What is CAIVRS?
Document that indicates if someone has defaulted on a government loan
What are we paying close attention to on a CAIVRS report?
Looking for letters: A (approved), D (default), C (claim was filed), B (bankruptcy), J (Judicial issue)
How long is UFMIP good for?
good for 3 years. After that, MIP still applies
FHA Document that is affiliated with UFMIP
refinance authorization (has old case number, and new case number)
Document that shows if borrower has had a previous FHA loan
Case query
FHA document that is required for all full doc FHA loans
Appraisal Login
Lowest credit score to qualify for FHA loan (Freedom specific, through Freedom First
500: Range: 500-549
FHA maximum LTV
85%
DU best decision you can get
AE (Approved Eligible)
With FHA loan, if you don't get a AE, we can get
RE (Refer Eligible) If you get RE, manual underwriting is required
If we have a refer eligible, we need:
letter of explanation for derogatory credit that comes from the borrower. FHA also says, if you have a refer eligible, you also are going to need reserves (which are assets withheld in a bank). You need 1 month reserves for 1-2 units (duplex), you need 3
DD-214:
will need to get member copy 4: shows that they were in the military, what branch, how they were discharged, and that's the document we use to get their COE
Child care letter
Required for dependents 12 years old or younger
Lowest backend DTI for VA
depends on the residual income (based off number of dependents and their location). If we meet the residual income, we can do a 41%. If we go up to 120% of required residual income, we can do 45 DTI, if we go to 150%, we can do up to a 50 DTI
Termite inspection (state specific, some states don't require the inspection): If needed:
o 1.) going to need the report (have to sign the first page of the report)
o 2.) If termites are not currently active, but the house is damaged from previous termite activity, then the damages need to be repaired before we can give the loan. Must make sur
Process Cert
used to clear fraud alert on credit report. Will need three tradelines from credit report, and initially will have to ask borrower whether or not they applied for the refinance
2 different meanings for ACD
1.) Anticipated Closing Date
2.) Applicant Credit Disclosure
How long is Title good for?
for 90 days. However, we have a Gap letter which shows the title cos we have. The gap letter is good for another 90 days
3 things required for a chapter 13 (still active) bankruptcy:
1.) 12 months of payoff
2.) Letter from the trustee indicated that It's okay to do the loan
3.) Bankruptcy papers indicating that the property is not included with the bankruptcy
Quit claim deed
use for vesting purposes. To show how the property is owned