Podcast
Questions and Answers
What document is necessary to prove the source of an Earnest Money Deposit?
What document is necessary to prove the source of an Earnest Money Deposit?
- A handwritten note promising payment
- A copy of the Earnest Money Deposit canceled check (front & back) (correct)
- An email confirmation of deposit
- A selfie at the bank
For rental properties, what documentation is required?
For rental properties, what documentation is required?
- A list of potential tenants
- A blueprint of the rental properties
- Current Leases for all rental properties (correct)
- Photos of the rental properties
To assess competitiveness, what should you ask the client regarding other lenders?
To assess competitiveness, what should you ask the client regarding other lenders?
- Do you believe in ghosts?
- How many languages do you speak?
- Are there any other lenders that you are considering? (correct)
- What is your favorite kind of soup?
What is a key closing question to gauge the client's timeline and interest?
What is a key closing question to gauge the client's timeline and interest?
What form numbers are associated with the Uniform Residential Loan Application?
What form numbers are associated with the Uniform Residential Loan Application?
What is the appropriate first step when receiving a call from a potential client?
What is the appropriate first step when receiving a call from a potential client?
When trying to understand a client's current financial situation, which inquiry is most relevant?
When trying to understand a client's current financial situation, which inquiry is most relevant?
When a client is interested in purchasing a property, what is a key question to ask?
When a client is interested in purchasing a property, what is a key question to ask?
What information is essential to obtain from a client inquiring about a refinance?
What information is essential to obtain from a client inquiring about a refinance?
What type of identification is required for a mortgage application?
What type of identification is required for a mortgage application?
What forms are mentioned in the text as the required documents?
What forms are mentioned in the text as the required documents?
When did the provided version of the Uniform Residential Loan Application become effective?
When did the provided version of the Uniform Residential Loan Application become effective?
Which section of the application specifically inquires about personal information and income?
Which section of the application specifically inquires about personal information and income?
In the Declarations section, what aspect regarding borrowing money for the real estate transaction is addressed?
In the Declarations section, what aspect regarding borrowing money for the real estate transaction is addressed?
Within Section 5 of the application, what does it pertain to concerning past financial history?
Within Section 5 of the application, what does it pertain to concerning past financial history?
What type of information is specifically requested in the loan application?
What type of information is specifically requested in the loan application?
According to the application, what is the effectiveness of electronic records and signatures?
According to the application, what is the effectiveness of electronic records and signatures?
What warning does the application give regarding delinquency?
What warning does the application give regarding delinquency?
According to the loan application, who is included in the term 'Lender'?
According to the loan application, who is included in the term 'Lender'?
What is the purpose of Demographic Information according to the content?
What is the purpose of Demographic Information according to the content?
