Customer Advocate 2 week training review

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


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


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