secured Credit Process Flowchart, Regulation B Signature Requirements Flowchart, Regulation B Unsecured Credit Process Flowchart, Regulation Z Coverage Consideration Flowchart, Revisions and Corrections to the Loan Estimate and Closing Disclosure Cheat Sheet, Right of Rescission for Closed-End Credit Flowchart, TILA RESPA Integrated Disclosures Cheatsheets, TILA-RESPA Integrated Disclosures Timeline.

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