Processing Pre-Assessment (Please Highlight in YELLOW Your Response to the questions below)
1. The customer’s ex-spouse is currently vested on title and will need to be removed to complete the refinance. What document will you need from title to remove the ex-spouse?
2. You send the CD out on 10/2, the borrower e-signs the CD on 10/3. What is the earliest date the signing can be scheduled?
- Name change request
- Nothing, title can update the vesting by getting the divorce decree copy
- Quit Claim Deed
- Deed of Removal
3. What item below is NOT needed to submit a loan to underwriting for conditional approval review?
4. How many days do we have as a lender to send a customer a change of circumstance (COC) loan estimate (LE) with a valid fee change?
- Photo ID
- Complete 1003
- Income documents (if using to qualify)
- Signed disclosures
- 1 business day
- 3 business days
- 5-7 business days
- 15 business days
5. If the appraisal report findings indicate “subject to” what are the next steps?
6. Which of the following types of income can be found on Schedule E of customers tax returns? (Select all that apply
- Have customer complete the appraiser request repairs, and order a 1004D
- Tell the customer that no value was given, and cancel the loan
- No further steps needed, the appraisal report is completed
- Have the customer confirm the value is ok, and order a 1004
- Income or loss from rental estate o Royalties
- S Corporations
- All of the above
- None of the above
7. Which (one) of the following loan types may not require the customer to provide income documents?
- FHA Streamline
- Conventional Rate and Term w/ Property Inspection Waiver
- VA Cash Out
8. Which (one) of the following events would require a full redisclosure?
9. If the customer is obligated to pay Alimony or Child Support, their monthly obligation should be counted as a liability.
- The appraisal comes back higher than the estimated value and LTV decreases
- The customers DTI increases and the AUS results are Approve Eligible
- The employer address was wrong on the application
- The customer opts for a 15 year loan instead of a 30 year loan
10. If a salaried customer’s bi-weekly pay checks show a gross Income of $1789.22, what is their gross monthly income?
ADDITIONAL QUESTIONS ANSWERED
> What is the current pipeline you are managing?
> What types of loans have they worked with previously – Conventional / FHA / VA?
> At least 2 years of experience?
> What does your typical pipeline look like?
> What does your pipeline look like now?
> Where is the majority of your experience, Retail or Wholesale?
> How many loans did you fund in your last month?
> Do you know how to run AUS?
> Do you know how to calculate income?
> Do you have Full Doc Processing experience?
> Do you have END to END Processing Experience?
Base Pay = $19.23 / hr. = $3333 per month or $40,000 per year base
We are allowing high OT due to volume. The current processor averages around 10 hours OT / week, which = about $15,000 annual in OT, or $1250 per month.
($3333 base + $1250 base OT = $4583 Total base per month, which is $55,000 annualized)
Average Monthly Funding’s per Processor = 40
40 Funding’s Pays $375 per = $15,000 production per month (no caps to production or commissions. Some LPS close 70+ per month)
NEW HIRE FIRST 90 DAY PRODUCTION BONUS:
Guarantee – we offer a 3-month guarantee (6 bi-weekly payments) in addition to base pay; based off their years of relevant experience. Below are the tiers for each guarantee payment:
SAMPLE SNAPSHOT OF FIRST YEAR EMPLOYEE
Who works no OT, has Tier 1 Guarantee and hits the Mid-Tier 90-day bonus incentive:
Base Pay Minimum = $40,000
Production Commissions = $180,000 annual ($15,000 per month Avg X 12 months)
=$220,000 Annual Base+ AVERAGE Commissions (high performers will earn more)
Bonus + Guarantee Incentives paid within first 90 Days of Employment:
New Hire First 90 Day Production Bonus = Mid-Tier Bonus Payout of $15,000
Tier 1 Payout of $12,930 ($2155 bi-weekly payments X 6 payment)
=$27,930 Bonus + Guarantee