Uniform Residential Loan Application Quiz

Here are the study notes in bullet points:

Uniform Residential Loan Application

• The application is for a loan with Atlantic Bay Mortgage Group, LLC, with a loan number and Universal Loan Identifier
• The borrower's name is Rachel W Boone

Section 1: Borrower Information

• Personal information:
  • Social Security Number: 244-75-7808
  • Name: Rachel W Boone (with alternate names listed)
  • Date of birth: 04/13/1993
  • Citizenship: U.S. Citizen
  • Marital status: Married
  • Dependents: 2 children, ages 6 and 2
• Contact information:
  • Home phone: (828) 442-2312
  • Cell phone: (828) 442-2312
  • Work phone: (828) 431-5600 ext.
  • Email: [email protected]
• Current and former addresses:
  • Current address: 172 Patrick Murphy Dr Unit 28, Morganton, NC 28655
  • Former address: 307 Blue Ridge Drive South #Unit 7, Marion, NC 28752

Section 1b: Current Employment/Self-Employment and Income

• Employer: Charles George VA Medical Center
• Position: PA
• Start date: 01/02/2024
• Monthly income: $11,769.33

Section 2: Financial Information - Assets and Liabilities

• Assets:
  • Bank accounts: $62,632.96
  • Proceeds from real estate property to be sold on or before closing: $1,000.00
• Liabilities:
  • Installment debts: multiple debts with various balances and monthly payments
  • Revolving debts: two debts with balances and monthly payments

Section 3: Financial Information - Real Estate

• The borrower does not own any real estate

Section 4: Loan and Property Information

• Loan amount: $295,200.00
• Loan purpose: Primary residence
• Property address: 776 Cannon Road, Marion, NC
• Property value: $328,000.00

Section 5: Declarations

• The borrower will occupy the property as their primary residence
• The borrower has not had an ownership interest in another property in the last three years
• The borrower is not borrowing any money for this real estate transaction
• The borrower has not applied for any new credit on or before closing this loan

Section 6: Acknowledgments and Agreements

• The borrower agrees to provide true, accurate, and complete information
• The borrower acknowledges that the lender and other loan participants may rely on the information contained in the application
• The borrower agrees to the terms and conditions of the loan

Section 7: Military Service

• The borrower has not served, or is not currently serving, in the United States Armed Forces

Section 8: Demographic Information

• The borrower's ethnicity, sex, and race are not specified### Loan Application Information

• The loan application is for Rachel W Boone, with a Uniform Residential Loan Application (Freddie Mac Form 65, Fannie Mae Form 1003) effective 1/2021.

• The lender is Atlantic Bay Mortgage Group, L.L.C., with a license number of L-111843 and NMLS number of 72043.

Loan Originator Information

• The loan originator organization is Atlantic Bay Mortgage Group, L.L.C., with an address of 600 Lynnhaven Parkway, Suite 100, Virginia Beach, VA 23452.
• The loan originator is Aimi O Annas, with an NMLS ID of 430333 and a state license ID of I-164098.
• The loan originator's email is [email protected], and their phone number is (828) 559-9244.

Property and Loan Information

• The property is in a community property state.
• The refinance type is No Cash Out.
• The refinance program is Full Documentation.
• The transaction detail is Conversion of Contract for Deed or Land Contract.

Title Information

• The title to the property will be held in the name of Rachel W Boone and Andrew M Boone.
• The title will not be held by an Inter Vivos (Living) Trust or Land Trust.

Mortgage Loan Information

• The mortgage type applied for is Conventional.
• The mortgage lien type is First Mortgage.
• The amortization type is Fixed Rate.
• The proposed monthly payment for the property is not specified.

Loan Features

• The loan has no balloon, interest-only, or negative amortization features.
• There is no prepayment penalty.
• There is no temporary interest rate buydown.

Loan Costs and Credits

• The total minimum required funds or cash back is $338,813.49.
• The total borrower closing costs, including prepaid and initial escrow payments, are $6,599.49.
• The total discount points are $2,214.00.
• The total due from the borrower is $338,813.49.
• The loan amount, excluding financed mortgage insurance, is $295,200.00.
• The total mortgage loans, including financed mortgage insurance, are $295,200.00.
• The total credits, including seller credits and other credits, are $2,655.00.
• The cash from/to the borrower is $40,958.49.