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Instructions for Side by Side Printing
  1. Print the notecards
  2. Fold each page in half along the solid vertical line
  3. Cut out the notecards by cutting along each horizontal dotted line
  4. Optional: Glue, tape or staple the ends of each notecard together
  1. Verify Front of pages is selected for Viewing and print the front of the notecards
  2. Select Back of pages for Viewing and print the back of the notecards
    NOTE: Since the back of the pages are printed in reverse order (last page is printed first), keep the pages in the same order as they were after Step 1. Also, be sure to feed the pages in the same direction as you did in Step 1.
  3. Cut out the notecards by cutting along each horizontal and vertical dotted line
To print: Ctrl+PPrint as a list

35 notecards = 9 pages (4 cards per page)

Viewing:

Mortgage Loan Origination Activities

front 1

CRA stands for

back 1

Credit Reporting Agency

front 2

Name the 3 CRAs

back 2

1. Equifax
2. TransUnion
3. Experian

front 3

Length of time a chapter 7 bankruptcy shows on credit report

back 3

10 years

front 4

Length of time chapter 13 bankruptcy shows on credit report

back 4

7 years

front 5

Length of time most financial information will show on credit report

back 5

7 years

front 6

Front-End/Housing Expense DTI Ratio Formula

back 6

PITIA ÷ Gross Monthly Income

front 7

PITIA stands for

back 7

Principal, Interest, Taxes, Insurance (Hazard, Mortgage, and Flood), Association Dues (HOAs)

front 8

Back-End/Total DTI Ratio Formula

back 8

PITIA + Non-Cancelable Debt ÷ Gross Monthly Income

front 9

What % of non-taxable income can be used to qualify?

back 9

125%

front 10

What % of rental property income can be used to qualify?

back 10

75%

front 11

Form used to retrieve past tax returns, W-2s and 1099 transcripts?

back 11

4506-T

front 12

Income frequency types (4)

back 12

1. Annual
2. Semi-monthly
3. Bi-weekly
4. Hourly

front 13

# of pay periods annually for a semi-monthly paid employee

back 13

24

front 14

# of pay periods annually for a bi-weekly paid employee

back 14

26

front 15

LTV Formula

back 15

1st mortgage loan amount ÷ Value of property (appraised value or purchase price, whichever is less)

front 16

CLTV Formula

back 16

1st Loan Amount + 2nd Loan Amount ÷ Value of property (appraised value or purchase price, whichever is less)

front 17

TLTV/HLTV Formula

back 17

1st Loan Amount + 2nd Loan Limit ÷ Value of property (appraised value or purchase price, whichever is less)

front 18

AMC stands for

back 18

Appraisal Management Company

front 19

Appraisal Approaches (3)

back 19

1. Cost Approach
2. Sales Comparison Approach (market approach)
3. Income Approach

front 20

# of years sales must be considered for comparable properties with market approach

back 20

1

front 21

Minimum # of comparables needed for residential mortgage appraisal

back 21

3

front 22

# of years sales must be considered for subject property with market approach

back 22

3

front 23

Cost approach is used for appraisals of _____

back 23

New construction

front 24

Sales comparison/market approach is used for appraisals of _____

back 24

Residential property (most common approach)

front 25

Income approach is used for appraisals of _____

back 25

Commercial real estate or income producing properties

front 26

Summary of forced placed insurance

back 26

[more expensive] Insurance placed by lender when borrower lapses

front 27

Notices required by lender before they can initiate forced placed insurance

back 27

• Borrower must be notified 45 days prior to initiating insurance
• Lender must send 2 notices with no response

front 28

Types of flood zones (2) that require flood insurance

back 28

A & V

front 29

Maximum flood insurance coverage $

back 29

$250,000

front 30

Two types of encumbrances

back 30

1. Financial
2. Physical

front 31

2 types of financial encumbrances

back 31

1. Voluntary (HEL, HELOC, Piggy Backs)
2. Involuntary (tax, mechanics lien)

front 32

3 types of physical encumbrances

back 32

1. Easement(legal)
2. Encroachment(illegal)
3. Public or private restriction

front 33

# of days per month when calculating per diem interest

back 33

30

front 34

# of days in a year when calculating per diem interest

back 34

360

front 35

The most common appraisal form

back 35

1004/URAR