Interested in learning more about the mortgage industry? Mortgage qualification worksheet. Make sure that there are no irregular deposits, overdrafts, and that every page of the bank statements is provided including blank pages. 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. If you fall on tough economic times and get behind on your housing payments, don’t resign yourself to foreclosure. For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second largest expense item. Cheat Sheet. of Real Estate – Real Estate Broker, #60DBO77454; CO: Licensed by the Colorado Division of Real Estate; FL: Florida Mortgage Lender License MLD1570; GA: Georgia Mortgage Lender License #58845; IL: Illinois Residential Mortgage License #MB.671300; IN: Indiana Mortgage License #37791; MI: Michigan License # FL0021327; NJ: Licensed by the NJ Department of Banking and Insurance; PA: Pennsylvania Mortgage Lender License #66974; AL: Alabama consumer credit license #22680; TX: Texas mortgage company license; OH: Residential mortgage lending act certificate of registration RM.804415.000; TN: Tennessee mortgage license #188786. the Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); or because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Your email address will not be published.

Email. You may save time and money. On the flip side, a borrower can have perfect credit scores of 800 FICO PLUS and never ever had a late payment in his life but with no documented income, it means no LOAN. CA: CA Dept. Title: PROCESSING INFORMATION WORKSHEET Author: Starla Pham Created Date: 7/6/2005 1:03:00 AM Company: Pleasanton Mortgage Other titles: PROCESSING INFORMATION WORKSHEET Tammy's mastering agency guidelines has landed her role to be in charge of compliance, licensing, and the secondary mortgage markets.

Thursday, March 30, 2006 Interview Your Loan Officer. All Rights Reserved. Be cautious. Save my name, email, and website in this browser for the next time I comment.

Alabama, Texas, Ohio, Kentucky, Mississipi and Tennessee. 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. To select the best type of fixed-rate or adjustable-rate mortgage for your situation, clarify two important issues. For example, with bank statements, make sure to get all of the pages, including the blank pages. Print. Mortgages For Dummies Cheat Sheet. 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. 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. 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. This will enable you to hook the best loan and avoid being taken in by loan sharks. By Eric Tyson, Ray Brown . Career Opportunities/Loan Officer Training, Loan Officer Document Checklist To Start Mortgage Process, Portfolio Mortgage Loan Programs For Foreign Nationals Home Buyers. Income documentation is one of the most important factors in the mortgage process. Investigate when shopping for a mortgage on the Internet. 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. We give people a second chance at life to own a dream home... © 2020 - Gustan Cho Associates. Academy Mortgage provides relevant mortgage industry news including economic trends, industry updates, homebuyer education and financial regulation. View the cheat sheet for loan program descriptions to choose the best option. 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. Because the ocean of mortgage programs is bordered with reefs of jargon, learn loan lingo before you begin your mortgage-shopping voyage. Interview your potential Loan Officer! Take stock of the situation. Tammy Trainor has countless fans who follow her blogs. Make use of low-cost counseling approved by the United States Department of Housing and Urban Development.

Mortgage Compliance Cheat Sheets Fullfill Your Mortgage Lending Regulation Requirements. Here are the requirements on Gift Funds : Here are the documents we need by the borrower if the borrower will be getting Gift Funds for the mortgage transaction: Proof of Donor’s Ability (bank statement covering 30 days of the donor and copy of check and deposit slip as well of bank printout after deposit of borrower. Use this worksheet to calculate the mortgage amount for which you qualify. Tammy is not just a licensed loan originator but has set company records as being named top producer of the year for many years. Loan Cabin Inc. NMLS 165732 dba Gustan Cho Associates, NMLS 873293, Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148; She has worked as a mortgage processor, processing manager, team leader, processing manager, operations manager, loan officer,and Senior Vice President of Productions. Linkedin. Once the list of documents from borrower is collected,  thoroughly review each line item and make sure that the borrower has provided complete packages. 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!

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. 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. 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. 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. 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.

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