Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Scheduled the Utah PLM exam again for tomorrow morning at 8 am. When I took the test this morning it was only 60 questions. I think the Utah PLM exam will credit you the right answers and retest your only on the wrong questions . I will see tomorrow morning.
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Manufactured home for $72,000. Great buy.
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Lisa Williams is purchasing a one-unit Single-Family Home as a second home, with a sales price of $427,000 with maximum LTV on a conventional loan with a 6.5% interest rate on an ARM and is closing on Tuesday, March 10th. What is the total amount of the prepaid interest Lisa will pay at closing? Calculate based on a 365-day calendar year. &1505.61
Feedback: On Tuesday, March 10th, the loan will close and fund the same day because there is no right of recission on second homes. The maximum LTV on a second home is 90% = a loan amount of $384,300. Loan amount =$384,000 X .065 = $24,979.50 / 365 = $68.4369 X 22 days = $1,505.61 prepaid interest paid at consummation of the loan.
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The minimum amount of flood insurance coverage that is needed by the lender for a property located in a flood zone in Utah is 100% of the replacement cost of the insurable value of the improvements
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For a high-cost mortgage loan in Utah, a pre-payment penalty is not prohibited from being included in the terms and conditions of the loan agreement.mIt cannot go beyond three years.
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DOES UTAH REASSESS PROPERTY EVERY FIVE YEARS?
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Alternative credit tradelines are credit tradelines that do not report on the credit bureaus, Felix. For example, electric, cable, cellular bills, rental payments, insurance payments, and other creditors that do not report on the credit bureaus but you have made timely payments in the past 12 months are alternative credit. If you have alternative credit, the loan processor will do a credit supplement and report it to the credit bureaus so it reflects like you have regular credit. EXPERIAN BOOST would be an example of alternative credit. Alternative credit is required for borrowers who are doing manual underwriting and do not have traditional credit tradelines. All alternative credit files are manual underwriting. Therefore, only VA and FHA loans are the only two loan programs besides non-QM loans that accept alternative credit tradelines. For example, if a borrower does not have a credit score, they would need alternative credit.
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If I fail tomorrow, I am going to have to purchase this. This is getting serious now. Took the exam three times, and tomorrow will be my fourth attempt. Got a 62 today.
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