Index

References are by chapter and section number.

"Can this amount increase after closing?" column — 22.2
"Fannie Mae denied my borrower" (why the sentence is wrong) — 15.10
"is that the agency's rule, or ours?" — 14.7, 14.10
"No closing cost" loan — 29.7
"No new credit" conversation, design of — 27.12, Loan File
100-mile rule (FHA relocation and vacated-residence rental income) — 16.8
1008 / Uniform Underwriting and Transmittal Summary — 14.5, 14.8
1099-only programs — 34.4, 34.9
18 U.S.C. 1001, false statements — 9.2, 9.4
2,080 hours convention — 11.2
2-1 buydown, escrow arithmetic — 13.8
2020-2022 rate cycle and locked pipelines — case study 30.1
203(b), Section — 16.1, 16.4
203(k) rehabilitation program — 16.1
24-month average — 11.3, 11.4, 11.5
401(k) loans — 12.5
4506-C, in non-QM programs — 34.3

A

Ability-to-Repay (ATR) — 24.10
Ability-to-Repay / Qualified Mortgage, relation to agency eligibility — 14.1
Ability-to-Repay qualifying rate — 13.7
Ability-to-Repay, applied to non-QM — 34.1, 34.2, 34.7
Ability-to-Repay, income verification under — 11.10
Ability-to-Repay, origin of — 2.6, 2.8
Ability-to-Repay, the eight factors — 34.2
Accidental application trigger — 9.1
Account executive (AE) — 31.1, 31.3, 31.7, 31.10
Accountant letter — 32.11
Accountant-underwriter gap — 32.1, 32.9, 32.11
Accrual versus cash basis, in a P&L — 34.4
Acknowledgments and agreements — 9.2, 9.4
Acquisition vs. administration — 39.5, 39.6
Ad targeting and fair lending — 38.8
Add-back principle — 32.8
Additional Borrower component — 9.2
Address history discrepancies — 27.3, 27.9
Address history, two-year — 9.3, 9.8
Adjacent careers, within residential lending — 40.7
Adjustable-rate mortgage — 5.7
Adjusted household income — 17.9, 17.10
Adjusted value (FHA) — 16.4, 16.5
Adjustment direction (comp better, subtract) — 18.4, 18.8
Adjustment grid — 18.3, 18.4, 18.8
Advance rate — 31.4, 31.10
Adverse action — 20.4
Adverse action and Regulation B notification (30 days) — 39.9
Adverse action notice, contents and timing — 25.3
Adverse action notice, credit report use — 10.1, 10.10
Adverse action, and declined pre-qualifications — 8.5, 8.6, 8.8
Adverse action, definition and exclusions — 25.3
Adverse action, specific principal reasons — 15.10, 36.8, 36.9
Adverse market refinance fee — case study 30.1
Advertised rate, repriced for the borrower — 40.11, Loan File
Advertisement, is-it-an-ad spectrum — 38.8
Advertising, Fair Housing Act restrictions — 25.4, 25.6
Advertising, NMLS identifier on — 3.8
Advertising, prohibited practices — 24.11
AfBA disclosure statement (Appendix D) — 24.4
Affidavit of identity — 21.6
Affiliated business arrangement — 7.6, 7.10, 20.9, 31.2, 38.5
Affiliated business arrangement (AfBA) — 24.4, 24.6
Affiliated business arrangement disclosure — 9.5
Affordability worksheet, residual after living expenses — 8.2
Affordability, defined and distinguished from qualification — 8.2, 8.4
Affordable lending products, map of — 33.2
Affordable Seconds (Freddie Mac) — 33.5
After-improved value — 35.1, 35.4, 35.5
Age as a prohibited basis — 25.1
Age of oldest open condition (metric) — 19.9
Agency conforming category — 5.1, 5.2
Agency fraud reporting obligations (Fannie Mae, Freddie Mac) — 27.2
Agency vs. non-agency — 28.9, 28.10
Agency-first rule — 34.1, 34.9, 34.10
Agent debrief after a missed date — 38.7
Agent education topics — 38.4
Agent partner development, hours per partner — 7.3, 7.7
Aggregate accounting (escrow) — 23.5
Aggregate adjustment — 23.5
Aggregate utilization — 10.4, 10.6, 10.7
Aggregator — 1.3, 1.4
Aging limit, warehouse — 31.4
Agreement or understanding — 24.2, 24.3, 38.5
Air loan — 27.7
Alimony and child support income, inquiry rules — 25.2
Alimony and child support, disclosure rule — 9.2, 9.3
Alimony paid, as an income reduction — 11.8
Alimony received — 11.8
ALTA/NSPS land title survey — 21.7
Altered documents and corrections — 27.3
Alternative credit, ITIN files — 34.7
Ambiguous conditions, how to answer — 19.2
AMC (appraisal management company) — 18.2, 18.8
Amended returns, why not — 32.4, 32.11
AmeriDream — see seller-funded down-payment assistance
Amortization of intangibles — 32.8
Amortization reset — 37.5, 37.7, 37.10
Amortization schedule, building one — 4.2
Amortization, first payment split — 1.7
Amortization, the one-line rule — 4.2
Amortizing loan, invention of — 2.2
Amount financed — 4.8, 24.8
Amount Financed, placement on the form — 22.4
Amount of credit extended, express permission — 26.3, 26.6
Amounts owed (score factor) — 10.6, 10.7
Anniversary contact — 38.7
Annual fee, USDA — 5.5, 5.8, 17.9, 17.10
Annual MIP — 16.5, 16.10
Annual MIP, factor determinants — 16.3, 16.5
Annual mortgage review — 38.7
Annual percentage rate (APR) — 4.8
Annual percentage rate (APR), legal definition — 24.8
Annual Percentage Rate, placement and redisclosure — 22.4, 22.7
Annual review call — 7.4
Answering "how much do you make on my loan?" — 26.5
Anti-steering safe harbor, three loan options — 26.5
Anti-steering safe harbor, three options — 13.9
Anti-steering under the compensation rule — 26.5
Anti-steering, Regulation Z — 13.9
Application date — 9.1, 9.8
Application red flags — 27.3
Application stage — 6.1, 6.2
Application trigger, the six items — 9.1, 9.5, 9.9
Application volume — 37.8
Application, disclosure obligations triggered by — 6.2, 6.6
Application, legal definition of — 9.1
Application, Regulation B definition contrasted — 8.5, 8.6
Application, Regulation Z definition (six items) — 8.5, 8.6
Application, six-item definition — 6.2
Appraisal age and update requirements — 18.3, 18.9
Appraisal bias — 25.9
Appraisal bias, practitioner response — 18.5, 18.10
Appraisal contingency — 20.5
Appraisal contingency, interaction with waivers — 18.6, 18.7
Appraisal fee — 18.1, 18.7
Appraisal fraud — 27.8
Appraisal gap, formula — 18.7, 18.8, 18.10
Appraisal risk in a refinance — 37.2, 37.10
Appraisal transfer between lenders — 18.2, 18.7
Appraisal waiver — 15.7
Appraisal waiver, not presold — 20.10
Appraisal, defined — 18.1
Appraisal, FHA — 16.6
Appraisal, ordering and elapsed time — 6.3, 6.7
Appraisal, origin of standardized — 2.2
Appraisal, three approaches to value — 18.1
Appraisal, transferability with case number — 16.6, 16.7
Appraisal, what it is not (inspection, tax assessment) — 18.1
Appraisal-gap coverage — 20.5, 20.10
Appraised value — 18.1, 18.7
Appraiser assignment, rotational — 17.6
Appraiser identity theft — 27.8
Appraiser independence — 18.2, 18.8
Appraiser independence, fair-lending limits — 25.9
Appraiser licensing, FIRREA — 2.5
Approval states (approved / suspended / denied / clear to close) — 19.1, 19.7
Approve/Eligible — 15.4, 15.5
Approve/Ineligible — 15.5
APR accuracy tolerance — 24.7
APR accuracy tolerance (one-eighth / one-quarter of a point) — 22.7
APR, limitation on short holding periods — 24.8
APR, what it does badly — 4.8
Area median income (AMI) — 33.3, 33.5
ARM vs. fixed comparison — 13.7
ARM worst case, lifetime cap — 13.7
ARM, when it is right — 5.7
Arrears, interest paid in — 4.9
Artificial intelligence in origination — 36.8, 36.9
As-completed value (see after-improved value) — 35.5
As-is contract — 20.6
Ask in writing, record the answer — 27.2, 27.3, 27.11
Asset depletion — 34.5
Asset ladder (steps to the wire) — 12.1
Asset red flags — 27.5
Asset utilization — 34.5
Assets and liabilities sections — 9.2
Assets, questions to ask on a discovery call — 8.3
Assets, three underwriting questions — 12.1
Assignee liability — 24.9
Assumability, FHA and VA — 5.3, 5.4
Assumability, FHA loans — 16.1
Assumption of a VA loan — 17.7
At-closing conditions — 19.3
ATR, defense by recoupment in foreclosure — 24.10
ATR, eight factors — 24.10
ATR, third-party verification — 24.10
Attorney state — 23.1, 23.4
Attrition, questions that reveal — 40.1
Audit trail and changed-circumstance documentation — 22.9
Audit trail, loan origination system — 36.2, 36.5
AUS, deterministic behavior of — 15.1, 15.8
AUS, what it does not decide — 15.1, 15.9, 15.10
Authoritative copy — 36.7
Authorized user tradelines — 10.7, 10.9
Automated collateral evaluation (ACE) — 15.7
Automated underwriting system (AUS) — 15.1, 15.2, 15.10
Automated underwriting, recommendation vs. approval — 6.2, 6.4
Automated underwriting, run at pre-approval — 8.5, 8.6
Automated valuation models, nondiscrimination quality control — 25.9
Automobile and housing allowances — 11.8
Availability promises, failure of — 38.2
Average balance, VOD field — 12.1, 12.3
Average loan amount, as a market variable — 40.2
Average prime offer rate (APOR) — 24.9, 24.10
AVM (automated valuation model) — 18.6

B

Back-end ratio — 4.5
Background check, fingerprints — 3.3, 3.7
Backward pass (building the loan calendar) — 20.2
Bad news, delivering early — 8.7
Bad news, speed of delivery — 39.5
Bailee letter — 31.4
Balloon mortgage — 2.1
Balloon payment, commercial mortgages — 35.11
Bank fraud, wire fraud, and mail fraud statutes — 27.2, 27.10
Bank retail origination — 31.2, 31.6
Bank Secrecy Act — 12.10
Bank Secrecy Act / AML program requirements — 27.2, 27.11
Bank statement analysis worksheet — 34.3
Bank statement loan — 34.1, 34.3, 34.9
Bank statements, all pages requirement — 12.1
bankruptcy, Chapter 7 / Chapter 13 — 14.4
Bankruptcy, reporting period — 10.5
Bare walls / single entity / all-in — 21.10
Bars to licensure, permanent — 3.7
Base loan amount vs. total loan amount — 26.6
Base pay — 11.2
Base price — 29.1, 29.2, 29.6, 29.10
Baselines, setting your own — 38.6, 38.10
Basic entitlement — 17.3
Basis point, definition and arithmetic — 26.7
Basis points, and total compensation — 40.2
Basis points, MSR quoted in — 28.8
Batching — 39.6
Benefit worksheet (refinance) — 37.4
Best efforts delivery — 31.4
Best execution — 29.8
Bi-weekly vs. semi-monthly error — 11.2
Binding constraint in parallel orders — 39.2, 39.4
Blocking party, empty cell as alarm — 39.4, 39.10
Board columns, which matter and which do not — 39.10
Board limitations (detection vs. judgment) — 39.10
Boarder and accessory-unit income — 11.6
Bond volume cap, private activity — 33.5, 33.6
Bonus — 11.3
Bonus (secondary, Tier 2) entitlement — 17.3
Book of business — 38.1, 38.6, 38.10
Borrower as identity theft victim, correct response — 27.9
Borrower authorization — 9.5
Borrower authorization to disclose — 20.9, 20.10
Borrower dignity in fraud work — 27.3, 27.5, 27.6, 27.9, 27.12
Borrower Information component — 9.2
Borrower's own email as the compromised account — 27.10
Borrower-caused delay versus documented changed circumstance — 30.8
Borrower-paid compensation (BPC) — 26.2
Box 1 versus year-to-date gross (pre-tax deductions) — 27.4
BPO (broker price opinion) — 18.6
Bracketing (comparable selection) — 18.4
Branch manager — 40.5
Branch profit and loss (P&L) — 26.9
Branch profit and loss, and originator economics — 40.5
Break-even conversion rate — 7.7
Break-even loan amount — 26.9
Break-even, applied to the rate ladder — 29.6, 29.7
Break-even, assistance priced into a rate — 33.4
Break-even, discount points — 4.7
Break-even, lender credit — 13.5
Break-even, points — 13.5, 13.6
Break-even, points, on the repriced rate — 40.11
Bridge financing — 12.9
Broker channel, advantages of — 31.3, 31.7, 31.10
Broker channel, costs of — 31.3, 31.7
broker vs. retail, moving a file — 14.7
Budget, line-item construction — 35.1, 35.3
Budget-first conversation — 8.3, 8.4
Builder approval — 35.1
Builder contract — 20.1, 20.9
Builder relationship — 7.6
Building a quote, five-line procedure — 29.6, 29.10
Building and loan association — 2.1
Bureaus, the three nationwide — 10.1, 10.2
Burnout (refinance pool) — 37.1, 37.8
Burnout, structural causes of — 40.9
Business day, general definition — 9.1, 9.5, 22.3
Business day, in disclosure timing — 6.6
Business day, precise definition — 22.3
Business day, precise definition (rescission) — 23.7
Business day, specific definition — 9.1
Business email compromise — 27.10
Business email compromise, real estate — 36.10
Business funds — 12.6
Business funds for down payment — 32.10
Business justification, disparate impact — 25.5, 25.6
Business liquidity — 32.10
Business models, three — 1.6
Business narrative — 32.11
Business structures, comparison of the four — 32.2
Business use of home deduction — 32.3, 32.8
Business-day counting, worked examples — 22.3
Business-purpose loan — 34.1, 34.2, 34.6, 34.8
Buy-up / buy-down grid — 29.2, 29.6
Buyer's agent — 20.9
Buyer-agency changes (2024) and financing — 38.4
Buyer-agency practice changes (2024) — 7.3
Buyer-agent compensation, treatment of — 20.7, 20.9

C

C-corporation — 32.2, 32.6
Cadence arithmetic (constructed model) — 39.5
CAIVRS — 16.7
Calendar days vs. business days — 20.2
CAN-SPAM — 7.4, 36.4
Capacity — 39.1, 39.5, 39.6
Capacity as fixed cost — 37.8
Capacity spiral — 39.1, 39.5
Capacity, as a business decision — 40.3, 40.9
Capital account, distributions exceeding earnings — 32.4, 32.5
Capital markets desk — 28.1, 28.7
Capital reserve, in rental cash flow — 34.6
Caps, ARM — 5.7
Case number, FHA — 16.2, 16.6, 16.7
Cash Flow Analysis (Form 1084) — 32.7
Cash flow analysis, as the agency alternative — 34.3, 34.10
Cash position, first year — 40.1
Cash to close, asset-side build — 12.9
Cash to close, first-time buyer file — 33.10
Cash to close, levers on — 4.9
Cash, currency savings — 12.2, 12.10
Cash-out refinance, LTV cap on — 35.10
Casualty loss and one-time expenses — 32.8
Categories of loan, the five — 5.1
Caution — 15.2, 15.5
Certainty as the product sold — 38.1, 38.3, 38.7
Certificate of Eligibility (COE) — 17.2, 17.3, 17.10
Certificate of occupancy — 35.3, 35.5
Certificateholder — 28.1, 28.4, 28.6
Certificates of deposit — 12.1, 12.5
CFPB Bulletin 2015-05, rescission of — 24.5
CFPB, S.A.F.E. Act rulemaking authority — 3.1
Chain of title — 21.2
Change orders — 35.3, 35.5
Changed circumstance — 22.5, 22.6, 22.9
Changed circumstance affecting eligibility — 22.5
Changed circumstance affecting settlement charges — 22.5
Channel control, as fraud's central project — 27.7, 27.10, Conclusion
Channel, definition of — 31.1
Character and general fitness — 3.3, 3.7
Charge-off — 10.5
Child support received — 11.8
Childbearing and childrearing inquiries — 25.2, 25.4
CHOICERenovation (Freddie Mac) — 35.4
Churning — 37.7
Churning, IRRRL — 17.7
Citizenship status, location on the current form — 9.4
Clear to close (CTC) — 6.1, 6.6, 6.7
Clearing defects (catalog) — 21.6
Close rate on contracted files — 38.3, 38.10
Closed-end second — 35.10
Closer — 1.5
Closer, lender's — 23.1, 23.2
Closing (consummation) — 6.1, 6.6
Closing agent — 1.5
Closing agent (settlement agent) — 23.1, 23.2, 23.3
Closing agent, role in funding and recording — 6.6, 6.8
Closing date — 20.1, 20.2, 20.8
Closing date, effect on cash — 4.9
Closing Disclosure — 22.4, 22.7, 22.8, 22.9, 22.10
Closing Disclosure, "Paid by Others" column — 31.7, 31.8
Closing Disclosure, electronic delivery record — 36.2, 36.7
Closing Disclosure, page 1 (Closing Information, Loan Terms, Costs at Closing) — 22.4
Closing Disclosure, page 2 (Borrower-Paid / Seller-Paid / Paid by Others) — 22.4, 22.6
Closing Disclosure, page 3 (Calculating Cash to Close; Summaries of Transactions) — 22.4, 22.8
Closing Disclosure, page 4 (Loan Disclosures; escrow account box) — 22.4
Closing Disclosure, page 5 (Loan Calculations; Other Disclosures; Contact Information) — 22.4
Closing Disclosure, timing and waiting period — 6.6
Closing early, asking for — 19.10
Closing package — 23.2
Closing-costs expiration vs. rate-lock expiration — 22.2
Cloud on title — 21.1, 21.4
CLTV — 4.4
Co-marketing — 7.9
Co-marketing folder (four documents) — 38.5
Co-marketing, proportionate share — 24.2, 24.3
Co-signed obligations, surfacing on a call — 8.3
Co-signer or guarantor declaration — 9.4
Collateral analytics, automated valuation — 36.8
Collateral file — 23.8
Collateral Underwriter / collateral risk score — 18.3, 18.5
Collected funds (good funds) — 23.3
Collections — 10.5
Collections, medical — 10.5
Combating Redlining Initiative — 25.6
Combined loan-to-value, base loan vs. total loan — 33.4, 33.10
Commercial communication — 24.11
Commercial mortgage origination — 35.11, 40.7
Commingling, personal and business accounts — 34.3
Commission income — 11.4
Commission income, 24-month average and trend direction — 8.3
Commission income, documentation in processing — 6.3, 6.5
Commission share-of-income threshold — 11.4
Commission split — 26.7
Commodity, the loan as — 38.1
Communication failure versus fraud — 27.12, Conclusion
Community Development Block Grant (CDBG) — 33.3
Community Reinvestment Act — 2.4
Community Seconds (Fannie Mae) — 33.5
Company-provided leads — 7.2
Comparable sales, selection and weakening factors — 18.4
Comparative file review — 25.5, 25.11
Comparative Income Analysis (Form 1088) — 32.7
compensating factor — 14.6, 14.9
Compensating factor, reserves as — 12.8
Compensating factors, assistance file — 33.10
Compensating factors, FHA manual underwriting — 16.3
Compensating factors, reserves as — 8.4
Compensation period — 26.2, 26.6
Compensation plan, reading one — 26.6
Compensation rule and niche economics — 38.9
Compensation, comparing total packages — 40.2
Compensation, structural differences by channel — 31.8, 31.10
Compensation-structure change — 11.9
Competing offers — 20.10
Complaint channels, HUD and state appraiser boards — 25.4, 25.9
Completion certification — 35.3, 35.5
Compliance agreement (closing document) — 23.2
Compliance engine, loan origination system — 36.2
Compliance review, agency post-closing — 33.3, 33.5
Compliant co-marketing — 38.5
compounding vs. additive risk — 14.6
Compounding, database — 7.4
Concealment of a material property condition (prohibited) — 20.6
Concentration risk, referral partner — 7.3, 7.6
Condition (stipulation) — 6.4, 6.5
Condition classes, cost on the calendar — 19.3
Condition list, reconciling against documents — 36.2
Condition owner — 19.2, 19.7, 19.9
Condition ratings (C1–C6) — 18.5, 18.9
Condition source (borrower / third party / lender) — 19.2
Condition, classification by source — 6.5, 6.8
Condition, classification by timing (PTD / PTF / prior to purchase) — 6.5, 6.6
Condition-clearing habits — 19.9
Conditional approval — 1.5, 6.4, 6.5
Conditional approval, expiration of — 19.1
Conditional approval, nature and limits of — 19.1
Conditional Commitment for Loan Note Guarantee — 17.9, 17.10
Conditional lien waiver — 35.3
Conditions batches — 39.6
Conditions stage, share of the calendar — 6.1, 6.5, 6.7
Condominium master policy — 21.10
Condominium project approval, FHA — 16.7
Condominium project eligibility — 5.9
condominium project eligibility — 14.3, 14.7
Condominium project review, insurance side — 21.10
Confirm Receipt signature statement — 22.2, 22.4
Confirmation email after a structure decision — 13.10
Conforming loan limit — 5.2
Conforming loan limit, crossing — 28.9
Conservatorship, Fannie Mae and Freddie Mac — 28.2, 28.3
Conservatorship, September 2008 — 2.7
Construction-to-permanent loan — 35.1, 35.2, 35.3
Constructive notice — 23.4
Consumer Access, NMLS — 3.1, 3.9
Consumer Credit Protection Act, good-faith exercise of rights — 25.1
Consumer Financial Protection Bureau, creation — 2.8
Consumer Financial Protection Bureau, disclosure rulemaking — 22.1
Consumer referral incentives — 38.5, 38.7
Contact cadence — 38.6
Contact record specification — 38.6
Contact-to-closing rate — 7.1
Contingency — 20.4, 20.5, 20.6
Contingency reserve — 35.4, 35.5
Continuance, three-year forward expectation — 11.1, 11.7, 11.8
Continuing education, 8 hours — 3.9
Contract amendment — 20.8
Contract contingencies (financing, appraisal, inspection) — 39.4
Contract dates, extracting — 20.1, 20.2
Contract dates, reading before price — 6.1, 6.7
Contract summary (loan officer's) — 20.1
Contract-to-close measurement — 6.7
Contracted hours on the VOE — 11.2
Contribution cap, occupancy and LTV tiers — 20.7
Contribution cap, structure of — 20.7
Contribution vs. borrower's actual costs — 20.7
Control, electronic note — 36.7
Conventional 97% LTV products — 33.1, 33.2
Conventional loan, definition — 5.1, 5.2
Conversion rate, lead — 7.1, 7.2, 7.7
Corrected Closing Disclosure at or before consummation — 22.7
Corrective deed / scrivener's affidavit — 21.6
Correspondent lending — 1.6, 31.1, 31.4, 31.10
Corroboration, P&L against bank statements — 34.4
Cost approach — 18.1
Cost of a closing delay — 20.8
Cost of carry — 31.4, 31.10
Cost per closed loan — 7.2, 7.7
Cost per eighth, escalation of — 29.2, 29.6
Cost structure, surviving at half volume — 40.8
Counseling, HECM — 35.6, 35.8
Counter-cyclical business development — 37.9
Counterfeit verification infrastructure — 27.7
Coupon (security) — 28.4, 28.5, 28.6
Covenants, warehouse — 31.4, 31.6
Coverage A through F — 21.8
Coverage during absence — 39.7
CPA referral relationships — 32.11
Credit inquiries vs. new debt — 19.6
Credit limit, missing — 10.4, 10.6, 10.7
Credit mix (score factor) — 10.6
Credit pull, authorization and warning the borrower — 8.1, 8.3
Credit refresh, effect on findings — 15.8
Credit refresh, undisclosed debt — 36.6, 36.11
Credit Repair Organizations Act (CROA) — 10.10
Credit repair, advance fees — 10.7, 10.10
Credit report fee, bona fide and reasonable — 9.5
Credit report shelf life — 10.1
Credit report, obligations it does not show — 8.3
Credit reporting agency (reseller) — 10.1, 10.8
Credit review for licensure — 3.3, 3.7
Credit risk transfer (CAS, STACR) — 28.2
Credit score and MI pricing, crossing point — 13.2
Credit score bands and pricing — 10.7
Credit score disclosure — 9.5
Credit score disclosure to applicant — 10.1, 10.10
Credit score model versions — 10.2
Credit score, minimum decision — 16.3
Credit score, what it is not — 10.2
Credit supplement — 10.4, 10.8, 10.9
Credit utilization — 10.4, 10.6, 10.7
Credit, competitive, and transaction fallout — 39.9
Creditor, defined — 24.7
Creditor, identifying the — 31.5, 31.7
creditworthiness — 14.3, 14.9
CRM — 7.4
Cross-check, reserves versus accounts — 12.9
Currency Transaction Report (CTR) — 12.10
Current ratio — 32.10
Curtailment — 31.4
CUSIP — 28.1, 28.4
Custom loan terms — 37.5, 37.10
Customary and reasonable fees — 18.2
Customer relationship management (CRM) — 36.1, 36.4
Cybersecurity, borrower data — 36.10
Cypress Court file (refinance form) — 37.2
Cypress Court file (survey and easement) — 21.7
Cypress Court file, pressure at maximum incentive — 27.8

D

Dashboard, nine numbers — 38.10
Data extraction, documents — 36.8
Data integrity — 15.9
Data integrity at intake — 9.8
Data-entry errors, catalog of — 15.9
Database — 7.4
Database as appreciating asset — 38.6
Database marketing — 38.6
Database ownership on job change — 38.6
Database, as the originator's own asset — 40.8, 40.12
Day 5 reconciliation — 9.8
Day-37 counterfactual closing — 39.2
Day-40 discovery — 11.10
Day-44 event, fraud analysis of — 27.12, Loan File
Day-44 problem — 19.10
Days quiet (silence as a signal) — 39.1, 39.3, 39.10
DD Form 214 — 17.2
Dead days, day 33 to day 44 — 40.10
Dead time, files with no activity — 36.2, 36.11
Dead window (Linden Street, days 33–44) — 39.1, 39.2, 39.3, 39.5
Dead window on a documentation-complete file — 19.10
Deadlines that expire in silence — 20.2, 20.4
Debt consolidation through a mortgage — 37.6
Debt omitted at application — 9.8
Debt retirement, choosing which debt for ratio purposes — 8.8
Debt service coverage ratio (DSCR) — 34.6, 34.8
Debt service coverage ratio, in commercial lending — 40.7
Debt service coverage, commercial — 35.11
debt-to-housing gap ratio — 14.5
debt-to-income ratio, guideline treatment of — 14.5
Debt-to-income, limits by program — 4.5
Debt-to-income, limits of — 17.5
Debt-to-income, recomputation under new debt — 19.10
Debt-to-income, structural blind spots — 8.2
Debt-to-income, what it cannot measure — 4.6
Decision date — 19.1, 19.2
Decision tree, program selection — 5.10
Declarations page — 21.8
Declarations, borrowed funds and subordinate financing — 27.3, 27.7
Declarations, Section 5 — 9.4
Declining income — 11.3, 11.4
Declining income and the lower-figure rule — 26.8
Declining income, the averaging rule — 32.7, 32.9
Declining-income ladder — 32.9
Deductibles, flat and percentage — 21.8
Deed of trust — 1.2
Deed, delivery and acceptance — 23.4
Deed, distinguished from title — 21.1
Deed, recording order — 23.4
deed-in-lieu of foreclosure — 14.4
Defeasance — 35.11
Deferred maintenance and structural standards — 21.10
Deferred second — 33.4
Degraded pipeline vs. dropped file — 39.1
Delegated underwriting authority — 31.5, 31.10
Demographic information section — 9.2
Demographic information, government monitoring — 25.2, 25.8
Denial as an underwriting outcome — 6.4
Denial, manufactured (prohibited) — 20.4, 20.10
Denied application and adverse action notice — 9.9
Denominator problem in pull-through — 39.9
Departing residence — 11.6, 27.6
Dependents — 9.3
Depletion — 32.8
Deposit consistency test — 34.3
Deposit exclusions — 34.3
Depository institution — 31.6, 31.9
Depository vs. non-bank — 1.6
Depreciation add-back — 32.7, 32.8
Derogatory information — 10.5
Desk license agreement — 38.5
Desk rental and desk license agreements — 24.3, 24.5
Desktop appraisal — 18.6
Desktop Underwriter (DU) — 15.2, 15.3, 15.5, 28.2, 28.3
Digital assets (crypto) — 12.5
Digital mortgage comparison-shopping platforms — 24.3, 24.5
Digital verification of assets — 36.6
Digital verification of income and employment — 36.6
Direct messages as origination activity — 38.8
Direct-source asset verification — 27.5
Direct-to-consumer origination — 31.2
Disability as a prohibited basis — 25.1, 25.4
Disability income — 11.7
Disbursement — 23.3
discharge vs. dismissal — 14.4
Disclosed subordinate financing, contrasted (Harlow Street) — 27.7
Disclosing your own error to a borrower — 30.8
Disclosure as a failed remedy — 26.1
Disclosure asymmetry between channels — 31.7, 31.8
Disclosure, failure to — 3.7, 3.9
Discount on non-liquid assets — 12.5, 12.8
Discount point — 4.7
Discount point, source of — 29.3, 29.6, 29.9
Discount points are not branch revenue — 26.9
Discount points, dollars vs. points — 13.4, 13.5
Discouragement, pre-application — 25.2, 25.6
Discouragement, prohibition on — 8.8, 34.7
Discouraging an applicant — 17.8
discouraging an application — 14.7
Discouraging an application, prohibition — 9.9
Discovery call, agenda and sequence — 8.3
Discretionary pricing and concession logs — 25.7, 25.11
Discriminatory covenants, voided of record — 21.3
Disparate impact, historical origin — 2.3
Disparate impact, models and proxies — 36.9
Disparate impact, three-step framework — 25.5
Disparate treatment — 25.5, 25.7
Displaced homemaker — 33.1
Dispute flag, effect on a file in process — 10.8
Dispute, FCRA reinvestigation — 10.8, 10.10
Distributed retail — 31.2
Distributions, why they are not income — 32.2, 32.5, 32.8
Dividends as qualifying income — 32.6
Divisor, asset depletion — 34.5
Divorce attorney referrals — 7.6
Do Not Call Registry — 7.4, 7.7
Document age windows — 19.5
Document classification — 36.8
Document collection, borrower experience — 9.7
Document custodian — 28.1, 28.4
Document expiration (credit, VOE, assets, appraisal) — 20.8
Document management and retention — 36.2
Document request list — 9.6
Document request list, self-employed — 32.4, 32.11
Document request, building from findings — 15.6
Document shelf life and expiration — 6.3, 6.7
Document staleness and age limits — 39.4
Documentation by income type — 9.6
Documentation of conversations, call notes — 8.9
Documentation window — 12.2
Documented vs. verified — 8.5, 8.6
Documenting facts without conclusions — 27.11
Documenting vs. interrogating conditions — 19.1, 19.2
Dodd-Frank Act — 2.8
Dodd-Frank Act, integrated disclosure mandate — 22.1
Dodd-Frank Title XIV, Mortgage Reform and Anti-Predatory Lending Act — 26.1
Donor — 12.4
Donor sourcing — 12.4
double-counting a requirement as a strength — 14.9
Double-counting income and assets — 12.3, 12.6
Double-counting, how to avoid it — 32.8
Down payment analysis, 5/10/20 — 13.3
Down payment assistance (DPA), definition — 33.4
Down payment assistance, finding programs — 33.3
Down payment assistance, seller-funded (prohibited) — 33.5
Down payment tiers, VA — 17.4
Down payment, may not be funded by an interested party — 20.7
Down-payment assistance, government entity — 16.4
Downgrade to manual underwriting — 16.3
Draw against future commissions — 40.1
Draw schedule — 35.3
Draw, recoverable — 11.4
Draw, recoverable vs. non-recoverable — 26.7
Drip campaign — 7.4
Dry funding — 23.3
DSCR loan — 34.6, 34.8, 34.9
Dual compensation prohibition — 26.4
Duration bands, MIP — 16.5, 16.9, 16.10
Duty to defend — 21.5
Dwell time — 31.4, 31.10
Dwelling coverage — 21.8

E

E-consent and the ESIGN Act — 9.5
E-SIGN Act — 36.7
E-signature — 36.7
Early payment default (EPD) — 23.9
Early payment default (EPD) chargeback — 26.6
Early payment default, as a detection signal — 27.1, 27.6, 27.7
Early payoff (EPO) — 23.9
Early payoff (EPO) chargeback — 26.6
Early payoff (EPO) provision — 31.3, 31.5
Earned benefit, VA lending as — 17.1, 17.8
Earnest money — 12.7, 12.9
Earnest money as a credit at closing — 20.3
Earnest money deposit — 20.1, 20.3
Earnest money, holder of — 20.3
Earnest money, release and disputes — 20.3
Easement, appurtenant — 21.7
Easement, in gross — 21.7
eClosing, hybrid and full — 36.7
ECOA / Regulation B, consistent asset scrutiny — 12.4, 12.10
ECOA notice of action taken — 6.2
ECOA, 1974 — 2.4
ECOA, discouraging an applicant — 10.3, 10.10
Effective date / binding agreement date — 20.1, 20.2
effective date of a guideline amendment — 14.1
Effective date vs. report date — 18.3, 18.9
Elder financial abuse — 27.9
Electronic recording, county adoption — 36.7
eligibility — 14.3, 14.5, 14.9
eligibility cap vs. creditworthiness input — 14.3
Eligibility Matrix — 14.1, 14.5
Eligibility versus price — 29.2, 29.8
Emotional work, first-time buyer — 33.9
Employed by a party to the transaction — 9.2, 9.4
Employee exception (loan originator organization paying its own originators) — 26.4
Employer existence, verifying — 27.4, 27.7
Employer social media policy — 38.8
Employment gap — 11.9
Employment start date — 9.3, 9.8
Encroachment — 21.7
Encroachment agreement — 21.7
Encumbrance — 21.1, 21.7
Engine version release — 15.8
eNote — 36.7
Entitlement — 17.3, 17.7, 17.10
Entitlement, VA — 5.4
Entity vesting — 34.6, 34.9
Equal Credit Opportunity Act (ECOA) — 25.1, 25.2, 25.3
Equal Credit Opportunity Act, in non-QM placement — 34.7
Equal Credit Opportunity Act, in pre-qualification — 8.2, 8.6, 8.8
Equal Credit Opportunity Act, prohibited bases in scoring — 10.2, 10.10
Equity buyout refinance — 7.6
Escalating a referral source, a colleague, or a manager — 27.11
Escalating on a date rather than a feeling — 39.8
Escalation — 19.8
Escalation clause — 20.10
Escalation ladder — 27.11
Escalation ladder, Levels 0–4 — 39.8
Escalation path — 31.2, 31.3, 31.9, 39.8
Escalation path by stage — 6.8
Escalation through the borrower (Level X) — 39.8
Escape clause (amendatory clause) — 17.6, 17.10
Escrow (as a process) — 20.3
Escrow account (impound account) — 23.5
Escrow account on a refinance — 37.2
Escrow account vs. escrow process — 20.3
Escrow analysis, annual — 23.5
Escrow cushion, RESPA cap — 23.5
Escrow deficiency — 23.5
Escrow deposit at closing — 12.9
Escrow deposit is not a fee — 23.5
Escrow deposit, explaining it — 4.9
Escrow deposit, initial — 23.5
Escrow disclosure statement, initial — 23.2, 23.5
Escrow holdback for repairs — 18.9
Escrow shortage — 23.5
Escrow surplus — 23.5
Escrow waiver — 23.5
Escrow, share of payment and why it moves — 8.4
Escrow, two meanings of the word — 23.1
Ethics hours, PE and CE — 3.4, 3.9
Ethics, and the durable business — 40.9
Evidence, verifiable forms of — 38.1, 38.3, 38.10
Exception and override logs — 25.7, 25.11
exception request memo — 14.9
Exception request, five-part structure — 19.8
Exceptions and fair lending exposure — 19.8
Excess contribution, treatment of — 20.7
Expectation setting — 8.1, 8.4, 8.7
Expected interest rate, HECM — 35.7
Expense factor — 34.3, 34.4
Explainability requirement — 36.9
Explaining cost increases to a borrower — 22.8
Explanation letters, what works — 32.9
Exposure, delay as — 6.5, 6.7
Extended coverage — 21.3
Extension of a closing date — 20.8
Extension versus relock, worked comparison — 30.7
extenuating circumstances — 14.4
Exterior-only appraisal (Form 2055) — 18.6

F

Fabricated and misappropriated appraisal reports — 27.8
Fair Credit Reporting Act (FCRA) — 10.1, 10.5, 10.8, 10.10
Fair Credit Reporting Act, permissible purpose and prescreening — 8.1, 8.6
Fair Housing Act — 25.1, 25.4, 25.9
Fair Housing Act and ECOA, applied to valuation — 18.5
Fair Housing Act, 1968 — 2.3, 2.4
Fair Labor Standards Act, loan officer classification — 26.8
Fair lending and application selectivity — 39.9
Fair lending and marketing footprint — 7.5, 7.8
Fair lending and option presentation — 13.9
fair lending and overlay consistency — 14.7
Fair lending and pricing exceptions — 29.4
Fair lending, and product steering — 34.7, 34.10
Fair lending, asset questions — 12.4, 12.10
Fair market value, establishing — 38.5
Fair-lending examination, scope and sequence — 25.11
Fallout — 30.10
Fallout asymmetry in a falling-rate market — 39.9
Fallout rate — 39.9
Fallout risk — 29.5, 29.9
Fallout, cost of — 38.9
False Claims Act, government-insured lending — 27.2
False statement to a federally insured institution — 27.2
False statements in HUD-related transactions — 27.2
Falsifiability test (marketing claims) — 38.2
Familial status — 25.1, 25.4
Family member definition (FHA) — 16.8
Family transactions — 33.8
Fannie Mae — 1.3, 1.4, 28.1, 28.2, 28.3, 28.4
Fannie Mae, 1938 — 2.2, 2.4
FBI Internet Crime Complaint Center (IC3) — 27.10
FCRA adverse action disclosure, combined notice — 25.3
Feasibility vs. convenience (down-payment test) — 13.2, 13.3
Fed cut and rising mortgage rates — 30.4
Federal funds rate versus long-term mortgage rates — 30.4
Federal Home Loan Bank Act, 1932 — 2.2
Federal Home Loan Bank, Affordable Housing Program — 33.3
Federal Housing Finance Agency (FHFA) — 14.1, 14.10, 28.2, 28.3, 28.6, 28.9
Federal legal public holidays (5 U.S.C. 6103(a)) — 22.3
Federal tax lien — 21.4
Fee restriction before intent to proceed — 6.2
Fee simple vs. leasehold — 21.3
Feedback Certificate — 15.2, 15.4
Felony bar, permanent (fraud, dishonesty, breach of trust, money laundering) — 3.7
Felony bar, seven-year — 3.7
FHA 203(b), not a first-time buyer program — 33.1, 33.2
FHA 203(k), limited — 35.4
FHA 203(k), standard — 35.4
FHA case number, appraisal follows the property — 18.10
FHA Connection — 16.7
FHA loan — 5.3
FHA manual underwriting benchmark (31/43) — 15.3
FHA MIP duration rule — 5.8
FHA underwriting manual, exclusionary standards — 2.3
FHA, 1934 — 2.2
FHA, what it is and is not — 16.1
FICO score — 10.2, 10.6
Fidelity coverage — 21.10
File velocity — 39.2
Finance charge tolerance — 24.7
Finance charge, definition and inclusions — 24.8
Finance charge, exclusions — 24.8
Finance charge, included and excluded — 4.8
Finance Charge, placement on the form — 22.4
Financed closing costs — 37.5, 37.7, 37.10
Financed UFMIP and compensation — 26.6
Financed UFMIP and loan amount — 13.3
Financial assessment, HECM — 35.6, 35.8
Financial planner referrals — 7.6
Financial responsibility — 3.7
Financing closing costs above contract price, USDA — 17.9
Financing concession vs. sales concession — 20.7
Financing contingency — 20.4, 20.10
Financing contingency, notice mechanics — 20.4
Findings report, anatomy of — 15.4
Findings report, reading order — 15.4
FIRREA civil enforcement authority — 27.2
FIRREA, 1989 — 2.5
First hire, the arithmetic of — 40.3
First hire, the signal to make it — 40.3
First in time, first in right — 21.4
First payment date — 23.6
First payment letter — 23.2
First year, the income gap — 40.1
First-hours response to a misdirected wire — 27.10
First-position lien and investor requirements — 21.4
First-time homebuyer, definition and three-year test — 33.1
First-time homebuyer, documenting non-ownership — 33.1, 33.5
First-year disbursement limit, HECM — 35.7
First-year plan — 40.12
Fixed percentage, minimum and maximum dollar amount — 26.3, 26.6
Fixed vs. variable cost allocation — 26.9
flag-and-offset table — 14.6, Loan File
Float instruction, written (target / stop / deadline / reach) — 30.2
Float, floating a file — 30.2
Float-down — 30.6
Float-down trigger, window, cap, and fee — 30.6
Flood certificate fee — 21.9
Flood determination — 21.9
Flood zone designations — 21.9
Force-placed insurance — 21.8, 21.9
Forced sale distribution — 21.4
Foreclosure, judicial and non-judicial — 1.2
Foreclosure, short sale, deed in lieu, bankruptcy declarations — 9.4
foreclosure, waiting period — 14.4
Foreign national lending — 34.7
Forgivable second — 33.4
Forgiveness crediting, annual vs. prorated — 33.4
Form 1004, section by section — 18.3
Form 1004D — 18.3, 18.9
Form 1005 — 11.10
Form 1007, market rent — 34.6
Form 1065 — 32.2, 32.4, 32.7
Form 1098 and the January contact — 38.7
Form 1120 — 32.2, 32.6
Form 1120-S — 32.2, 32.5, 32.7
Form 4506-C — 11.10
Forward pass — 39.3
Foster care income — 11.8
Four C's of underwriting — 6.4
four Cs (capacity, credit, capital, collateral) — 14.2
Four currencies (agent relationship) — 38.3
Four shapes of irreversibility — 39.4
Fraud alerts, active duty alerts, security freezes — 27.9
Fraud detection tools, document integrity — 36.8
Fraud for housing — 27.1, 27.4, 27.6
Fraud for profit — 27.1, 27.7, 27.8
Fraud review memo — Loan File
Freddie Mac — 1.3, 1.4, 28.2, 28.3
Freddie Mac Bulletins — 14.1
Freddie Mac Form 1077 — 14.5
Freddie Mac Form 91 — 32.7
Freddie Mac, 1970 — 2.4
Full entitlement — 17.3, 17.10
Full faith and credit of the United States — 28.2, 28.3
Fully indexed rate — 5.7
Fully indexed rate in qualification — 13.7
Fully underwritten pre-approval — 20.10
Fulton Avenue file — 34.10
Fulton Avenue file (declining income illustration) — 11.3
Fulton Avenue file, which income figure to enter — 15.9, 15.10
Fulton Avenue worksheet, completed — 32.7, 32.9
Funder, lender's — 23.1, 23.3
Funding fee exemption — 17.4, 17.8, 17.10
Funding fee exemptions — 5.4, 5.8
Funding fee refund — 17.4
Funding fee, financing of — 17.4, 17.10
Funding fee, VA — 5.4, 5.8
Funding number — 23.3
Funding sequence — 23.3
Funding, wet vs. dry — 6.6
Funds from a non-applicant — 27.7
Funnel arithmetic — 7.1
Funnel conversion, and the production target — 40.2
Funnel, applied to an income model — 26.10
Furnishers — 10.1, 10.8
Future-dated triggers — 38.6, 38.7

G

Gain on sale — 31.2, 31.4, 31.8
Gap report — 19.6
Gap, the (recording) — 23.4
General QM, price-based test — 24.10
General vs. limited partner — 32.4
Geography as a compensation factor — 26.3
Gift funds — 12.4
Gift funds, FHA acceptable donors — 16.4
Gift funds, surfacing on the discovery call — 8.3
Gift letter — 12.4
Gift of equity — 12.4, 33.8
Gift of equity, structuring at value vs. discount — 33.8
Gift transfer methods, ranked — 12.4
Gift versus loan, the two available structures — 27.5
Gifts and grants section — 9.2, 9.4
Gifts to referral sources — 24.3
Ginnie Mae — 1.3, 28.3
Ginnie Mae I and Ginnie Mae II — 28.3
Ginnie Mae, 1968 — 2.4
Ginnie Mae, distinguished from FHA — 16.1
Good Faith Estimate (GFE), replaced by TRID — 22.1
Good Faith Estimate, credit or charge for the interest rate — 26.1
Good-faith escalation, being wrong — 27.11
Goods furnished / services performed — 38.5
Goodwill decay — 38.7
Government loan category — 5.1
Government-issued identification, examination of — 27.9
Government-sponsored enterprise (GSE) — 28.2, 28.3
Gramm-Leach-Bliley Act, borrower data on departure — 7.4
Gramm-Leach-Bliley Act, credit report as NPI — 10.1, 10.10
Gramm-Leach-Bliley Act, document handling — 9.7
Gramm-Leach-Bliley Act, donor documents — 12.4
Gramm-Leach-Bliley Act, safeguards — 36.4, 36.10
Grant, distinguished from a second lien — 33.4, 33.5
Grantor-grantee index — 21.2
Gross compensation vs. take-home — 26.10
Gross living area (GLA) — 18.3, 18.4, 18.8
Gross monthly income, stated vs. counted — 8.3
Gross rent, versus net operating income — 34.6
Gross versus take-home income — 9.3
Gross-up — 11.7
GSE Patch (Temporary QM), expiration of — 24.10
Guarantee fee (g-fee) — 28.2, 28.6, 28.10
Guarantee fee, effect on coupon — 29.1
Guarantee fee, USDA — 5.5, 5.8, 17.9, 17.10
Guaranteed payments — 32.4
Guaranteed Underwriting System (GUS) — 17.9
Guaranteed Underwriting System (USDA) — 15.3
Guaranty plus equity equals 25% rule — 17.3
guide topic identifiers, citing — 14.1
guideline limits as coupled constraints — 14.5
guideline overlay — 14.7
Guideline vs. overlay, what can be waived — 19.8
Guideline vs. overlay, why the difference exists — 28.10
Guidelines and overlays, by channel — 31.2, 31.3, 31.10
Guidelines, why absolute — 1.3, 1.4

H

Haircut — 31.4, 31.10
Haircuts, on eligible assets — 34.5
Handoff — 39.7
Handoff gap and overlap — 39.7
Handoff memo — 39.7
Handoffs and silent stalls — 6.1, 6.8
Hard pull — 10.6
Harlow Street file, complete structure — 33.10
Harlow Street file, expectation setting and bad news — 8.7, 8.8
Harlow Street file, program selection — 13.2, 13.3
Harlow Street file, TOTAL Scorecard example — 15.3
HCLTV — 4.4
HCLTV, full line counted — 35.10
HECM (Home Equity Conversion Mortgage) — 35.6, 35.7, 35.8
HECM for Purchase — 35.7, 35.8
Hedge asymmetry in a falling market — 30.10
Hedging and pipeline fallout — 39.9
Hedging the pipeline — 29.9
HELOC — 35.10
HERA, 2008 — 2.7, 2.8
HERA, source of the S.A.F.E. Act — 3.1
HFA-only conventional products — 33.2, 33.3
Hidden assumption, as a failure mode — 2.1, 2.6, 2.7, 2.9
Hidden assumption, in a cost structure — 40.8
High credit — 10.4
High-balance loan — 5.2
High-cost mortgage, consequences — 24.9
High-cost mortgage, three triggers — 24.9
Higher-priced covered transaction — 34.2, 34.8
Higher-priced mortgage loan (HPML) — 24.9, 24.10
Higher-priced mortgage loan appraisal rules — 18.6
Higher-priced mortgage loan, escrow requirement — 23.5
Hiring, junior originator versus loan partner — 40.3
HMDA action-taken codes — 25.8
HMDA action-taken codes for dead files — 39.9
HMDA, 1975 — 2.4
HO-3, HO-5, HO-4 forms — 21.8
HO-6 — 21.10
HOA dues, counted but not escrowed — 4.3
HOA super lien — 21.4
HOEPA — 24.9
Home equity extraction — 37.3, 37.6
HOME Investment Partnerships Program — 33.3
Home Mortgage Disclosure Act (HMDA) — 25.8
Home Owners' Loan Corporation — 2.2, 2.3
Home Owners' Loan Corporation maps as a model — 36.9
Homebuyer education, requirement and providers — 33.7
Homebuyer education, timing relative to reservation — 33.5, 33.7
Homeowners insurance / hazard insurance — 21.8
Homeowners Protection Act, "original value" on a refinance — 37.10
Homeowners Protection Act, 80/78 — 4.4
Homeowners Protection Act, and what it does not cover — 5.8
Homeowners Protection Act, borrower's letter — 23.8
Homeowners Protection Act, inapplicability to FHA — 16.5, 16.10
Homeownership counseling list — 9.5
Homeownership counseling requirement — 24.9
HomeReady and Home Possible — 5.2
HomeStyle Renovation — 35.4, 35.5
Horizon question, how to ask — 13.6
Hourly income, calculation of — 11.2
Household income limit — 17.9, 17.10
Household income vs. qualifying income — 33.3, 33.5
Housing advertising, platform restrictions — 7.8
Housing and Economic Recovery Act of 2008 — 16.4
Housing and Economic Recovery Act of 2008, seller-funded DPA — 33.5
Housing counseling agencies, HUD-approved — 33.3, 33.7
Housing finance agency (HFA) — 33.3
Housing ratio — 4.5
HPML appraisal requirements — 24.9
HPML escrow requirement — 24.9
HUD Handbook 4000.1 — 16.2
HUD Handbook 4000.1, 203(k) and HECM — 35.4, 35.7
HUD Handbook 4000.1, structure of — 16.2
HUD-1 Settlement Statement, replaced by TRID — 22.1, 22.4
HUD-approved 203(k) Consultant — 35.4
HUD-approved housing counseling referral — 10.9, 10.10
Hybrid (bifurcated) appraisal — 18.6

I

Identity of interest — 16.8, 33.8
Identity theft in origination — 27.9
Illegal property flipping — 27.8
Immigration status, and Regulation B — 34.7
Inbound as a queue, not an interrupt — 39.6
Inbound as endogenous — 39.1, 39.5
Inclusive Communities (2015) — 25.5
Income and employment fraud — 27.4
Income approach — 18.1
Income components (base, overtime, bonus, commission) — 9.2, 9.3, 9.8
Income from other sources — 9.2, 9.3
Income model — 26.10
Income reconciliation (paystub, W-2, VOE) — 11.2, 11.10
Income sources that must be considered — 25.2
Income that generally does not count — 11.8
Income types, triage questions by type — 8.3
Income, taking a structure rather than a number — 8.3
Independent mortgage bank (IMB) — 31.6
Independent verification, as the core control — 27.4, 27.5, 27.7, 27.9, 27.10
Independently obtained phone number — 27.4, 27.7, 27.10
Index and margin — 5.7
Indexing errors — 21.2
Inflation and employment data as rate movers — 30.4
Initial disclosure package — 9.5
Innocent explanations, prevalence of — 27.3, 27.4, 27.5, 27.9
Inputs that move a recommendation — 15.8
Inputs vs. outputs in planning — 38.10
Inquiries and rate shopping windows — 10.6
Insider participation in fraud schemes — 27.1, 27.7, 27.8
Inspection contingency — 20.6
Inspections, construction draw — 35.3
Installment credit — 10.4
Installment debt exclusion (payments remaining) — 15.8
Insurable title — 21.1
Insurance binder vs. quote — 21.8
Insurance binder, mortgagee clause — 19.3
Intake question on military service — 17.8
Integrations, silent failure — 36.2
Intent to proceed — 9.5
Intent, measured at the time of representation — 27.6
Interagency Fair Lending Examination Procedures — 25.11
Interest credit (early-month closing) — 23.6
Interest during construction — 35.3
Interest in arrears — 23.6
Interest reserve — 35.3
Interest, first month's — 1.3, 1.7
Interest, one month's — 4.1
Interest-only — 34.1, 34.8
Interest-only, as a sanity check — 4.10
Interest-rate risk — 2.5
Interest-rate-dependent charges (rate lock) — 22.5
Interested parties / interested-party contributions — 16.4, 16.8
Interested party as donor — 12.3, 12.4
Interested party, definition of — 20.7
Interested-party contribution (IPC) — 20.7
Interested-party contribution limits — 13.8
Interested-party contributions, buyer-broker fees — 38.4
internal consistency of a file — 14.2
Interview technique, question wording — 9.3
Interviewing, questions to ask — 31.9
Investment property — 35.9
Investor — 1.3
IRRRL — 17.7
Issuer, Ginnie Mae approved — 28.3
ITIN lending — 34.7

J

Job change — 11.9
Joint accounts with a non-borrower — 12.1
Joint ventures and in-house lenders — 31.2
Judgments and federal debt delinquency — 9.4
Judgments and tax liens, removal from credit reports — 10.5
Jumbo loan — 5.6, 28.9
Junior originator, why not first — 40.3

K

K-1 losses — 32.5
Key factors / reason codes — 10.2
Know Before You Owe — 22.1

L

Lag, contact to closing — 7.1, 7.10
Language community niche, fair lending — 38.9
Large deposit — 12.3
Late CE — 3.9
Late closing, effect on post-close sequence — 38.7
Late payments, severity and recency — 10.5
Layered assistance — 33.5
layered risk — 14.2, 14.6
layered-risk inventory — 14.6
Lead (prospect) — 6.1, 6.2
Lead purchase arrangements — 24.3
Lead source — 7.2
Lead-based paint, pre-1978 properties — 16.6
Lead-source report — 7.2
Legal boundary for a loan officer — 20.1, 20.4, 20.8, 20.10
Legal description — 20.1, 21.3, 21.6
Lender credit — 4.7
Lender credit, break-even — 13.5
Lender credit, caps on — 29.7
Lender credit, where it comes from — 29.7
Lender gross revenue per loan — 29.9
Lender Loan Information component — 9.2
Lender margin — 29.1, 29.9
Lender's policy (loan policy) — 21.5
Lender-paid compensation (LPC) — 26.2
Lender-paid cure of an extension fee — 30.8
Length of credit history (score factor) — 10.6
Lesser of price or appraised value — 4.4, 20.5, 20.7
Lesser of price or value — 18.1, 18.7
Letter of explanation (LOX / LOE) — 19.4
Letter of explanation, employment — 11.9
Letter of explanation, limits of — 12.2, 12.3
Letter of explanation, rules for writing — 19.4
Letter of explanation, what a loan officer may not do — 19.4
Levers on a payment, the three — 4.1
Liabilities block, as a check on the debt schedule — 15.6, 15.9
Licensed originator — 3.2
Licensed versus registered originator — 31.6
Licensed vs. registered originator — 1.6
Lien — 1.2
Lien priority — 1.2, 21.4
Lien theory / title theory — 1.2
Lien waivers, conditional and unconditional — 35.3
Life Expectancy Set-Aside (LESA) — 35.8
life-of-loan exclusion — 14.10
Life-of-loan flood tracking — 21.9
Limited Denial of Participation (LDP) — 16.7
Limits paragraph (who you are not for) — 38.2
Linden Street \$10,000 gift, documented — 27.5, Loan File
Linden Street \$4,900 deposit, as an innocent red flag — 27.5, Loan File
Linden Street decision (Q2 resolved) — Loan File
Linden Street file (commitment, lien, insurance) — 21.3, 21.6, 21.8, 21.9
Linden Street file, day-1 timeline — 8.6, The Loan File
Linden Street file, day-47 re-run — 15.8, Loan File
Linden Street file, day-6 findings — 15.4, 15.6, Loan File
Linden Street file, fee sheet under RESPA and TILA — 24.6, 24.8, 24.9, 24.10
Linden Street file, non-QM counterfactual — 34.10, Loan File
Linden Street file, quote rebuilt from base price — 29.6, 29.10
Linden Street file, rate/point grid derivation — 29.6
Linden Street file, read against the rulebook — 14.5, 14.6, Loan File
Linden Street file, referral relationship — 24.2, 24.6
Linden Street file, refinance analysis — 37.10
Linden Street income worksheet — 11.3, 11.4, Loan File
Linden Street self-employed overlay — 32 (Loan File)
Linden Street VA counterfactual — 17.4, 17.5, 17.10
Line of credit growth feature, HECM — 35.6
Liquid assets — 12.1
Liquidity, and pricing — 5.1
Listing agent — 20.9
LLC, tax classification vs. state-law entity — 32.2
LLPA, 2023 restructuring — 29.4
LLPA, affordable-product and first-time-buyer waivers — 29.4
LLPA, band boundaries as cliffs — 29.4, 29.8
LLPA, credit score by LTV matrix — 29.4, 29.10
LLPA, highest-LTV column anomaly — 29.4
LLPA, occupancy — 29.4
LLPA, property type — 29.4
LLPA, purpose and cash-out — 29.4
LLPA, stacking of adjustments — 29.4
LLPA, subordinate financing and CLTV — 29.4
LO Compensation rule, origin of — 2.6, 2.8
Loan and property information section — 9.2
Loan application deadline — 20.2, 20.4
Loan application register (LAR) — 25.8
Loan Calculations box — 22.4, 22.8
Loan comparison sheet (Figure 13.2) — 13.9
Loan Estimate — 22.2, 22.3, 22.5, 22.8, 22.10
Loan Estimate expiration and intent to proceed — 22.5
Loan Estimate to Closing Disclosure comparison — 22.8
Loan Estimate, deliver or place in the mail — 9.1, 9.5
Loan Estimate, page 1 (Loan Terms, Projected Payments, Costs at Closing) — 22.2
Loan Estimate, page 2 (closing cost details, sections A–J) — 22.2
Loan Estimate, page 3 (Comparisons, Other Considerations, Confirm Receipt) — 22.2
Loan Estimate, three-business-day deadline — 9.1, 9.5
Loan Estimate, three-business-day requirement — 6.2, 6.6
Loan Estimate, timing triggered by application — 8.5, 8.6
Loan limit, checking before pre-approval — 5.2, 5.10
Loan limits, FHA county — 16.1
Loan officer, definition — 1.5
Loan officer, what they are paid to do — 1.7
Loan origination system (LOS) — 6.9, 36.1, 36.2
Loan originator compensation and pricing concessions — 30.8
Loan originator compensation rule (Regulation Z 1026.36) — 26.1, 26.2, 26.3, 26.4, 26.5
Loan originator compensation rule, relation to channel — 31.8
Loan originator information section — 9.2
Loan partner — 40.3
Loan Product Advisor (LPA) — 15.2, 15.5, 28.2, 28.3
Loan product change as a redisclosure trigger — 22.7
Loan Prospector (former name of LPA) — 15.2
Loan Quality Initiative — 19.6
Loan size and cost recovery — 37.2
Loan structure, six decisions — 13.1, 13.9
Loan-level price adjustment (LLPA) — 29.4, 29.6, 29.10
Loan-level price adjustment, as the gap in a quote — 40.11
Loan-level price adjustment, as upfront g-fee — 28.6, 28.10
Loan-to-value — 4.4
Loan-to-value bands and mortgage insurance factors — 37.10
Lock and shop programs — 30.10
Lock authority in writing — 30.5
Lock confirmation, reading one — 30.1
Lock cost versus extension cost compared — 30.3, 30.7
Lock decision, the four inputs — 30.2
Lock desk behavior, reasons for — 29.5, 29.9
Lock desk cutoff time — 30.5, 30.10
Lock desk, separate system from the LOS — 36.1, 36.5, 36.11
Lock expiration causes and cost allocation — case study 30.2
Lock extension — 30.7
Lock extension cost — 19.10
Lock extension cost (\$914.38) — 39.2, 39.7, 39.8
Lock extension cost, branch-absorbed — 26.9
Lock extension cost, who bears it — 38.3
Lock extension fee as a zero-tolerance charge — 22.5, 22.6
Lock extension, cost of — 6.7
Lock extension, price of — 29.5, 29.9
Lock is not an approval — 30.1, 30.5
Lock period — 30.3
Lock period adjustment — 29.5, 29.6, 29.10
Lock period columns on a rate sheet — 13.4
Lock policy — 30.10
Lock portability to another property — 30.1
Lock re-priced by a changed input (LTV, score, program) — 30.1, 30.7
Lock sizing rule (contract date minus today plus buffer) — 30.3
Lock, non-transferability between lenders — 31.3, 31.10
Lock, under-sized, cost of — 40.10
Lock-in effect — 37.8
Look-back period, bank statements — 34.3
Lookalike audiences — 38.8
Lookalike domains — 27.10
LOS reconciliation — 39.3, 39.10
Loss assessment coverage — 21.10
LPMI — 5.8
LTV thresholds and MI factor — 13.3
Lump-sum disbursement, HECM — 35.6, 35.8
Lunch-and-learn — 38.4

M

Mailbox presumption of receipt — 22.3, 22.10
Maintenance and utilities allowance — 17.5
Maintenance reserve, planning rule of thumb — 8.2, 8.4
Mandatory delivery — 31.4
Mandatory obligations, HECM — 35.7
manual underwriting — 14.8
Manual underwriting benchmark 31/43, purchasing power effect — 33.10
Manual underwriting, FHA — 16.3
Map revision, elevation certificate — 21.9
MAP Rule / Regulation N — 24.11
Margin calls on originators' hedges, March 2020 — case study 30.1
Marital status, permissible categories — 25.1, 25.2
Marital status, permissible inquiry — 9.3
Market conditions adjustment — 18.4
Market improvement policy, discretionary — 30.6, 30.7
Market value, definition on the form — 18.3
Marketable title — 21.1
Marketing services agreement — 7.9
Marketing services agreement (MSA) — 24.5, 38.5
Master policy deductible cap — 21.10
Material misrepresentation, express or implied — 24.11
Materiality, in the fraud definition — 27.1
Maturity event — 35.7, 35.8
Maximum approval, dangers of leading with — 8.2, 8.6
Maximum claim amount — 35.7
Maximum interest rate in a contract — 20.1, 20.4
Maximum qualification, not disclosing — 20.9, 20.10
MBS coupon, mapping note rate to — 29.1
Meals and entertainment exclusion — 32.7, 32.8
Mechanic's lien — 21.6
Mechanic's lien relation-back — 21.4, 21.6
Mechanic's lien risk in construction draws — 35.3
Median new hire, as a recruiting question — 40.1
Median vs. mean turn time — 6.7
Mental estimation — 4.10
Mentorship — 40.3, 40.9
MI termination at payment 137 — 13.3, 13.6
Milestone — 6.9
Milestone communication — 39.5
Milestones as state changes — 36.2, 36.11
Military entitlements and the LES — 11.8
Military pay and allowances — 17.8
Military service section — 9.2
Military service, asking about — 5.4, 5.10
Mini-correspondent — 31.5
Minimum borrower contribution — 12.4
Minimum decision credit score — 16.3
Minimum loan amount policies — 25.5
Minimum property requirements (MPR) — 16.6
Minimum Property Requirements (MPRs) — 17.6
Minimum required investment (MRI) — 16.4, 16.10
MIP vs. PMI, terminology — 5.8
Mis-keyed variable income — 9.8
MISMO data standards — 36.2, 36.7
misrepresentation, never ages off — 14.10
MLO, functional definition — 3.3
Model risk management — 36.9
Model validation, independence — 36.9
Month-end cliff — 26.7
Mortgage broker — 1.6
mortgage charge-off — 14.4
Mortgage credit certificate (MCC) — 33.6
Mortgage credit certificate, qualifying treatment — 33.6
Mortgage credit certificate, reissuance on refinance — 33.6
Mortgage fraud, definition and three elements — 27.1
Mortgage inspection / location survey — 21.7
Mortgage insurance as a finance charge — 24.8
Mortgage insurance cancellation and termination — 4.4
Mortgage insurance cancellation dates in the database — 38.7
Mortgage insurance cancellation, request at payment 125 — 23.8
mortgage insurance company underwriting — 14.7
Mortgage insurance termination (refinance effect) — 37.7, 37.10
Mortgage insurance termination, automatic at payment 137 — 23.8
Mortgage insurance, four structures — 5.8
Mortgage insurance, in PITI — 4.3
Mortgage insurance, unavailability in non-QM — 34.10, Loan File
Mortgage revenue bonds — 33.3, 33.6
Mortgage servicing right (MSR) — 28.7, 28.8
Mortgage servicing rights, capital treatment of — 31.6
Mortgage, as two documents — 1.2
Mortgage-backed security (MBS) — 28.1, 28.4
Mortgage-backed security prices and mortgage rates — 30.4
Mortgage-backed security, first — 2.4
Mortgagee clause — 21.8
Mortgagee letter — 16.2, 16.7
Mortgagor and mortgagee — 1.2
Multi-factor authentication — 36.10
Multi-state licensing — 3.8
Multi-state licensing, when it is worth it — 40.6
Mutual Mortgage Insurance Fund — 16.1

N

National Flood Insurance Program — 21.9
National Guard and Reserve eligibility — 17.2, 17.8
National Housing Act of 1934 — 16.1
Negative amortization — 2.6
Negative convexity — 28.8
Negative equity at origination, DPA files — 33.4, 33.10
Neighborhood section, prohibited factors — 18.3, 18.5
Net and gross adjustment percentages — 18.4
Net income, asking for the deposit figure — 8.2
Net position test — 37.2, 37.5, 37.10
Net rental loss as a liability — 11.6
Net tangible benefit — 16.9, 37.3, 37.4, 37.7
Never send or accept wire instructions by email — 27.10
New credit (score factor) — 10.6
New credit before closing — 9.4, 9.8
New credit, the conversation that prevents a crisis — 40.10, 40.12
New three-business-day waiting period, the three triggers — 22.7
Next irreversible date — 39.4, 39.10
Niche — 38.9
Niche establishment timeline — 38.9
Niche specialization — 40.8, 40.12
Niches available (list) — 38.9
Ninety-day plan — 7.10
NMLS identifier in advertising — 24.11
NMLS identifier on the register — 25.8
NMLS identifiers on documents — 8.6
NMLS unique identifier — 3.1, 3.8
NMLS unique identifier in advertising — 7.7, 7.8
NMLS unique identifier on advertising — 38.8
No-new-credit warning at application — 19.6
Non-agency securitization — 28.9
Non-bank lender — 31.6, 31.9
Non-borrowing spouse — 35.7
Non-occupant co-borrower (FHA) — 16.8
Non-QM category — 5.1
Non-QM lending, ATR applicability — 24.1, 24.10
Non-QM, definition and boundaries — 34.1
Non-QM, pricing structure — 34.9
Non-recourse — 35.7
Non-solicitation and trade secret exposure — 38.6
Non-taxable income — 11.7
Non-traditional credit — 10.9
Non-Traditional Mortgage Credit Report — 10.9
Non-traditional mortgage lending, in licensing — 3.4
Nonpublic personal information — 20.9, 20.10, 36.4, 36.10
Nonpublic personal information (GLBA) — 38.6, 38.8
Nonrecurring income and nonrecurring loss — 32.7, 32.8
Not-yet borrower, the four-part plan — 8.8
Notary, signing agent, remote online notarization — 23.1
Note date as reference point — 19.5
note or disbursement date, as the ending date — 14.4
Note, promissory — 1.2
Note, reading the four facts aloud — 23.2
Note-date qualifiers on PTD conditions — 19.5
Notes field, discoverability — 36.2, 36.9
Notes payable in under twelve months — 32.7, 32.8
Notes receivable — 11.8
Notice of address discrepancy (FCRA) — 27.9
Notice of incomplete application — 9.9
Notice of incompleteness — 25.3, 39.9
Notice of right to receive a copy of appraisals — 9.5
Notice of Value (NOV) — 17.6
NSF and overdraft screening — 34.3

O

Obsolescence periods, seven and ten years — 10.5
Occupancy — 5.9
occupancy as an eligibility question — 14.3
Occupancy certification — 27.6
Occupancy covenant, uniform security instrument — 27.6
Occupancy declaration — 9.4
Occupancy fraud — 27.6
Occupancy hierarchy: primary, second home, investment — 35.9
Occupancy misrepresentation — 5.9, 34.2, 34.6
Occupancy requirement, VA — 17.3, 17.7
Occupancy, as a fact not a lever — 15.8, 15.9
Occupancy, what it changes (down payment, pricing, MI, program eligibility) — 27.6
Off-record risks — 21.2, 21.5
Offer letter / future income — 11.9
Omission as fraud — 27.1, 27.3
On-time close rate — 38.1, 38.3, 38.10
One-FHA-loan-at-a-time rule and exceptions — 16.7, 16.8
Open house — 7.3
Open house sponsorship — 24.3
Operating leverage and file count — 26.9
Operative Loan Estimate as the tolerance baseline — 22.2, 22.5, 22.6
Opportunity cost of purchased leads — 7.7
Option ARM — 2.6
Ordering third-party work in parallel — 6.3
Origination — 1.5
Origination charge is not originator compensation — 26.2, 26.9
Other assets and credits — 9.2
Out of Scope result — 15.5
Overlay — 28.10
Overlay vs. guideline — 1.4
overlay, sources of (repurchase, servicing, aggregator, warehouse, MI, capacity, appetite) — 14.7
Overlays, applied on top of a recommendation — 15.5, 15.10
Override compensation, and its incentives — 40.5
Overtime — 11.3
Owner's policy — 21.5
Owner-builder construction — 35.1
Owner-occupied two-to-four unit property, lawful — 27.6
Ownerless conditions — 19.7
Ownership exception (calendar and borrower stay with the LO) — 39.3, 39.7
Ownership percentage — 34.3
Ownership percentage, prorating add-backs — 32.4, 32.6
Ownership rule (one owner of the next action) — 39.7
Ownership vs. possession of a file — 6.8

P

P / T / ? deposit review method — 12.3, 12.10
P&L-only programs — 34.4
Paid-in-full statement — 19.10
Par — 29.3, 29.6
Par pricing, above-par price improvement — 26.1, 26.2
Par rate — 4.7, 29.3, 29.6, 29.10
Par rate, position relative to — 13.5
Part-time income — 11.5
Participating lender requirement — 33.3, 33.5
Partner attrition and non-producing relationships — 38.3, 38.10
Partnership — 32.2, 32.4
Partnership, terms that must be written — 40.4
Party to a lawsuit — 9.4
Pass-through rate — 28.4, 28.6
Pass-through security — 2.4
Past-client retention — 7.4
Pattern analysis across files — 27.1, 27.3, 27.7
PAVE (property appraisal and valuation equity) — 18.5
Pay frequency (weekly, bi-weekly, semi-monthly, monthly) — 11.2
paying off debt to qualify, trade-offs — 14.5
Payment delay — 28.4
Payment formula — 4.1
Payment grid direction, vendor variation — 10.4, 10.5
Payment grid, 24-month — 10.4, 10.5
Payment history (score factor) — 10.6
Payment per \$1,000 — 4.10
Payment shock — 4.6
Payment shock, and what a ratio cannot answer — Loan File
Payment shock, as a conversation — 8.4
payment shock, as a risk layer — 14.6
Payment shock, reserves and — 12.8
Payment staircase — 13.8
Payment-option ARM, historical — 34.1
Payment-protection period, 60-day — 23.10
Payments versus balances, in DTI — 27.12
Payoff vs. principal reduction, ratio effect — 19.10
Paystub and W-2 reconciliation — 27.4
Peer analysis in redlining cases — 25.6
Pension fund as investor — 28.1
Per-diem / PRN shifts — 11.5
Per-diem interest — 4.9, 12.9, 23.6
Per-diem interest and closing date — 6.7
Per-file cost — 26.9
Per-file time budget — 39.1, 39.5
Permanent buydown — 13.5, 13.8
Permanent change of station (PCS) — 17.3, 17.8
Permanent licensing bar, fraud-related felony — 27.2
Permissible purpose — 10.1, 10.10
Personal brand — 38.8
Personal property in a contract — 20.1, 20.6, 20.8
Personal versus business bank statements — 34.3
PHH Corporation and Section 8(c)(2) — 24.5
Pipeline board — 39.3, 39.4, 39.10
Pipeline capacity and attention — 6.1, 6.9
Pipeline management — 39.1, 39.3, 39.10
Pipeline report, days since last activity — 36.11
Pipeline report, reading — 6.9
Pipeline, as a physical system — 6.1
PITI, assembling — 4.3
PITI, quoting it — 4.3, 4.10
PITIA — 34.6
Pivot — 37.8, 37.9
Plan amendment, prospective application — 26.6
Plans and specifications — 35.1, 35.5
Point-of-sale (POS) — 36.1, 36.3
Points and fees — 24.9, 24.10
Pool — 28.1, 28.4
Pool certification — 28.1, 28.4
Pool number — 28.1, 28.4
Portability of a CRM database — 36.4
Portability of a license — 31.6, 31.9
Portfolio lending — 31.6
Portfolio loan — 5.1
Possession date — 20.2
Possession, distinguished from title — 21.1
Post-close audit (post-closing quality control) — 23.8
Post-close sequence — 38.7
Post-closing / prior-to-purchase conditions — 19.3
Post-consummation corrections (clerical errors; 30-day events) — 22.6
Power of attorney, legitimate and abused — 27.9
Practice payment — 8.4
Practice, pattern, or course of conduct — 24.2, 24.3
Pre-approval — 6.2
Pre-approval inventory, shopping buyers — 7.1
Pre-approval letter written to a maximum price — 9.1
Pre-approval letter, contents permitted and prohibited — 8.6
Pre-approval letter, expiration and re-issuance — 8.6
Pre-approval letter, unsupported — 1.1
Pre-approval letter, written for the offer not the ceiling — 8.6, The Loan File
Pre-approval, defined — 8.5
Pre-closing credit refresh — 19.6, 19.10
pre-closing credit refresh, origin of — 14.10
Pre-licensing education, 20 hours — 3.4
Pre-qualification — 6.2
Pre-qualification letter, the "we have not" disclosure — 8.6
Pre-qualification, defined — 8.5
Pre-submission data audit — 15.9
Predicting rates, why a loan officer must not — 30.2, 30.9
preforeclosure / short sale — 14.4
Premium pricing — 29.3, 29.7
Prepaid finance charges — 4.8, 24.8
Prepaid interest — 4.9, 23.6
Prepaid interest and closing date — 39.2
Prepaids and escrows — 4.9
Prepayment and MSR value — 28.8
Prepayment expectation and sticky mortgage rates — 30.4
Prepayment penalty — 34.8
Prepayment penalty added as a redisclosure trigger — 22.7
Prepayment penalty, structures and cost — 34.8
Prepayment structures, commercial — 35.11
Prescriptive and implied easements — 21.7
Presentation discipline, five steps — 13.9
Price convention (100.000 = par) — 13.4, 13.5
Price per square foot, correct use of — 18.4
Price reduction vs. buydown — 13.8
Price up, rates down — 30.4
Price vs. cost convention (100.000) — 29.3
Price waterfall — 29.1
Price-to-dollar conversion — 29.3, 29.6, 29.10
Pricing concession vs. tolerance cure — 26.2, 26.6
Pricing engine (PPE) — 29.8
Pricing engine output — 13.4
Pricing engine, eligibility rules — 36.5
Pricing engine, input errors — 29.8
Pricing engine, inputs and outputs — 36.5
Primary market — 1.4
Principal limit — 35.7
Principal limit factor — 35.7
Prior ownership interest, three years — 9.4
Prior sales history disclosure on the appraisal report — 27.8
Prior-to-doc (PTD) — 19.3
Prior-to-funding (PTF) — 19.3, 19.6
Priority lien and clean-energy assessments — 9.4
Privacy notice — 9.5
Privacy, borrower information in a letter — 8.6
Private flood insurance — 21.9
Private-label securitization — 2.6, 28.9
Processing, three jobs of — 6.3
Processor — 1.5
Processor, activity requiring a license — 3.3
Production goal — 26.10
Production goals, arithmetic behind — 40.2
Production, units and volume — 40.2
Profits-based compensation — 26.3
Program selection decision tree — 13.2
Program selection, four questions — 13.2
Prohibited bases, the two lists compared — 25.1
Promise a structure, not a state of being — 38.2, 38.3
Promises, prohibited — 10.7, 10.10
Promotional activity, general vs. specific — 38.4, 38.5
Promotional and educational activity — 24.3
Promotional financing plans, short-term — 27.12
Promotional retail financing plans — 19.6, 19.10
Property address as the trip wire — 9.1
Property charges — 35.7, 35.8
Property data collection — 18.6
Property data report (hybrid appraisal options) — 15.7
Property flipping restrictions — 16.7
Property flopping — 27.8
Property insurance exclusion — 24.8
Property misrepresentation — 27.8
Property tax lien priority — 21.4
Property taxes, reassessment on transfer — 4.3
Property type — 5.9
Property type miscoding — 15.9
Property type, condominium versus townhome — 9.3
Proportionate benefit — 38.5
Proportionate benefit, co-marketing — 7.9
Proxy analysis, two-part test — 26.3
Proxy variables — 36.9
Proxy: credit score — 26.3
Proxy: loan product type — 26.3
Proxy: portfolio vs. sold — 26.3
Public assistance income — 25.1, 25.2
Public records — 10.5
Pull-through — 6.9, 7.1, 29.9
Pull-through as a lagging metric — 39.9
Pull-through rate — 28.5, 39.9
Pull-through, as it shapes lock desk behavior — 30.10
Purchase agreement — 20.1, 20.2, 20.8
Purchase agreement, anatomy of — 20.1
Purchase agreement, forms vary by state — 20.1, 20.4, 20.8
Purchase market — 37.1, 37.8, 37.9
Purchase price limits — 33.3
Purchase referral base, built before it is needed — 40.8
Purchase vs. refinance compensation — 26.3
Purchased leads — 7.7
Purchasing power, defined — 8.2

Q

Qualified Mortgage (QM) — 24.10
Qualified Mortgage, practical consequence of — 34.1, 34.2
Qualifying income — 11.1, 11.2, 11.3, 11.4
Qualifying income memo (CPA) — 7.6
Qualifying rate for an ARM — 5.7
Quality control sampling, post-closing — 27.1, 27.6, 27.8
quality control, post-closing — 14.10
Quality ratings (Q1–Q6) — 18.5
Quick ratio — 32.10
Quiet file, the three reasons a file goes quiet — 39.1
Quiet stretches in a file, as a risk window — 27.12, Loan File
Quiet title action — 21.6
Quote, the four facts required — 1.7

R

Rapid rescore — 10.8
Rate build, non-QM — 34.9
Rate card as FMV support — 38.5
Rate cycle, surviving a — 40.8
Rate lock as a written option — 30.1, 30.7, 30.10
Rate lock box on the Loan Estimate — 22.2
Rate lock term, matched to the contract — 20.2, 20.8
Rate lock, definition and elements — 30.1
Rate movement and debt-to-income headroom — 30.2
Rate question, answering in the first four minutes — 8.1
Rate sheet — 29.1, 29.2, 29.5, 29.6, 29.8
Rate sheet shelf life, quoting with an expiration — 30.5
Rate sheet, effective time and reprices — 29.2, 29.8
Rate sheet, pre-2011 structure — 26.1
Rate sheet, price cap / maximum price — 29.2, 29.7
Rate sheet, product blocks — 29.2
Rate sheet, reading — 13.4
Rate sheet, reading a grid — 4.7
Rate spread — 25.8
Rate spread and HMDA — 29.4
Rate/point asymmetry (bid-ask around par) — 13.5
Ratio effect of a subordinate lien payment — 33.4
Ratios, 31%/43% manual benchmark — 16.3, 16.10
Re-aging of debt — 10.5
re-established credit — 14.4
Re-papering a file, why not to — 27.11
Re-recording a corrected instrument — 21.6
Re-run — 15.8
Re-verification — 19.5
Read-through, separating finding from fixing — 39.3
Real estate agent relationship — 7.3, 38.3, 38.4
Real estate owned section — 9.2, 9.3
Real-estate-related fee exclusions (§ 1026.4(c)(7)) — 24.8
Reasonable compensation — 32.5
Reasonable market value, and the referral-value exclusion — 24.2, 24.3, 24.5
Reasonably expected market area (REMA) — 25.6
Rebate — 29.3, 29.7
Rebuttable presumption — 34.2
Recapture tax, federal (bond programs) — 33.6
Recapture, DPA — 33.4
Recast, interest-only — 34.8
Receivables quality — 32.10
Recommendation, the two halves of — 15.5
Reconciliation box (as is / subject to) — 18.3, 18.9
Reconnaissance period, in BEC — 27.10
Reconsideration of value (ROV), bases and channel — 18.8
Reconsideration of value (ROV), VA — 17.6
Reconsideration of value, fair-lending obligation — 25.9
Reconsideration of value, interagency guidance — 18.5, 18.8
Reconsideration of value, permissible versus prohibited contact — 27.8
Record retention (Regulation B) — 39.9
Record retention and deletion — 38.8
Record retention at application — 9.9
Record retention, five-year Closing Disclosure rule — 22.9
Record retention, Regulation B — 25.2
Record retention, Regulation Z periods — 22.9
Recording — 1.2, 6.6, 23.4
Recording fees — 23.4
Recoupment and setoff, ATR defense — 34.2
Recourse and carve-out guaranties, commercial — 35.11
Recruiting conversation, what it omits — 40.1
Red flag, definition and correct use — 27.3
Red Flags Rule, identity theft prevention program — 27.9
Redlining, historical — 2.3
Redlining, modern enforcement theory — 25.6
Refer — 15.3, 15.5
Referral partner — 7.2, 7.3
Referral rate — 38.3, 38.6, 38.10
Referral relationship lead time — 37.9
Referral source as a compensation factor — 26.3
Referral source patterns — 27.3, 27.11
Referral, defined — 24.2
Refinance break-even — 37.2, 37.5, 37.10
Refinance market — 37.1, 37.2, 37.8
Refinance risk and unrecovered points — 13.6
Refinance, cash-out — 37.3, 37.6
Refinance, rate-and-term (limited cash-out) — 37.3, 37.10
Refinance, streamline — 37.3, 37.4
Region and household size, residual tables — 17.5
Registered originator — 3.2
Regulation B — 25.2, 25.3, 25.10
Regulation C — 25.8
Regulation N recordkeeping — 24.11
Regulation N, mortgage advertising — 36.4
Regulation X — 24.1, 24.2, 24.3, 24.4
Regulation Z — 24.1, 24.7, 24.8, 24.9, 24.10, 24.11
Regulation Z "loan originator" vs. S.A.F.E. Act "mortgage loan originator" — 26.3, 26.8
Regulation Z advertising, triggering terms — 7.8
Rehabilitation escrow account — 35.4
Relationship budget — 39.8
Relationship graph — 38.6
Relationship with the seller, non-arm's-length — 9.4
Release and satisfaction — 21.6
Release of liability — 17.7
Reliance, in the fraud definition — 27.1
Relock — 30.7
Remaining entitlement — 17.3
Remaining term, deriving from a tradeline — 10.4
Remote online notarization (RON) — 36.7
removing the cheapest layer — 14.6
Renewal risk — 2.1
Renewal window — 3.9
Renewals, annual, and the December 31 window — 40.6
Renovation loan — 35.4, 35.5
Rent payment history — 10.9
Rent reporting services — 10.9
Rental income — 11.6
Rental income from a vacated principal residence — 16.8
rep-and-warrant relief, payment performance — 14.10
rep-and-warrant relief, quality control review — 14.10
Repair credit — 20.6, 20.7
Repairs, lender's interest in — 20.6
Repayable second — 33.4
Repayment income — 17.9
Repeating parties across files — 27.3, 27.7
Replacement cost vs. actual cash value — 21.8
representation and warranty — 14.10
Representation and Warranty Framework — 14.10
Representations and warranties, as purchase terms — 28.10
Representative score, multiple borrowers — 10.3
Representative score, pricing the file — 8.3, The Loan File
Representative score, two-step rule — 10.3
Reprice, intraday — 30.5
Repricing an advertised rate — 29.10
repurchase demand — 14.10
Repurchase demand — 23.9, 28.10
Repurchase demand, arising from misrepresentation — 27.2
Repurchase risk by channel — 31.10
Requesting an extension early — 30.7, 30.10
Required use — 24.4, 24.6
Rescission does not apply to purchases — 23.7
Rescission, extended right — 23.7
Rescission, right of — 23.7
Reservation, program, and its clock — 33.3, 33.5
Reserves — 12.8
Reserves after closing, effect of escrow increase — 23.5, 23.9
Reserves as a comparison line — 13.3
Reserves versus revolving paydown — 10.7
reserves, as requirement vs. compensating factor — 14.5, 14.9
Reserves, effect of a gap payment on — 20.5
Reserves, effect of a payoff — 19.10
Reserves, non-QM requirements — 34.6, 34.10
Reserves, on the competitor's quote — 40.11
Reserves, personal, as a career requirement — 40.1, 40.8
Reserves, what counts toward — 12.8
Residential Mortgage Credit Report (RMCR) — 10.1
Residential mortgage transaction — 23.7
Residential security maps — 2.3
Residual income — 17.5, 17.10, 24.10
Residual income worksheet — 17.5
Residual income, as distinct from ratio — 8.2
Residual income, VA — 5.4
residual risk, naming — 14.9
RESPA (Real Estate Settlement Procedures Act) — 24.1, 24.2, 24.4, 24.5, 24.6
RESPA Section 8 — 7.9, 7.10
RESPA Section 8 FAQs — 24.5
RESPA Section 8(c) exceptions — 7.9, 7.10
RESPA Section 8, practitioner tests — 38.5
RESPA, 1974 — 2.4
RESPA, coverage and federally related mortgage loan — 24.1
RESPA, purposes of — 24.1
RESPA-safe marketing — 38.5
Responding by condition number — 19.2
Restoration of entitlement — 17.7
Restrictive covenants — 2.3, 21.3, 21.7
Retail lending — 1.6, 31.1, 31.2, 31.10
Retainage — 35.3
Retained earnings, not countable — 32.6
Retake policy, SAFE MLO test — 3.5
Retirement account distributions — 11.7
Retirement account vesting — 12.5
Retirement accounts — 12.5
Retirement and pension income — 11.7
Return on ownership interest — 24.4
Reverse mortgage — 35.6, 35.7, 35.8
Reverse mortgage, proprietary (jumbo) — 35.6
Review agenda (reconcile, read-through, flag, triage, forward pass, dead pass) — 39.3
Review generation — 38.7, 38.8
Revised Loan Estimate — 22.2, 22.5
Revised Loan Estimate timing and scope limits — 22.5
Revoked license as a permanent bar — 3.7
Revolving credit — 10.4
Right of rescission — 24.7
Right of rescission (refinance) — 37.3, 37.10
Rising income, the conservative convention — 32.9
Risk retention — 2.6, 2.8
Roof schedules (ACV) — 21.8
Rounding basis, dollars as canonical — 4.2
Royalties — 11.8
rule stack (statute, regulator, agency, aggregator, lender, MI) — 14.1, 14.7
Rules of thumb, refinance — 37.2
Rural eligibility — 17.9, 17.10
Rural eligibility, USDA — 5.5

S

S-corporation — 32.2, 32.5
S.A.F.E. Act — 3.1
S.A.F.E. Act character and fitness standard — 27.2
S.A.F.E. Act, business-model rationale for — 31.6
SAFE Act scope, commercial lending — 35.11
Safe harbor and rebuttable presumption — 24.10
Safe harbor for good-faith reporting — 27.11
Safe harbor, QM — 34.1, 34.2
SAFE MLO test, portability of — 40.6
SAFE MLO test, structure and scoring — 3.5
Safeguards Rule — 36.10
Salaried income, calculation of — 11.2
Sale-at-month-thirty analysis — 33.4, 33.10
Saleable file — 1.7
Sales comparison approach — 18.1, 18.4
Sales manager — 40.5
Sales proceeds — 12.9
SAR confidentiality and the prohibition on disclosure — 27.11
Savings and loan crisis — 2.5
Scaling a cost structure on boom volume — 40.8
Scarcity pricing of specialists — 38.9
Schedule A — 21.3
Schedule B-I (requirements) — 21.3, 21.6
Schedule B-II (exceptions) — 21.3, 21.4, 21.7
Schedule C — 32.2, 32.3, 32.7, 32.8
Schedule E, Part II — 32.2, 32.4, 32.5, 32.7
Schedule K-1 — 32.2, 32.4, 32.5, 32.7
Schedule L (business balance sheet) — 32.5, 32.10
Schedules M-1 and M-2 — 32.5
Score bands, structure of pricing grids — 10.7
Score outcomes, prohibition on promising — 8.7, 8.8
Scratch and dent loan — 28.4
Seams between systems — 36.1, 36.2
Seasonal income — 11.5
Seasonality and the balance-sheet date — 32.10
Seasoned QM — 24.10
Seasoning — 12.2
Seasoning, net tangible benefit, fee recoupment — 17.7
Second appraisal, value shopping prohibition — 18.7
Second home — 35.9
Second job income — 11.5
Secondary market — 1.4
Secondary-execution credit allocation — 26.9
Section 1, personal information and income — 9.2, 9.3
Section 179 expensing — 32.8
Section 184 — 33.2
Section 502 direct vs. guaranteed — 17.9
Section 8 penalties and individual liability — 24.2, 24.5
Section 8(a), kickbacks and referral fees — 24.2, 24.3
Section 8(b), unearned fees and fee splitting — 24.2
Section 8(c), permitted payments — 24.2, 24.5
Section 9, seller title steering — 24.6
Section A origination charges, compared across channels — 31.7, 31.8
Secure portal and document security — 9.7
Secured cards and credit-builder loans — 10.9
Secured versus unsecured debt — 37.6
Securities, liquidation of — 12.5
Securitization, effect on capital supply — 2.4
Securitization, step by step — 28.4
Security instrument — 1.2
Self-employed borrower, definition and ownership threshold — 32.1, 32.2, 32.4, 32.6
Self-employment and variable income for the originator — 26.8
Self-employment tax, effect on spendable income — 32.3
Self-test privilege, ECOA — 25.11
Seller and builder concessions, three uses — 13.8
Seller concession — 20.7
Seller concessions, reported by the appraiser — 18.3, 18.4
Seller concessions, VA cap — 17.8
Seller credit — 12.9
Seller credit vs. price reduction — 20.7
Seller credits and third-party credits — 26.4
Seller resistance to VA offers — 17.8
Seller-funded down-payment assistance, prohibition — 16.4
Seller-requested closing delay and the amendment — case study 30.2
Seller/Servicer Guide (Freddie Mac) — 14.1, 14.4, 14.8
Seller/Servicer Guide, Freddie Mac — 28.2
Selling Guide (Fannie Mae) — 14.1, 14.4, 14.5, 14.7, 14.8
Selling Guide Announcements — 14.1
Selling Guide, Fannie Mae — 28.2, 28.10
Senior Safe Act — 27.9
Sequencing failures on assistance files — 33.5, 33.7
Serial refinancing — 37.7
Servicemembers Civil Relief Act (SCRA) — 17.1, 17.8
Servicemen's Readjustment Act of 1944 (GI Bill) — 17.1
Servicer — 1.5
Servicing disclosure statement — 9.5
Servicing fee — 28.6, 28.8
Servicing fee strip — 29.1, 29.9
Servicing released / retained — 28.7, 28.8
Servicing released premium — 28.7, 28.8
Servicing transfer — 1.2, 1.5, 23.10
Servicing transfer check — 38.7
Servicing transfer notices, 15 days before and after — 23.10
Servicing transfer, borrower's experience — 28.1, 28.8
Servicing transfer, fraud vector — 23.10
Servicing-released versus servicing-retained — 31.4, 31.7, 31.10
Settlement (closing) — 23.1
Settlement services, market structure of — 24.1, 24.2
Seven-business-day waiting period — 22.3, 22.10
Seventh item, removal of — 9.1
Sham affiliated entities, factors — 24.4
Shareholder loan — 32.6, 32.10
Shift differential — 11.3
Short-term rental income — 34.6
Shortage letter, year two — 23.5
Shortfall rule — 20.5, 20.10
Silent second — 12.3, 27.7
Simultaneous issue — 21.5
Single parent exception — 33.1
Single Security Initiative — 28.2
Single-channel pipeline risk — 37.8, 37.9
Single-close construction-to-permanent — 35.2
Single-item escrow analysis — 23.5
Sixty-day cure deadline — 22.6
Slack as exposure — 6.5, 6.7
Slack in a loan calendar — 20.2
Slack, unconverted — 39.2
Social media compliance — 7.8, 38.8
Social media, advertising requirements — 3.8
Social Security income — 11.7
Social Security number randomization (2011) — 27.9
Soft pull — 10.6
Software stack, loan officer's — 36.1
Sole proprietorship — 32.2, 32.3
Solo producer with support — 40.4
Source concentration — 38.10
Sourcing — 12.2
Sourcing and seasoning, as fraud controls — 27.5
Speaking with the borrower alone — 27.9
Special Flood Hazard Area — 21.9
Special flood hazard notice — 21.9
Special information booklet (Your Home Loan Toolkit) — 9.5
Special provisions and addenda — 20.1, 20.5
Special purpose credit program (SPCP) — 25.10
Specific referral ask — 38.7
Speed to contact — 7.7
Sphere of influence — 7.5
Sponsorship — 3.3, 3.8
Spousal signature rules — 25.2
Stable monthly income — 11.1
Stages of a loan file, seven — 6.1
Standard exceptions — 21.3, 21.7
Standard mileage rate, depreciation component — 32.3
Standing update, the no-news — 38.3, 38.10
Standing week (seven hours) — 38.10
State and local prohibited bases — 25.1
State-specific requirements — 3.3, 3.4, 3.8
Stated income — 2.6
Stated income, distinguished from non-QM — 34.1, 34.2
Stated service level — 39.6
Statement closing date, timing a paydown — 10.6
Statement of service — 17.2
Statute of limitations versus reporting period — 10.5
Steady-state inventory — 7.1
Steering — 17.8, 25.7
Steering, and program presentation — 5.10
Steering, to a more expensive product — 34.7, 34.10
Steering: compensation rule vs. fair lending — 26.5
Stip sheet — 6.5, 19.2
Stip sheet, header block — 19.2
Stip sheet, working version — 19.2, 19.9
Stop, preserve, document, escalate, do not disclose — 27.11
Straw buyer — 27.7
Streamline refinance, credit-qualifying vs. non-credit-qualifying — 16.9
Streamline refinance, FHA — 16.9
Structure conversation, script — 13.10
Structuring — 12.10
Study plan, building one — 3.6
Subject property address, omission from a letter — 8.5, 8.6
Subject to completion per plans and specifications — 35.1, 35.5
Subject-to appraisal and completion inspection — 20.6
Subject-to repair, appraisal completed — 16.6
Subject-to repairs — 18.5, 18.9
Subordination agreement — 21.4
Subordination and tranching — 28.9
Subprime lending — 2.6
Substitution of entitlement — 17.7
Substitution response (declining an improper request) — 38.5
Success-based pricing as a red flag — 24.3
Succession — 40.4
Successive years rule — 3.9
Suitability, reverse mortgage — 35.8
Surety bond — 3.3
Survey — 21.7
Surviving spouse eligibility — 17.2, 17.4, 17.8
Suspense — 19.7
Suspense rate (metric) — 19.9
Suspense, cost in queue time — 19.7
Suspension as an underwriting outcome — 6.4
Suspicious Activity Report (SAR) — 27.11
Sworn contractor's statement — 35.3
Synthetic identity fraud — 27.9
System for Award Management (SAM) exclusions — 16.7

T

Table funding — 31.5
Take-out risk — 35.2
Tangible net worth requirement — 31.4, 31.6
Tax advice, the prohibition — 32.4, 32.11
Tax return transcript — 11.10
Tax transcript — 11.10
Tax transcripts / IRS Form 4506-C, as a fraud control — 27.4
Taxable income vs. cash flow — 32.1, 32.7, 32.8
TBA price quotation in 32nds — 29.1
Team model — 40.4
Teaser rate — 2.6
Telephone Consumer Protection Act — 7.4, 7.7, 36.4
Telling the truth early — 38.3, 38.7
Temporary buydown, mechanics — 13.8
Ten percent cumulative test, worked — 22.6
Ten percent cumulative tolerance bucket — 22.6
Ten-month rule — 4.5
Ten-month rule, the number it operates on — 10.4, 10.9
Tenure and term payments, HECM — 35.6
Term extension — 37.5, 37.10
Term of a transaction — 26.3
Term, extending — 4.1
Term-matched refinance — 37.5, 37.10
Terms of withdrawal — 12.5
Testimonials and endorsements — 7.8, 38.8
The "black hole" and the 2018 amendment — 22.5
The "skipped payment" — 37.5
The 9:00 quote and the 11:00 call — 30.5
The cadence floor — 39.3, 39.5
The fourth cause (the file nobody was watching) — 39.1, 39.9
The gap (search date to recording) — 21.2, 21.3
The intersection as the working set — 39.3, 39.10
The lock conversation, scripted — 30.9
The producing day (constructed template) — 39.6
The two filters (silence and irreversibility) — 39.10
The Wednesday rule — 19.7, 19.9
Thin file — 10.9
Thin investor base, and pricing — 34.1, 34.9
Thing of value — 24.2, 24.3
Thing of value, breadth of — 38.5
Third-party block, morning — 39.4, 39.6
Third-party conditions — 19.2, 19.9
Third-party originator (TPO) — 31.1
Third-party signature lead time (the Wednesday rule) — 39.4, 39.6, 39.8
Third-party verification databases — 11.10
Thirty-year fixed-rate mortgage, origin — 2.2
Three questions (stability, continuance, documentation) — 11.1
Three-business-day rule, Closing Disclosure receipt — 22.3, 22.7, 22.10
Three-business-day rule, Loan Estimate delivery — 22.3, 22.10
Three-question test (false statement, concealment, intent) — 27.12, Loan File
Tidewater — 17.6
TILA (Truth in Lending Act) — 24.1, 24.7, 24.8
TILA, 1968 — 2.4
Time budget, as a hiring diagnostic — 40.3
Time budget, weekly — 7.1
Time per file — 38.9
Timing conversation before filing — 32.11
Title (bundle of rights) — 21.1
Title commitment — 21.3
Title commitment, elapsed time and defects — 6.3, 6.5
Title date-down endorsement — 35.3
Title insurance (general) — 21.5
Title insurance, borrower's right to shop — 24.6
Title plant — 21.2
Title policy exclusions — 21.5
Title rate regulation by state — 21.5
Title search — 21.2
To-Be-Announced (TBA) market — 28.5
Tolerance (variance) — 22.6
Tolerance cure, refund and corrected disclosure — 22.6
Top producer — 40.2
Torrens registration — 21.2
Total cost of credit, decomposed — 13.9, Loan File
Total Interest Percentage — 4.8
Total Interest Percentage (TIP) — 22.4, 22.8
Total interest percentage (TIP), distinguished — 24.8
Total loan amount, defined — 24.9
TOTAL Mortgage Scorecard, relationship to manual benchmarks — 16.3
Total of Payments — 4.8
Total of Payments, placement on the form — 22.4, 22.8
TOTAL Scorecard — 15.3
TOTAL Scorecard, Accept and Refer — 15.3, 15.5
TOTAL Scorecard, value of an Approve/Eligible — 33.10
Touchpoint cadence — 39.5
Tract index — 21.2
Trade ticket, forward sale — 28.5
Tradeline, fields of — 10.4
Trailing documents — 23.8
Transferable record — 36.7
Treasury spread, why the ten-year and your rate diverge — 30.4
Trend test (rising vs. declining) — 11.3, 11.4
Tri-merge credit report — 10.1
Triage — 39.4
Triage and fair lending (dates only) — 39.4, 39.9
Triage by irreversibility vs. urgency — 39.4, 39.10
TRID (TILA-RESPA Integrated Disclosure rule) — 22.1, 22.2, 22.3, 22.4, 22.5, 22.6, 22.7, 22.9, 22.10
TRID calendar, the Linden Street file — 22.10
TRID coverage and exclusions (HELOCs, reverse mortgages, chattel dwellings) — 22.1
TRID, 2015 — 2.8
Trigger leads — 7.7
Trigger leads and prescreened offers — 10.1
Trigger leads and unsolicited calls after a credit pull — 8.1
Triggering terms — 24.11
Triggering terms in social posts — 38.8
Trust income — 11.8
Truth in Lending disclosure, initial and final — 22.1
Turn time, appraisal — 18.2, 18.9
Turn time, definition — 6.7
Turn time, measurement distortions — 6.7, 6.9
Turn time, sequencing document requests by — 15.6
Turn time, six different measurements — 6.7
Turn times, control over — 31.2, 31.3, 31.7
Twelve-month business plan — 38.10
Two clocks problem — 20.2
Two VA loans at once — 17.3, 17.7
Two-close construction-to-permanent — 35.2
Two-ended paper trail — 12.2
Types of transaction (fixed, adjustable, reverse) — 26.5

U

UCDP (Uniform Collateral Data Portal) — 18.3
UDAAP — 24.11
UFMIP — 16.5, 16.10
UFMIP refund on FHA-to-FHA refinance — 13.6
UFMIP refund on refinance — 16.9
UFMIP, exclusion from program LTV — 16.5
Unauthorized practice of law — 20.4, 20.10
Uncertainty, quoting with — 4.10
Under-sized lock, the Linden Street error — 30.3, 30.7, 30.8
Underwriter — 1.5
Underwriting analysis page, reconciling — 15.4, 15.9
Underwriting, share of the calendar — 6.1, 6.7
Underwriting, what it decides — 6.4
Underwritten pre-approval (TBD approval) — 8.5
Undisclosed borrowed funds — 9.4
Undisclosed debt monitoring — 19.6, 36.11
Undisclosed debt monitoring / pre-closing refresh — 10.6
Undisclosed loan as down payment — 12.2, 12.3
Unearned fee — 24.2
Unemployment compensation, seasonal — 11.5
Unequal effort — 25.7, 25.11
Unequal effort, fair lending — 33.3, 33.9
Unfundable structures, deleting from a comparison — 13.3, 13.9
Uniform Electronic Transactions Act (UETA) — 36.7
Uniform Mortgage-Backed Security (UMBS) — 28.2, 28.4
Uniform Residential Loan Application (URLA / Form 1003) — 9.2
Uniform state content — 3.5
Uniformity of process, fair lending — 8.2, 8.8
Units and volume, distinguished — 40.2
Unlimited tolerance bucket — 22.6
Unmarried addendum — 9.2, 9.3
Unreimbursed business expense — 26.10
Unreleased HELOC — 21.6
Unrepresented party — 20.9
Unused buydown funds on payoff — 13.8
Update cadence, weekly — 33.9
URLA components — 9.2
URLA redesign — case study 1
USDA benchmark ratios — 17.9
USDA eligibility map — 17.9
USDA guaranteed loan — 17.9, 17.10
USDA Guaranteed Rural Housing — 33.2
USDA household income limit — 5.5
USPAP — 18.2, 18.3

V

VA appraisal — 17.6
VA as a niche, cautions — 38.9
VA cash-out refinance — 17.7
VA disability compensation — 11.7, 11.8
VA eligibility as Question Zero — 13.2
VA eligibility categories — 17.2
VA Form 26-1880 — 17.2
VA funding fee — 17.4, 17.10
VA guaranty, 1944 — 2.2
VA loan — 5.4
VA loan guaranty — 17.1, 17.3, 17.10
VA loan limits, removal for full entitlement — 17.3
VA minimum credit score (absence of) — 17.4, 17.5
VA offers, the rejection folklore — 5.4
VA vs. FHA — 17.4, 17.10, guaranty vs. insurance — 17.1
VA-approved lender status — 17.2, 17.8
Vacancy and collection loss — 34.6
Vacancy and maintenance factor — 11.6
Valuation copies, Regulation B rule — 25.2, 25.9
Valuation gap, measurement disputes — 25.9
Valuations rule (ECOA / Regulation B copy) — 18.1
Value acceptance — 15.7
Value acceptance (appraisal waiver) — 18.6
Value at contract price, why it is common — 18.4
Value inflation — 27.8
Value proposition — 38.2, 38.9, 38.10
Variable income — 11.3, 11.4
variable income, share of qualifying income — 14.6
Vehicle lease, why it is not an add-back — 32.8
Velocity decomposition, seven stages — 39.2
Vendor due diligence, models — 36.9
Verbal verification of employment — 36.6
Verbal verification of employment (VVOE) — 6.5, 6.6, 19.5
Verbal VOE timing, prior-to-funding — 27.4, 27.12
Verification messages — 15.6
Verification of Deposit (VOD) — 12.1
Verification of employment (VOE) — 6.3
Verification of Employment, verbal — 11.10
Verification of Employment, written — 11.10
Verifying documents, prohibition before the Loan Estimate — 9.5
Vesting — 21.3
Visual observation or surname — 9.2
Voice verification on an independently obtained number — 27.10
Volume and number of loans as a permitted basis — 26.3, 26.7
Volume tier, marginal vs. retroactive — 26.7
Volunteered facts, cost of — 19.4

W

W-2 vs. 1099 commission — 11.4
W-2 vs. 1099 originator — 26.8
Wage and income transcript — 11.10
waiting period (credit event) — 14.4
Waiting periods after derogatory events (FHA) — 16.3
Waiting-period waiver, bona fide personal financial emergency — 22.7
Waiver of contingencies — 20.4, 20.5, 20.10
Warehouse bank — 31.4
Warehouse line of credit — 1.3, 1.6, 31.4, 31.6, 31.10
Warehouse line, repayment by sale — 28.1, 28.4
Warning at application and again before closing — 27.10
Weekends and turn time — 22.3, 22.10
Weekly pipeline review — 39.3
Weekly written status update — 20.9
Wet funding — 23.3
When the agency path fails — 32.9, 32.11
Which state's licence is required — 40.6
Which state's license is required — 3.8
Who goes on the loan, score consequences — 10.3
Who pays for an expired lock — 30.8
Whole loan sale — 28.7
Wholesale lending — 31.1, 31.3
Willful blindness (deliberate ignorance) — 27.2, 27.11
Wire fraud — 27.10
Wire fraud at closing — 23.3, 23.10
Wire fraud warning at clear to close — 6.6
Wire fraud, first hour response — 36.10
Wire fraud, prevention protocol — 36.10
Wire recall request, sending bank — 27.10
Withdrawn application — 9.9
Workflow triage — 36.8, 36.9
Worst-case payment, showing first — 5.7
Worst-case pricing — 30.7
Worst-case repricing — 29.5, 29.9
Written and verbal verification of employment, fraud lens — 27.4
Written list of service providers — 9.5, 22.6, 22.9
Written list of settlement service providers — 24.6

Y

Year-over-year component reconciliation — 32.7, 32.9
Year-to-date (YTD) — 11.2, 11.10
Year-to-date profit and loss statement — 32.9, 32.11
Years in line of work — 9.3
Yield maintenance — 35.11
Yield spread — 29.3
Yield spread premium — 26.1
Yield spread premium (historical) — 29.3, 29.7
Yield spread premium steering — 2.6
YTD annualization methods — 11.2

Z

Zero tolerance bucket — 22.6
Zero-balance letter — 19.10
Zero-down decision tree — 17.10
Zero-down maximum loan, computing — 17.3, 17.10