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Archwell Closers Quiz - Level I
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When the lender is paying for a fee on a VA IRRRL, should the fee be tagged as "specific" or "non-specific" - ?
Specific
UI exchanges information with what Freedom system?
Lakewood
True or False: you must run the FraudGuard report on your loan after you've added your notary name and phone number to the system
True
How much cash can a borrower bring to closing on a VA IRRRL loan?
None
How much cash can a borrower get back at closing on a VA IRRRL loan?
Up to $500.00
True or False: you must provide enough lender credit on a loan to meet your Highest Lender Credit Disclosed from the CDs and LEs
True
True or False: the closer must check the disaster spreadsheet for every loan
True
This Freedom program captures activity and communication from the Title Company on a loan
Keystone
To get to the RET Closer UI, you must go through this program
Fusion BPM (also known as IBM/BPM or just BPM)
True or False: you must use your Loan Closer Information Sheet for every loan
False, but we do recommend some way to keep track of loan details!
Which loan type requires more documentation - streamline or full-doc?
Full-Doc
What is the name of Freedom's loan servicing platform?
Sagent, LoanServ, or FiServ
True or False: you should only save your loan work once when you're working in UI
False
Information from what Freedom program populates the U/W Final Approval document in EDMS?
Lakewood
Name two documents that are part of a Title order
Title Commitment, Closing Protection Letter (CPL), Title Company Fee Sheet, Tax Certification, and Clear to Close
True or False: for every refinance loan, you must calculate a new payoff date and amount
True
What does UI stand for?
User Interface
What is the name of the loan document storage system here at Freedom?
EDMS, or Electronic Document Management System
What are the various boxes of information throughout UI called?
Tiles
When is a loan required to carry Flood Insurance?
When it is located in a flood zone
What does LE stand for?
Loan Estimate
What does CD stand for?
Closing Disclosure
What is a Loan Officer called here at Freedom?
Loan Advisor (LA)
What does the "IRRRL" stand for in VA IRRRL?
Interest Rate Reduction Refinance Loan