CASE STUDY MORTGAGE APPROVAL TIME
MAT 510 WEEK 8 COMPREHENSIVE SLIDE
DECK PROFESSIONAL ANALYSIS 2026
◉ Another name for a second mortgage is Answer: Subordinate Lien
◉ Name two types of refinances Answer: Rate Term/Limited Cash Out
◉ Mortgage insurance protects the ________ against default. Answer:
Lender
◉ Another name for the 'Housing Ratio' is Answer: Front End Ratio
◉ Who prepares final closing disclosures, the closing package and wires
funds to the title company? Answer: Closer
◉ All documentation expires after ___ days ( ___ days for new
construction). Answer: 120 days, 180 days
◉ After receiving a CTC the processor schedules the loan to the
________ department. Answer: Closing
◉ Which document discloses the loan terms and estimates of loan
closing costs? Answer: Loan Estimate
,◉ The initial disclosures must be delivered to the borrower within
______ days of the application. Answer: THREE
◉ What are the six items needed for a TRID Application? Answer:
Borrowers Name, Social Security #, Income, Loan Amount, Property
Address, Estimate Property Value
◉ What law was passed in Oct 2015 to trigger a date to start the
countdown to disclose costs to the applicant? Answer: Dodd Frank's
TRID
◉ Fees on a loan estimate cannot change without an acceptable Answer:
Change in Circumstance
◉ Who is typically responsible for ensuring that the loan estimate fees
are correct? Answer: Loan Officer
◉ What document did the Closing Disclosure replace? Answer: HUD 1
◉ The closing disclosure merged which disclosures? Answer: HUD 1,
Good Faith Estimate, Truth in Lending
, ◉ The figures on the closing disclosure should match the figures on the
Answer: Loan Estimate
◉ The Closing Disclosure must be delivered ___ ____ ______ to the
loan closing. Answer: 3 days prior
◉ When a borrower is selling a home and using the proceeds as cash to
close, the ____ __ can be used to verify those funds Answer: Final CD
◉ List the Underwriting Systems: Answer: Fannie Mae -- DU
Freddie Mac -- LP/LPA
USDA Rural Housing -- GUS
FHA -- Total Scorecard
◉ What are the 3 verifications? Answer: VOD -- Verification of Deposit
VOE/VOI -- Verification of Employment/Income
VOR/VOM -- Verification of Rent/Mortgage
◉ Verification of Deposit Answer: - Used to verify assets
- Used to verify terms of bank loans and payment history
- The verification of deposit typically lists the type of account, the
current balance, and the average for the most recent 2 months.
MAT 510 WEEK 8 COMPREHENSIVE SLIDE
DECK PROFESSIONAL ANALYSIS 2026
◉ Another name for a second mortgage is Answer: Subordinate Lien
◉ Name two types of refinances Answer: Rate Term/Limited Cash Out
◉ Mortgage insurance protects the ________ against default. Answer:
Lender
◉ Another name for the 'Housing Ratio' is Answer: Front End Ratio
◉ Who prepares final closing disclosures, the closing package and wires
funds to the title company? Answer: Closer
◉ All documentation expires after ___ days ( ___ days for new
construction). Answer: 120 days, 180 days
◉ After receiving a CTC the processor schedules the loan to the
________ department. Answer: Closing
◉ Which document discloses the loan terms and estimates of loan
closing costs? Answer: Loan Estimate
,◉ The initial disclosures must be delivered to the borrower within
______ days of the application. Answer: THREE
◉ What are the six items needed for a TRID Application? Answer:
Borrowers Name, Social Security #, Income, Loan Amount, Property
Address, Estimate Property Value
◉ What law was passed in Oct 2015 to trigger a date to start the
countdown to disclose costs to the applicant? Answer: Dodd Frank's
TRID
◉ Fees on a loan estimate cannot change without an acceptable Answer:
Change in Circumstance
◉ Who is typically responsible for ensuring that the loan estimate fees
are correct? Answer: Loan Officer
◉ What document did the Closing Disclosure replace? Answer: HUD 1
◉ The closing disclosure merged which disclosures? Answer: HUD 1,
Good Faith Estimate, Truth in Lending
, ◉ The figures on the closing disclosure should match the figures on the
Answer: Loan Estimate
◉ The Closing Disclosure must be delivered ___ ____ ______ to the
loan closing. Answer: 3 days prior
◉ When a borrower is selling a home and using the proceeds as cash to
close, the ____ __ can be used to verify those funds Answer: Final CD
◉ List the Underwriting Systems: Answer: Fannie Mae -- DU
Freddie Mac -- LP/LPA
USDA Rural Housing -- GUS
FHA -- Total Scorecard
◉ What are the 3 verifications? Answer: VOD -- Verification of Deposit
VOE/VOI -- Verification of Employment/Income
VOR/VOM -- Verification of Rent/Mortgage
◉ Verification of Deposit Answer: - Used to verify assets
- Used to verify terms of bank loans and payment history
- The verification of deposit typically lists the type of account, the
current balance, and the average for the most recent 2 months.
