Share Closing FHA Streamline Quiz
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What document do we check to verify the FHA case number?
FHA Case Number Assignment
Other than the FHA case number, what else do we verify on the FHA Case Number Assignment? Name 2.
Subject Property Address and spelling of each borrower's name
T or F: The borrower can NEVER bring cash to the closing table.
FALSE! The borrower may bring cash to the closing table equivalent to one (1) month of PITI if that is how the loan was sold.
T or F? If the Actual Base Amount exceeds the Max Base Amount, the Actual Base Amount will need to be adjusted.
True - Max base amount is our target
How many months of escrow cushions are needed for FHA Streamline loans?
0
T or F? Lender credits may be figured into line 1374 on an FHA. However, a calculation needs to be done to see how much you can put into line 1375.
True
T or F? If the borrowers bottom line is showing as bringing cash to closing, we cannot lender pay 3rd party fees to help zero out their bottom line.
False
T or F? We can use fee line 1375 - Payoff Interest, to add lender credit.
True - but only as a last resort, as this will change your Max Base Loan Amount
T or F? The “actual amount” of lender credit must be equal to the highest lender credit disclosed on any LE or CD.
True
Which line items will we use the "Netting Escrow Calculator" to determine the amount that can be lender paid? List any 5.
#220, 903, 916, 909, 990, 991, 992, and 993 (only use these if collecting HOI or Taxes at closing)
Can the borrower receive cash back on an FHA Streamline?
Yes. If the amount is minimal, it should be sent to a manager for approval.
T or F? We can use fee line 220 for applying lender credits.
True, but it depends on what the calculator tells us...
Where in EDMS does the Netted Escrow Calculator get uploaded?
Category- Closing Document- Closing Miscellaneous
What 3 items are we trying to BALANCE on FHA streamlines?
1. CTC 2. Meeting HLCD 3. Actual/max loan amounts
What gets lender credited first - Line 220 or third-party fees?
Any third-party fees that are currently borrower paid
If there was an escrow disbursement for monthly mortgage insurance (code E56), do you need to run a new payoff in Sagent?
No! Only for an escrow disbursement of HOI or taxes.
