Bibliography

Sources are grouped by confidence tier, following the book's citation-honesty policy (see any chapter's further-reading, or _style-bible.md). Tier 1 are works we are confident exist; Tier 2 are real ideas whose exact publication we have not pinned down; Tier 3 are constructed teaching examples, labeled where they appear.

Tier 1 — Verified canonical sources

• Moehrl v. National Association of Realtors, U.S. District Court for the Northern District of Illinois — court records.
• Sitzer/Burnett v. National Association of Realtors, U.S. District Court for the Western District of Missouri — court records, including the October 2023 jury verdict.
• Uniform Residential Loan Application (Form 1003 / URLA) — every field becomes an AUS input; read it as a data schema.
• Uniform Residential Loan Application (Form 1003 / URLA) — including the borrower certifications on the signature page, which are the reason an updated 1003 is a substantive condition.
• 12 C.F.R. §1026.19(e) — Loan Estimate timing, good faith, tolerances, changed circumstances, and revised disclosures.
• 12 C.F.R. §1026.19(f) — Closing Disclosure timing, receipt, changes before and after consummation, and the cure provisions.
• 12 C.F.R. §1026.2(a)(6) — the two definitions of "business day," and the enumeration by citation of which timing rules take the precise definition.
• 12 C.F.R. §1026.22 — annual percentage rate accuracy tolerances.
• 12 C.F.R. §1026.25 — record retention, including the three-year and five-year periods.
• 12 C.F.R. §1026.37 — content of the Loan Estimate, box by box.
• 12 C.F.R. §1026.38 — content of the Closing Disclosure, box by box.
• 18 U.S.C. 1001 — the federal false statements statute referenced in the application's acknowledgments and agreements.
• 2024 changes to real estate broker practices following settlement of antitrust litigation involving the National Association of REALTORS® — removal of offers of compensation from the Multiple Listing Service and the written buyer-agreement requirement, effective August 2024. Settlement payment widely reported at approximately \$418 million over roughly four years; verify at the source. Public record; the backdrop of Case Study 2.
• 5 U.S.C. §6103(a) — the federal legal public holidays referenced by Regulation Z's precise definition of business day.
• Ability-to-Repay / Qualified Mortgage rule — the reasonable and good-faith determination of ability to repay; the general QM category and its subsequent amendment from a debt-to-income threshold to a price-based approach (verify current rule text).
• AnnualCreditReport.com — the federally authorized source for consumers to obtain their credit reports from the three nationwide consumer reporting agencies.
• Appendix H to Regulation Z — the model and sample forms; H-24 (Loan Estimate) and H-25 (Closing Disclosure).
• Bank Secrecy Act and the Financial Crimes Enforcement Network (FinCEN) — anti-money-laundering program requirements and Suspicious Activity Report obligations, including the rule extending both to non-bank residential mortgage lenders and originators effective in 2012; SAR confidentiality and the prohibition on disclosure to the subject; the federal safe harbor for good-faith reporting.
• Bank Secrecy Act, 31 U.S.C. § 5311 et seq.; currency transaction reporting, 31 U.S.C. § 5313 and 31 CFR 1010.311; prohibition on structuring, 31 U.S.C. § 5324. Administered by the Financial Crimes Enforcement Network (FinCEN).
• Board of Governors of the Federal Reserve System, final rule amending Regulation Z relating to loan originator compensation (published 2010; compliance date April 1, 2011), including the preamble discussion of yield spread premiums and steering.
• Bureau of Labor Statistics and Bureau of Economic Analysis — published release calendars. Most major federal economic releases occur at 8:30 a.m. Eastern; the inflation and employment prints on these calendars are the scheduled events most likely to trigger an intraday reprice.
• CAIVRS, the Credit Alert Verification Reporting System (HUD) — federal database of delinquent and defaulted federal debt.
• CARES Act (2020) — statutory forbearance rights for federally backed mortgages; relevant here as a demonstration that origination and servicing draw on a shared operational capacity pool.
• CFPB / FFIEC Home Mortgage Disclosure Act (HMDA) data — public origination data by institution and institution type; the correct source for any channel or market-share question.
• CFPB Ability-to-Repay and Qualified Mortgage Small Entity Compliance Guide.
• CFPB action against Prospect Mortgage, LLC (January 2017) — marketing services agreements, lead agreements, and desk license agreements with real estate brokers and others; parallel actions against recipients.
• CFPB advisory opinion on digital mortgage comparison-shopping platforms and related payments to operators (2023).
• CFPB and Maryland Attorney General actions arising from the practices of Genuine Title (2015) — cash payments and free marketing materials and services provided to loan officers in exchange for referrals; individual loan officers were named.
• CFPB Compliance Bulletin 2015-05, "RESPA Compliance and Marketing Services Agreements" (October 2015) — RESCINDED in October 2020; cited in this chapter as history, not as guidance.
• CFPB consent order with Lighthouse Title, Inc. (2014) — marketing services agreements entered with settlement service providers that referred business.
• CFPB delay of the TRID effective date from August 1, 2015 to October 3, 2015 (public rulemaking record).
• CFPB enforcement actions announced January 31, 2017 — consent orders involving Prospect Mortgage, LLC (\$3.5 million civil money penalty); Willamette Legacy, LLC d/b/a Keller Williams Mid-Willamette; RE/MAX Gold Coast Realtors; and Planet Home Lending, LLC. Public record; the basis of Case Study 1. Penalties for respondents other than Prospect are stated in their own orders and are not reproduced from memory in this book.
• CFPB General Qualified Mortgage Final Rule and Seasoned Qualified Mortgage Final Rule (December 2020) — removal of the 43% debt-to-income limit and Appendix Q from the General QM definition; substitution of a price-based test; expiration of the temporary GSE-eligibility QM category.
• CFPB mortgage servicing rules under Regulations X and Z, effective 2014 — loss mitigation procedures, dual-tracking restrictions, error resolution, continuity of contact.
• Conservatorship of Fannie Mae and Freddie Mac, September 2008 — the documented public event that ends the pre-crisis private-label funding narrative.
• Consumer Financial Protection Bureau (consumerfinance.gov) — Ask CFPB consumer guidance on credit reports, scores, and disputes; published research on medical debt in consumer credit reporting and on collections generally.
• Consumer Financial Protection Bureau and Federal Housing Finance Agency — the National Survey of Mortgage Originations, as a public source on borrower shopping and comprehension. Consult the published documentation before citing any figure.
• Consumer Financial Protection Bureau and U.S. Department of Justice — published enforcement releases concerning discretionary pricing and originator compensation. Read the agencies' own releases for the terms of any particular matter.
• Consumer Financial Protection Bureau — "Know Before You Owe" mortgage disclosure implementation materials, including the small-entity compliance guide and the annotated sample Loan Estimate and Closing Disclosure forms.
• Consumer Financial Protection Bureau — "Your Home Loan Toolkit: A Step-by-Step Guide," which replaced the RESPA special information booklet for purchase transactions.
• Consumer Financial Protection Bureau — Buying a House and Owning a Home consumer resources, including the Bureau's material on interest rates, points, and shopping for a mortgage. The clearest public plain-language explanation of a rate lock from the borrower's side.
• Consumer Financial Protection Bureau — 2013 Mortgage Servicing Final Rules amending Regulations X and Z, effective January 10, 2014, and subsequent amendments including the 2016 amendments addressing successors in interest and loss-mitigation obligations that survive a servicing transfer.
• Consumer Financial Protection Bureau — advisory opinion on special purpose credit programs.
• Consumer Financial Protection Bureau — Compliance Bulletin 2015-05, "RESPA Compliance and Marketing Services Agreements" (October 2015; rescinded October 2020). Historical; read for reasoning, not authority.
• Consumer Financial Protection Bureau — consumer-facing explanations of discount points, lender credits, and adjustable-rate mortgages.
• Consumer Financial Protection Bureau — disclosure and servicing rules applicable to VA and USDA loans, and consumer-facing explanatory materials.
• Consumer Financial Protection Bureau — guide to the Loan Estimate and Closing Disclosure forms, and the published disclosure timeline example.
• Consumer Financial Protection Bureau — published compliance materials on the integrated disclosures, including the small-entity compliance guide and the timing-and-delivery guides, which work the "is this an application?" question through examples.
• Consumer Financial Protection Bureau — RESPA Section 8 frequently asked questions (2020), issued on rescission of Compliance Bulletin 2015-05.
• Consumer Financial Protection Bureau — rulemaking, compliance guides, and supervisory highlights, all free.
• Consumer Financial Protection Bureau — the "Know Before You Owe" mortgage disclosure project: publicly posted prototype forms, rounds of qualitative consumer testing, and the resulting integrated forms.
• Consumer Financial Protection Bureau — the Ability-to-Repay and Qualified Mortgage standards under the Truth in Lending Act and Regulation Z, which apply beneath agency eligibility.
• Consumer Financial Protection Bureau — the ATR/QM rule, its subsequent amendments to the General QM definition, and the Bureau's published small-entity compliance guides.
• Consumer Financial Protection Bureau — the Loan Estimate form itself: Loan Terms with the "Can this amount increase after closing?" column, Projected Payments with estimated escrow, Estimated Taxes/Insurance/Assessments, Costs at Closing, and the page-three Comparisons section.
• Consumer Financial Protection Bureau — the November 2013 final rule and preamble; the 2015 announcement moving the effective date to October 3, 2015; the 2017 amendments; the 2018 amendment removing the timing restriction on using a Closing Disclosure to reset tolerances; and the Bureau's five-year assessment of the rule.
• Consumer Financial Protection Bureau — the rulemaking authority for the ATR/QM rule; publisher of the Ability-to-Repay and Qualified Mortgage small entity compliance guide and of the amendments to the General QM definition and the Seasoned QM category. The Bureau's regulatory implementation materials are free.
• Consumer Financial Protection Bureau — TILA-RESPA Integrated Disclosure rule: small entity compliance guide (current edition).
• Consumer Financial Protection Bureau — TRID Small Entity Compliance Guide, Guide to Loan Estimate and Closing Disclosure Forms, and the annotated sample Closing Disclosure forms.
• Consumer Financial Protection Bureau, Report to Congress on Reverse Mortgages (2012) — mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
• Consumer Financial Protection Bureau, Ability-to-Repay/Qualified Mortgage rule materials, including the small-entity compliance guide, the December 2020 General QM Final Rule, and the Seasoned QM rule.
• Consumer Financial Protection Bureau, average prime offer rate (APOR) tables — the reference used for the price-based General QM threshold and for higher-priced mortgage loan determinations.
• Consumer Financial Protection Bureau, Circular 2022-03, Adverse action notification requirements in connection with credit decisions based on complex algorithms — no black-box exception to ECOA.
• Consumer Financial Protection Bureau, eClosing pilot report, "Leveraging technology to empower mortgage consumers at closing" (2015).
• Consumer Financial Protection Bureau, Loan Originator Rule (issued January 2013; generally effective January 10, 2014), and the Bureau's Small Entity Compliance Guide for the rule.
• Consumer Financial Protection Bureau, Regulation G (S.A.F.E. Mortgage Licensing Act — Federal Registration of Residential Mortgage Loan Originators) — the authority for the federal registration regime and the licensed/registered divide.
• Consumer Financial Protection Bureau, regulatory implementation and compliance resources, including the TILA-RESPA Integrated Disclosure small-entity compliance guide.
• Credit Repair Organizations Act (CROA), 15 U.S.C. § 1679 et seq. — advance-fee prohibition, required written contract and disclosure statement, three-day cancellation right, and the prohibition on advising a consumer to make untrue or misleading statements to a consumer reporting agency.
• Department of Veterans Affairs lender handbook — VA appraisal assignment, minimum property requirements, and the Notice of Value.
• Department of Veterans Affairs — VA Home Loans program materials (eligibility, Certificate of Eligibility, entitlement, funding fee schedule and exemptions, residual income requirements, appraisal and minimum property requirements, IRRRL rules). The authority for §17.1–§17.8.
• Department of Veterans Affairs, Lender's Handbook — the VA rulebook, cited here only as a contrast; Chapter 17 owns it.
• Documented corporate events of the 2021-2023 contraction, from contemporaneous public reporting: Better.com's December 2021 mass layoff conducted in a single video call; First Guaranty Mortgage Corporation's June 2022 Chapter 11 filing; Sprout Mortgage's abrupt closure in July 2022; and Wells Fargo's January 2023 announcement of a significant retrenchment in home lending, including exiting the correspondent channel.
• Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 — created the Consumer Financial Protection Bureau and the modern origination rulebook.
• Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 — protections against repeated refinancing of VA-guaranteed loans: seasoning, fee recoupment, and minimum rate improvement. Verify current implementing requirements with VA.
• Electronic Signatures in Global and National Commerce Act (ESIGN) — consumer consent requirements for electronic delivery of disclosures required to be in writing.
• Emergency Home Finance Act of 1970 — created Freddie Mac.
• Equal Credit Opportunity Act (ECOA) and Regulation B — notice of action taken on an application.
• Equal Credit Opportunity Act (ECOA) — federal statute prohibiting discrimination in any aspect of a credit transaction.
• Equifax, Experian, and TransUnion — the three nationwide consumer reporting agencies, as institutions.
• Fair and Accurate Credit Transactions Act (FACT Act), Identity Theft Red Flags Rule — the requirement that creditors maintain an identity theft prevention program; the source of the regulatory sense of "red flag."
• Fair Credit Reporting Act (FCRA) and Gramm-Leach-Bliley Act (GLBA) — authorization and safeguarding obligations attaching to employment and income verifications.
• Fair Credit Reporting Act (FCRA) — adverse action and risk-based pricing notice requirements that combine with Regulation B's notice in practice.
• Fair Credit Reporting Act (FCRA) — fraud alerts, active duty alerts, security freezes, and the notice of address discrepancy and its procedural obligations.
• Fair Credit Reporting Act (FCRA) — permissible purpose, consumer authorization, credit score disclosure obligations in connection with a mortgage, and the prescreening provisions that produce unsolicited lender contact after an inquiry.
• Fair Credit Reporting Act (FCRA) — the separate adverse action obligation where a consumer report is used; the risk-based pricing rule; the credit-score disclosure applicable to residential mortgage applicants.
• Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq. — permissible purpose (§ 1681b), time limits on reporting adverse information (§ 1681c), the consumer's dispute and the reinvestigation obligation (§ 1681i), furnisher duties (§ 1681s-2), and the credit score disclosure required in connection with a residential mortgage application.
• Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq. — prescreening, firm offers of credit, and the statutory basis for trigger leads.
• Fair Housing Act (Title VIII of the Civil Rights Act of 1968).
• Fair Housing Act (Title VIII, Civil Rights Act of 1968, as amended) — prohibited bases; residential real-estate-related transactions, including the making and purchasing of loans and the appraising of residential property; the advertising provision.
• Fair Housing Act and Equal Credit Opportunity Act as applied to residential real-estate-related transactions including appraisal.
• Fair Housing Act — and federal fair lending examination procedures.
• Fair Housing Act — applies with full force in competitive-market decisions about whose offers a lender works to support.
• Fair Housing Act — prohibition on discrimination in residential real-estate-related transactions.
• Fair Housing Act — the basis for the language voiding discriminatory restrictive covenants that remain of record in millions of American land records.
• Fair Housing Act — the second fair lending statute governing ITIN and foreign national lending, with an overlapping but not identical list of protected characteristics.
• Fair Housing Act — the statute governing discrimination in residential real estate-related transactions.
• Fair Housing Act, 42 U.S.C. § 3601 et seq., including § 3604(c) on discriminatory advertising.
• Fair Housing Act; Equal Credit Opportunity Act and Regulation B — the framework governing advertising, audience selection, and delivery. Chapter 25 owns.
• Fair Labor Standards Act, 29 U.S.C. § 201 et seq., and current U.S. Department of Labor guidance on the administrative exemption.
• False Claims Act — used by the government against originators and lenders in connection with government-insured lending.
• Fannie Mae Selling Guide. Authority on self-employment history requirements, ownership thresholds, business income and loss treatment, use of business funds, and documented exception paths. Updated continuously.
• Fannie Mae and Freddie Mac Appraiser Independence Requirements, as stated in the respective selling guides.
• Fannie Mae and Freddie Mac as institutions, and the temporary appraisal and verification flexibilities issued during the 2020–2021 period (desktop and exterior-only appraisals, expanded appraisal waivers, alternative verbal verification of employment methods).
• Fannie Mae and Freddie Mac mortgage fraud prevention programs and published fraud alerts — undisclosed borrowed funds, silent seconds, and asset red flags, written from the detection side.
• Fannie Mae and Freddie Mac, conservatorship (September 2008) — documented public event; the institutional context for the post-crisis loan-quality regime.
• Fannie Mae Form 1003 / Freddie Mac Form 65, Uniform Residential Loan Application (URLA) — the source of most data appearing on the 1008.
• Fannie Mae Form 1004D / Freddie Mac Form 442, Appraisal Update and/or Completion Report — the two-job form of §18.9.
• Fannie Mae Form 1005, Request for Verification of Employment — the written VOE, including the base / overtime / bonus / commission breakout and the employer's continuance statement. Freddie Mac publishes an equivalent.
• Fannie Mae Form 1007, Single-Family Comparable Rent Schedule, and Form 1025 for two-to-four unit properties — the appraiser's market rent opinion used in the numerator of most DSCR calculations.
• Fannie Mae Form 1008 / Freddie Mac Form 1077, Uniform Underwriting and Transmittal Summary — the one-page underwriting summary that travels with a sold loan; both agencies publish the current form and its instructions.
• Fannie Mae Form 1084, Cash Flow Analysis — the worksheet underlying the Fulton Avenue qualifying-income memo (Ch.11, 14, 32 treat it in full).
• Fannie Mae Selling Guide and Freddie Mac Seller/Servicer Guide — application completion, documentation, and validity requirements. Continuously updated; the authority.
• Fannie Mae Selling Guide and Freddie Mac Single-Family Seller/Servicer Guide, sections on debt-to-income ratios and monthly obligations — the authority for what counts in the back-end ratio.
• Fannie Mae Selling Guide — document age requirements for credit reports, appraisals, income and asset documentation, and automated underwriting findings; updated continuously and the authority over any summary.
• Fannie Mae Selling Guide — documentation age and expiration requirements, employment verification including the verbal verification of employment, and currency of documentation as of the note date. Continuously updated; the guide is the authority.
• Fannie Mae Selling Guide — eligibility, LTV limits, mortgage insurance coverage, interested-party contribution limits, temporary buydown eligibility and qualifying treatment.
• Fannie Mae Selling Guide — HomeStyle Renovation; occupancy definitions for primary residence, second home, and investment property; reserves; subordinate financing in CLTV and HCLTV.
• Fannie Mae Selling Guide — limited cash-out refinance and cash-out refinance: eligibility, LTV matrices, seasoning, and treatment of purchase-money versus non-purchase-money subordinate liens.
• Fannie Mae Selling Guide — loan delivery, custody of the note and collateral file, trailing documents, post-closing quality control program requirements (sampling, cycle times, defect classification, reporting, self-reporting), and the representations and warranties framework and its remedies.
• Fannie Mae Selling Guide — property and appraisal requirements, comparable selection and adjustment support, appraisal age and update requirements, value acceptance and desktop eligibility, reconsideration of value expectations.
• Fannie Mae Selling Guide — qualifying income: documentation, stability, continuance, and the averaging of variable income including commission, overtime, and shift differential; treatment of rising versus declining trends. Updated continuously.
• Fannie Mae Selling Guide — title insurance requirements, acceptable title exceptions, property insurance coverage and deductible requirements, condominium master policy requirements, and project eligibility standards.
• Fannie Mae Selling Guide, and the Loan-Level Price Adjustment Matrix published with it — the authoritative source for conventional price adjustments on loans delivered to Fannie Mae.
• Fannie Mae Selling Guide, Part B3-5 (Credit Assessment) — representative score determination, credit report requirements, disputed tradelines, authorized user accounts, nontraditional credit, collections and charge-offs, waiting periods after significant derogatory events. Free, public, updated continuously.
• Fannie Mae Single-Family Selling Guide — income assessment and the documentation requirements for each employment and other income type (Part B3-3; confirm current section numbering). Free, public, continuously updated.
• Fannie Mae — corporate and business materials, and the Fannie Mae Selling Guide (the published, continuously updated statement of which loans the enterprise will purchase and on what terms).
• Fannie Mae, Eligibility Matrix — the companion grid of maximum LTV/CLTV/HCLTV and related limits by transaction type, occupancy, property type, and underwriting method.
• Fannie Mae, Selling Guide — seller and servicer obligations to report suspected fraud; fraud-prevention resources; subordinate financing, occupancy, and appraisal requirements. Continuously updated; read the current version.
• Fannie Mae, Selling Guide — the published requirements for Fannie Mae to purchase a mortgage loan; free, public, searchable, amended continuously by Selling Guide Announcements with stated effective dates.
• Fannie Mae, Selling Guide — the sections governing interested-party contributions, sales concessions, and the use of the lesser of sales price or appraised value in loan-to-value calculations. Continuously updated; the authoritative source for conventional contribution limits, which this book deliberately does not print.
• Fannie Mae, Selling Guide — underwriting the borrower's liabilities and monthly obligations; documentation and document-age requirements; employment verification near closing; representations and warranties. Continuously updated; read the current version.
• Fannie Mae, Selling Guide, Part B3-4, Asset Assessment — general asset requirements, verification of deposits and assets, acceptable sources of funds, gifts, and reserves. Published online and updated continuously.
• Fannie Mae, Selling Guide. Affordable product requirements, first-time buyer conditions, mortgage insurance coverage levels, and the definition of Community Seconds as qualifying subordinate financing.
• Fannie Mae, Selling Guide. Free and public; continuously updated. The conventional rulebook referenced throughout Parts II and III.
• Fannie Mae, Single-Family Selling Guide — the published eligibility, credit, income, liability, and asset requirements behind every Desktop Underwriter parameter. Free, public, continuously updated.
• Fannie Mae, Desktop Underwriter release notes and product announcements — the record of what each engine version changed.
• Fannie Mae, Form 1084 — Cash Flow Analysis. The published worksheet for converting a self-employed borrower's tax returns into qualifying monthly income, organized by return type. Revised periodically; work from the current release.
• Fannie Mae, Form 1088 — Comparative Income Analysis. The companion worksheet for evaluating a business's trend across years.
• Federal banking agency consent orders regarding mortgage foreclosure processing, April 2011 (Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Office of Thrift Supervision).
• Federal banking regulator consent orders with large mortgage servicers (April 2011) concerning servicing and foreclosure processing deficiencies, and the Independent Foreclosure Review that followed, largely replaced by payment agreements in 2013.
• Federal Bureau of Investigation, Internet Crime Complaint Center (IC3) — reporting at ic3.gov, the annual Internet Crime Report, business email compromise as a tracked crime category, and the recovery process operated with receiving financial institutions.
• Federal Emergency Management Agency (FEMA) — Flood Insurance Rate Maps, the National Flood Insurance Program, letters of map amendment and revision, and current coverage limits and pricing methodology.
• Federal Financial Institutions Examination Council (FFIEC) — the rate spread calculator and the published average prime offer rate tables.
• Federal financial regulators — interagency statement encouraging the use of special purpose credit programs.
• Federal Home Loan Bank Act of 1932.
• Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD) as institutions.
• Federal Housing Administration, Department of Housing and Urban Development, Fannie Mae, and Freddie Mac as institutions.
• Federal Housing Finance Agency (FHFA) — agency-level policy actions affecting locked pipelines, including the Adverse Market Refinance Fee announced in August 2020, effective December 2020, and rescinded effective August 2021 (verify the specifics and the amount against FHFA's own announcements).
• Federal Housing Finance Agency (FHFA) — conservator of Fannie Mae and Freddie Mac since September 2008.
• Federal Housing Finance Agency (FHFA) — conservatorship materials for Fannie Mae and Freddie Mac; annual conforming loan limit announcements; Single Security Initiative and Uniform Mortgage-Backed Security documentation; periodic reports on enterprise guarantee fees and credit risk transfer.
• Federal Housing Finance Agency (FHFA) — minimum financial eligibility requirements (net worth, capital, liquidity) for Fannie Mae and Freddie Mac seller/servicers; 2020 announcements limiting servicer advance obligations on loans in forbearance.
• Federal Housing Finance Agency (FHFA) — regulator and, since September 2008, conservator of Fannie Mae and Freddie Mac; publisher of the conforming loan limits.
• Federal Housing Finance Agency (FHFA) — regulator of Fannie Mae and Freddie Mac and, since September 2008, their conservator; the source of the Representation and Warranty Framework announcements and their subsequent revisions.
• Federal Housing Finance Agency (fhfa.gov) — announcements and implementation status for credit score model requirements for the enterprises, including the transition toward newer models and the move from a three-bureau to a two-bureau requirement. Timelines have been revised; check the date.
• Federal Housing Finance Agency and the government-sponsored enterprises — published research on appraisal outcomes and appraiser commentary; automated screening of appraisal reports for prohibited language.
• Federal Housing Finance Agency — announcement of the adverse market refinance fee (August 2020), the delay of its effective date to December 1, 2020, and its elimination for loans delivered on or after August 1, 2021.
• Federal Housing Finance Agency — annual report to Congress on the Enterprises' single-family guarantee fees.
• Federal Housing Finance Agency — conforming loan limits (annual, county-specific) and published research on GSE lending and appraisal data.
• Federal Housing Finance Agency — Enterprise Regulatory Capital Framework, the capital rule the 2022–2023 pricing recalibration was aligned to.
• Federal Housing Finance Agency — house price data and mortgage market reporting.
• Federal Housing Finance Agency — public announcements on the Uniform Mortgage Data Program and the URLA redesign; Fannie Mae and Freddie Mac implementation announcements, including the optional-use period and the March 1, 2021 required-use date for the redesigned application.
• Federal Housing Finance Agency, Representation and Warranty Framework — announced 2012, applying to loans acquired beginning 2013, and revised repeatedly since; the architecture of performance-based relief, quality-control-based relief, and life-of-loan exclusions.
• Federal Housing Finance Agency, annual conforming loan limit announcement — baseline and high-cost area limits by county and unit count. The only acceptable source for a loan limit.
• Federal Housing Finance Agency, Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing Administration, the Department of Veterans Affairs, and USDA Rural Development as institutions — the counterparties whose appetite determines what can be sold and therefore what can be originated.
• Federal Reserve Bank of New York — Quarterly Report on Household Debt and Credit, for mortgage originations by purpose and home equity extraction over a rate cycle.
• Federal Reserve Board and CFPB rulemaking history on loan originator compensation (2010 rule, effective 2011; subsequently amended and recodified).
• Federal Reserve policy actions of March 2020, including the reduction of the policy rate to near zero and the resumption of large-scale agency mortgage-backed securities purchases.
• Federal Reserve — announcements of large-scale agency mortgage-backed security purchases, March 2020.
• Federal Reserve — monetary policy statements and the H.15 selected interest rates series.
• Federal Trade Commission Endorsement Guides — the federal framework for testimonials, reviews, and incentivized endorsements.
• Federal Trade Commission Safeguards Rule, 16 C.F.R. Part 314 — information security program requirements for non-bank financial institutions including mortgage lenders and brokers; amended, with elements including a designated qualified individual, risk assessment, access controls, encryption, multi-factor authentication, vendor oversight, incident response, and notification of certain security events.
• Federal Trade Commission — Guides Concerning the Use of Endorsements and Testimonials in Advertising (material-connection disclosure).
• FFIEC — Interagency Fair Lending Examination Procedures: risk factors for underwriting, pricing, steering, redlining, marketing, and servicing, and the comparative file review method.
• FHA Connection (HUD) — the lender-facing system for FHA case number assignment and CAIVRS queries.
• Financial Crimes Enforcement Network (FinCEN) — advisories on email compromise fraud schemes, including guidance addressed to real estate transactions.
• Financial Crimes Enforcement Network (FinCEN), advisory to financial institutions on e-mail compromise fraud schemes (2016) and its later update addressing targeted business processes.
• Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report (2011). Congressionally chartered; published in full with dissents.
• Financial Crisis Inquiry Commission, final report (2011) — the documented public record of pre-crisis origination practices.
• Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) — thrift restructuring, the Resolution Trust Corporation, and federal appraiser licensing and standards.
• FinCEN advisories on elder financial exploitation — verify the current advisory at the source.
• FinCEN, Advisory to Financial Institutions on E-Mail Compromise Fraud Schemes (2016) and the updated advisory on email compromise fraud schemes targeting vulnerable business processes (2019) — verify advisory numbers and current text at the source, as advisories are periodically updated and superseded.
• Freddie Mac Primary Mortgage Market Survey — the weekly mortgage rate series published since 1971; the source of record for the 2020–2021 record-low rate observations.
• Freddie Mac Seller/Servicer Guide — "no cash-out refinance" and cash-out refinance equivalents.
• Freddie Mac Seller/Servicer Guide — CHOICERenovation and the counterpart occupancy and eligibility requirements.
• Freddie Mac Seller/Servicer Guide — equivalent delivery, custody, quality control, and representation and warranty provisions.
• Freddie Mac Seller/Servicer Guide — the corresponding collateral requirements.
• Freddie Mac Seller/Servicer Guide — the parallel authority.
• Freddie Mac Seller/Servicer Guide, and its Loan-Level Price Adjustment schedules — the parallel authority for loans delivered to Freddie Mac.
• Freddie Mac — Primary Mortgage Market Survey. Long-running free weekly public series of U.S. average mortgage rates; the authoritative source for historical levels, including the sub-3% period of 2020-2021 and the rise above 7% during 2022.
• Freddie Mac — corporate materials and the Freddie Mac Single-Family Seller/Servicer Guide.
• Freddie Mac, Single-Family Seller/Servicer Guide. Free and public; the counterpart to Fannie Mae's Selling Guide.
• Freddie Mac, Form 91 — Income Calculations. Freddie Mac's counterpart to Form 1084.
• Freddie Mac, Loan Product Advisor documentation and bulletins.
• Ginnie Mae (Government National Mortgage Association) — a government corporation within HUD guaranteeing securities backed by government-insured loans; carries the full faith and credit of the United States, unlike the GSEs.
• Ginnie Mae (Government National Mortgage Association), U.S. Department of Housing and Urban Development — agency description of its function, and the Ginnie Mae Mortgage-Backed Securities Guide governing approved issuers and pools.
• Ginnie Mae — guarantor of securities backed by FHA, VA, and USDA loans.
• Ginnie Mae — guaranty of securities backed by government-insured loans; the Pass-Through Assistance Program established for issuers in 2020.
• Ginnie Mae — issuer eligibility requirements and published issuer lists; the 2020 pass-through assistance program for issuers facing advance obligations.
• Ginnie Mae — pooling and seasoning requirements for refinanced government loans.
• Gramm-Leach-Bliley Act (GLBA) and institutional privacy notices — the authority governing what a loan officer may disclose about a borrower's file to a listing agent or any third party.
• Gramm-Leach-Bliley Act (GLBA) and the Safeguards Rule — a consumer report is nonpublic personal information.
• Gramm-Leach-Bliley Act (GLBA) — information security obligations relevant to email and wire-instruction discipline. Owned by Chapter 26.
• Gramm-Leach-Bliley Act (GLBA) — privacy of nonpublic personal information, as it bears on what a pre-approval letter may disclose to third parties.
• Gramm-Leach-Bliley Act (GLBA) — safeguarding of consumer financial information.
• Gramm-Leach-Bliley Act — privacy and safeguarding obligations for nonpublic personal information; the constraint underlying §38.6's database-ownership warning.
• Gramm-Leach-Bliley Act — privacy and safeguards provisions governing nonpublic personal information, including borrower data at employment separation.
• Home Equity Conversion Mortgage program — authorized by Congress as a demonstration program in the late 1980s and subsequently made permanent; FHA-insured, HUD-administered.
• Home Mortgage Disclosure Act (HMDA) and Regulation C, 12 CFR Part 1003 — demographic data collection, including disaggregated ethnicity and race subcategories and the collection of sex; action-taken classifications distinguishing withdrawn, denied, and file closed for incompleteness. Most expanded data points applied to data collected beginning January 1, 2018.
• Home Mortgage Disclosure Act (HMDA) — statutory purposes and reporting mandate.
• Home Owners' Loan Act of 1933 — created the Home Owners' Loan Corporation.
• Home Owners' Loan Corporation residential security maps and area descriptions, digitized and published by academic mapping projects including the University of Richmond's Mapping Inequality. Primary documents.
• Home Ownership and Equity Protection Act (HOEPA) and the Federal Reserve Board's 2008 amendments to Regulation Z governing higher-priced mortgage loans.
• Home Ownership and Equity Protection Act of 1994 (HOEPA), as an amendment to TILA.
• Home Valuation Code of Conduct (HVCC), effective May 1, 2009 — the transitional code produced by agreements involving the New York Attorney General, Fannie Mae, Freddie Mac, and the enterprises' regulator; superseded as the Dodd-Frank framework took effect.
• Homeowners Protection Act (HPA) — automatic termination of borrower-paid private mortgage insurance at 78% of original value; borrower-requested cancellation at 80%.
• Homeowners Protection Act (HPA) — borrower-paid mortgage insurance termination and cancellation, cited as a past-client contact trigger (Ch.16 treats it in full).
• Homeowners Protection Act (HPA) — cited by contrast: its cancellation machinery applies to conventional mortgage insurance and not to USDA's annual fee.
• Homeowners Protection Act (HPA) — governs termination and cancellation of borrower-paid conventional mortgage insurance; does not apply to FHA-insured loans.
• Homeowners Protection Act (HPA) — mortgage insurance, distinguished here from hazard insurance.
• Homeowners Protection Act (HPA) — private mortgage insurance cancellation and automatic termination; the definition of "original value" and its distinct meaning for refinance transactions; good-payment-history conditions and midpoint termination. The core authority for §37.10.
• Homeowners Protection Act (HPA) — referenced only for the mortgage insurance certificate condition's downstream effects; owned by Chapter 4.
• Homeowners Protection Act (HPA), 12 U.S.C. 4901 et seq. — borrower-requested cancellation of private mortgage insurance at 80% of original value, automatic termination at 78%, final termination at the midpoint of the amortization period, and servicer disclosure obligations.
• Homeowners Protection Act — borrower-requested cancellation and automatic termination of borrower-paid mortgage insurance, relevant to the sixth path in §18.7.
• Homeowners Protection Act — the 80%-request and 78%-automatic mortgage insurance cancellation and termination rules for borrower-paid private mortgage insurance on conventional loans.
• Housing and Economic Recovery Act of 2008 (HERA) — created the FHFA and enacted the S.A.F.E. Mortgage Licensing Act.
• Housing and Economic Recovery Act of 2008 (HERA) — prohibition of seller-funded down-payment assistance on FHA-insured mortgages, effective October 1, 2008.
• Housing and Urban Development Act of 1968 — split Fannie Mae and created Ginnie Mae.
• HUD disparate impact rule — current version; note the amendment and litigation history.
• HUD Form 92900-LT, FHA Loan Underwriting and Transmittal Summary; HUD Form 92900-A, Addendum to the Uniform Residential Loan Application.
• HUD Handbook 4000.1 (FHA) — documentation and verification requirements on the government side.
• HUD Handbook 4000.1 — FHA appraisal requirements, minimum property requirements, case number assignment, and appraisal validity.
• HUD Handbook 4000.1 — FHA document-validity windows and condition requirements.
• HUD Handbook 4000.1 — FHA property standards, to which USDA has generally directed appraisers for the guaranteed program.
• HUD Handbook 4000.1 — FHA reconsideration-of-value policy and related appraisal requirements.
• HUD Handbook 4000.1 — FHA title and property insurance requirements.
• HUD Handbook 4000.1 — FHA underwriting, the 31/43 manual underwriting benchmark, the TOTAL Scorecard, compensating factors, and the treatment of an increase in housing expense.
• HUD Handbook 4000.1 — the FHA Streamline Refinance and its net tangible benefit test.
• HUD Handbook 4000.1, FHA Single Family Housing Policy Handbook — FHA eligibility, credit standards, minimum required investment, mortgage insurance premiums and their duration, property standards, and appraisal requirements.
• HUD Handbook 4000.1, for FHA treatment of self-employment income.
• HUD Handbook 4000.1, Section II.A.4–5 — FHA credit requirements: minimum decision credit score, treatment of collections and charge-offs including the aggregate-balance rule and the medical exclusion, disputed derogatory accounts, and the nontraditional credit path.
• HUD Handbook 4000.1, Single Family Housing Policy Handbook (U.S. Department of Housing and Urban Development) — the consolidated FHA rulebook; free and public. Note the revision date on the copy consulted.
• HUD Mortgagee Letter 2013-04 — revised annual MIP and the MIP cancellation/duration policy for case numbers assigned on or after June 3, 2013. (Verify letter number and effective date at HUD.)
• HUD Mortgagee Letter 2015-01 — reduced the annual MIP factor. (Verify at HUD.)
• HUD mortgagee letters (U.S. Department of Housing and Urban Development) — numbered policy communications to FHA-approved lenders; amend the handbook and typically take effect for FHA case numbers assigned on or after a stated date.
• HUD Mortgagee Letters — the mechanism by which HUD changes 203(k) and HECM program requirements between Handbook revisions, and the vehicle for the post-2013 HECM reforms.
• HUD Office of Inspector General — audit reports on FHA down-payment assistance programs.
• HUD Statement of Policy 1996-2 regarding sham controlled business arrangements — the factors for distinguishing a bona fide affiliated provider from a shell entity.
• HUD's annual report to Congress on the financial status of the FHA Mutual Mortgage Insurance Fund — the documentary basis for Case Study 1's account of the fund's capital position and the 2013 premium changes.
• HUD, "For Your Protection: Get a Home Inspection" — the required borrower notice on FHA purchase transactions.
• HUD, Annual Report to Congress on the Financial Status of the FHA Mutual Mortgage Insurance Fund, and the accompanying independent actuarial review — published annually; the primary source for the MMI Fund's capital position and any Treasury draw.
• HUD, FHA mortgage limits by county and unit count, published annually.
• HUD-approved housing counseling agencies — the statutory counseling requirement for HECM applicants and HUD's list of approved agencies.
• Interagency guidance on reconsiderations of value for residential real estate valuations, issued by the federal financial regulators.
• Interagency Policy Statement on Discrimination in Lending — the framework of overt evidence, comparative evidence of disparate treatment, and the effects test.
• Interagency quality control standards for automated valuation models, including a nondiscrimination component.
• Interagency Questions and Answers Regarding Flood Insurance, published by the federal banking agencies — the single most useful practitioner reference on the mandatory purchase requirement.
• Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), established 2021, and its 2022 action plan.
• Internal Revenue Code provisions governing tax-exempt mortgage revenue bonds and mortgage credit certificates — the federal framework of first-time buyer, income limit, purchase price limit, and recapture conditions attached to bond-financed homeownership programs.
• Internal Revenue Service — Individual Taxpayer Identification Number guidance, Form W-7 and its instructions. The authority on what an ITIN is, who receives one, and what it does and does not signify.
• Internal Revenue Service — published descriptions of transcript types, including the tax return transcript and the wage and income transcript.
• Internal Revenue Service, Form 1065 and Schedule K-1 (Form 1065), with instructions.
• Internal Revenue Service, Form 1120, with instructions.
• Internal Revenue Service, Form 1120-S and Schedule K-1 (Form 1120-S), with instructions.
• Internal Revenue Service, Form 4506-C, IVES Request for Transcript of Tax Return.
• Internal Revenue Service, Revenue Ruling 2006-27 — tax-exempt status of down-payment assistance organizations and the effect of circular seller funding.
• Internal Revenue Service, Schedule C (Form 1040), Profit or Loss From Business, and its instructions.
• Internal Revenue Service, Schedule E (Form 1040), Supplemental Income and Loss, and its instructions — Part II carries partnership and S-corporation flow-through.
• IRS Form 4506-C, IVES Request for Transcript of Tax Return — borrower authorization for the lender to obtain transcripts through the Income Verification Express Service. The IRS has revised the form and process; confirm the current version.
• Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems — Consumer Financial Protection Bureau, U.S. Department of Justice Civil Rights Division, Equal Employment Opportunity Commission, and Federal Trade Commission (2023).
• MERS eRegistry — the industry system of record identifying the controller and location of the authoritative copy of an eNote; agency registration requirements.
• MISMO (Mortgage Industry Standards Maintenance Organization) — mortgage data standards, including the standardized tamper-evident document format used for eNotes.
• Mortgage Acts and Practices — Advertising Rule (Regulation N) — prohibition on material misrepresentations in commercial communications about mortgage credit, and record-retention obligations for such communications. Chapter 24 owns.
• Mortgage Electronic Registration Systems (MERS) — the industry registry described in Case Study 2; still in operation.
• National Association of Realtors — 2024 buyer-agency practice changes: written buyer representation agreements and removal of compensation offers from the MLS.
• National Housing Act of 1934 — created the Federal Housing Administration.
• National Housing Act of 1934, as amended — created the Federal Housing Administration; establishes the Mutual Mortgage Insurance Fund and its statutory minimum capital ratio.
• Nationwide Multistate Licensing System and Registry (NMLS), operated on behalf of the state regulators through the Conference of State Bank Supervisors — the licensing system itself, the state licensing requirement checklists, and the annual reports on licensed originators and licensed companies.
• Nehemiah Corporation of America and AmeriDream — publicly documented operators of seller-funded down-payment assistance programs prior to the 2008 statutory prohibition.
• NIST Cybersecurity Framework.
• NMLS Consumer Access — free public database of entity and individual license types and status by state.
• NMLS Consumer Access — the free public database of mortgage loan originators and companies, including licenses, employment history, and regulatory actions.
• NMLS Consumer Access — the public database of licensed and registered mortgage loan originators and companies.
• Official Interpretations (commentary) to Regulation Z.
• Official Interpretations (Supplement I) to Regulation Z — particularly the commentary to § 1026.4 on finance charge classification.
• Perez v. Mortgage Bankers Association, 575 U.S. 92 (2015) — an agency need not use notice-and-comment rulemaking to revise an interpretive rule; arising from the Department of Labor's changed position on the Fair Labor Standards Act administrative exemption for mortgage loan officers.
• PHH Corp. v. Consumer Financial Protection Bureau, U.S. Court of Appeals for the D.C. Circuit (2016 panel opinion; 2018 en banc) — the panel's holding that RESPA Section 8(c)(2) permits bona fide payments for services actually performed at reasonable market value.
• Real Estate Settlement Procedures Act (RESPA) and Regulation X.
• Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2601 et seq. — Section 8, 12 U.S.C. § 2607: prohibition on kickbacks and unearned fees; subsection (c) exceptions; subsection (d) penalties and the private right of action.
• Real Estate Settlement Procedures Act (RESPA), Section 8 — prohibition on giving or accepting a fee, kickback, or thing of value pursuant to an agreement or understanding that settlement service business will be referred; prohibition on unearned fee splits; permission for payment for goods actually furnished or services actually performed. The statutory basis of §38.5. Chapter 24 owns the doctrine.
• Regulation B valuations rule — notice of the applicant's right to receive copies of appraisals and other written valuations.
• Regulation B — ECOA's implementing regulation, including the inquiry rules, notification requirements, record retention, the valuation rule, the special purpose credit program provisions, and the appendix of model adverse action forms.
• Regulation C — HMDA's implementing regulation: coverage tests, data points, action-taken codes, reporting and public disclosure.
• Regulation N, 12 CFR Part 1014 — the Mortgage Acts and Practices Advertising Rule (MAP Rule); § 1014.3 (prohibited representations), § 1014.5 (recordkeeping).
• Regulation P — GLBA privacy notices.
• Regulation V, 12 C.F.R. Part 1022 (CFPB) — implementing regulation for FCRA: risk-based pricing and credit score disclosure notices and model forms, furnisher accuracy and integrity guidelines, identity theft red flag rules.
• Regulation X (implementing RESPA) — including the definition of "settlement service," which reaches services rendered by a real estate agent or broker.
• Regulation X, 12 C.F.R. Part 1024 — the RESPA side, including the written list of service providers.
• Regulation X, 12 CFR 1024.17 — escrow accounts: initial escrow statements, aggregate accounting, the cushion cap of one-sixth of estimated annual disbursements, annual escrow analyses, and the treatment of surpluses, shortages, and deficiencies.
• Regulation X, 12 CFR 1024.30 through 1024.41 — the mortgage servicing rules generally, including error resolution, requests for information, force-placed insurance, general servicing policies and procedures, early intervention, continuity of contact, and loss mitigation procedures.
• Regulation X, 12 CFR 1024.33 — mortgage servicing transfers: notice by the transferor not less than 15 days before the effective date, notice by the transferee not more than 15 days after, required content, and the 60-day payment-protection period.
• Regulation X, 12 CFR Part 1024 — § 1024.14 (kickbacks and unearned fees) and § 1024.15 (affiliated business arrangements, disclosure, and the required-use standard).
• Regulation X, 12 CFR Part 1024 — § 1024.2 (definitions, including required use), § 1024.14 (prohibition against kickbacks and unearned fees), § 1024.15 (affiliated business arrangements), Appendix D (model affiliated business arrangement disclosure statement).
• Regulation Z advertising rules, and Regulation N (Mortgage Acts and Practices — Advertising).
• Regulation Z appraisal requirements for higher-priced mortgage loans, including the interior inspection requirement and the second-appraisal requirement in certain resale situations.
• Regulation Z §1026.22 and Appendix J — the annual percentage rate computation and its accuracy tolerances.
• Regulation Z §1026.4 — definition of the finance charge, including §1026.4(c)(7) (real-estate-related fees excluded when bona fide and reasonable) and §1026.4(e) (itemized recording fees). The authority for the included/excluded table in §4.8.
• Regulation Z §1026.43 — Ability-to-Repay and Qualified Mortgage, including the current General QM definition.
• Regulation Z §1026.43 — the Ability-to-Repay rule, including the requirement to qualify an adjustable-rate mortgage at the greater of the fully indexed rate or the introductory rate.
• Regulation Z's scope provision — the definition of consumer credit and the exclusion of credit extended primarily for a business, commercial, or agricultural purpose. The legal basis for business-purpose DSCR lending falling outside ATR and QM.
• Regulation Z's separate definition of "loan originator" for purposes of the Loan Originator Compensation rule — a different definition from the S.A.F.E. Act's, covered in Chapter 26.
• Regulation Z, 12 C.F.R. Part 1026 — the operative rule for everything in this chapter.
• Regulation Z, 12 CFR 1026.2 — definition of "business day" (general and precise) and "residential mortgage transaction."
• Regulation Z, 12 CFR 1026.23 — right of rescission: covered transactions, the exclusion of residential mortgage transactions, the same-creditor refinance limitation, the three-business-day period, the "business day" definition, notice requirements, and the extended right where notice or material disclosures were not properly delivered.
• Regulation Z, 12 CFR 1026.25 — record retention, including the extended retention period for the Closing Disclosure and related records.
• Regulation Z, 12 CFR 1026.35 — escrow requirement for higher-priced mortgage loans secured by a first lien on a principal dwelling, and its exemptions.
• Regulation Z, 12 CFR 1026.36(e) — the anti-steering prohibition and its safe harbor, with the Official Interpretations.
• Regulation Z, 12 CFR 1026.41 — periodic statements for residential mortgage loans.
• Regulation Z, 12 CFR Part 1026 — definition of "application," 12 CFR 1026.2(a)(3); definitions of "business day," 12 CFR 1026.2(a)(6); Loan Estimate content, timing, and intent to proceed, 12 CFR 1026.19(e). Read with the official interpretations.
• Regulation Z, 12 CFR Part 1026 — the implementing regulation for the Truth in Lending Act.
• Regulation Z, 12 CFR Part 1026 — § 1026.2 (definitions, including creditor), § 1026.4 (finance charge: inclusions, exclusions, real-estate-related fee exclusions, government fees), § 1026.18 (content of disclosures; amount financed), § 1026.22 and Appendix J (annual percentage rate and accuracy tolerances), § 1026.23 (right of rescission), § 1026.24 (advertising and triggering terms), § 1026.32 and § 1026.34 (high-cost mortgages), § 1026.35 (higher-priced mortgage loans: escrow and appraisal), § 1026.43 (ability to repay and qualified mortgages).
• Regulation Z, 12 CFR Part 1026, § 1026.36 — Prohibited acts or practices and certain requirements for credit secured by a dwelling. Definitions of loan originator, individual loan originator, loan originator organization, and proxy at (a); compensation and dual compensation prohibitions at (d); anti-steering and safe harbor at (e); qualification and NMLS identifier requirements at (f) and (g).
• Regulation Z, Loan Originator Compensation rule — the prohibition on originator compensation based on the terms of a transaction; the rule that ended yield spread premium in its prior form.
• Regulation Z, Official Interpretations (Supplement I) to § 1026.36 — worked examples of terms, proxies, permissible compensation methods, and the anti-steering safe harbor.
• Request for Verification of Deposit — the standard agency VOD form (Fannie Mae Form 1006 / Freddie Mac Form 90); confirm current form number and version.
• RESPA affiliated business arrangement provisions — the conditions permitting an affiliated arrangement: written disclosure, no required use, and returns limited to ownership interest. Relevant to Case Study 2.
• Reverse Mortgage Stabilization Act of 2013 — granted HUD authority to amend the HECM program by mortgagee letter rather than full notice-and-comment rulemaking.
• Revised Uniform Law on Notarial Acts — model provisions for notarial acts including remote notarization.
• S.A.F.E. Mortgage Licensing Act of 2008 and the Nationwide Multistate Licensing System — the loan originator unique identifier requirement in advertising (see Ch.3 §3.8).
• S.A.F.E. Mortgage Licensing Act of 2008 — the statutory basis for state licensing, federal registration, the national test requirement, education, surety bonding, and annual renewal.
• S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C. § 5101 et seq., including the § 5102 definition of "loan originator"; and the Nationwide Multistate Licensing System (NMLS).
• SAFE MLO Test Content Outline, published through NMLS — the specification of what the national test component covers; the basis of Appendix G.
• Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the S.A.F.E. Act), Title V of the Housing and Economic Recovery Act of 2008.
• Senior Safe Act, enacted as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 — immunity from certain liability for appropriately trained covered financial institution employees who report suspected elder financial exploitation in good faith to the appropriate authorities.
• Servicemembers Civil Relief Act (SCRA) — protections on obligations incurred before active duty.
• Servicemen's Readjustment Act of 1944 (the GI Bill) — established the VA home loan guaranty.
• Servicemen's Readjustment Act of 1944 (the GI Bill), Title III — the statute creating the home loan guaranty.
• Shelley v. Kraemer (1948) — holding racially restrictive covenants judicially unenforceable.
• Shelley v. Kraemer (1948) — racially restrictive covenants held judicially unenforceable.
• Social Security Administration — randomization of Social Security number assignment, implemented in 2011, which ended any inference from the number's prefix about state or era of issuance.
• Standard agency uniform security instruments and notes (multistate fixed-rate note and the mortgage / deed of trust forms). The basis for the constructed rendering in Figure 1.1.
• State housing finance agencies as institutions — one in every state, plus the District of Columbia and the territories; the National Council of State Housing Agencies as their trade association.
• State mechanic's lien statutes and state construction-lending law — waiver forms, notice requirements, retainage, and lien priority, all of which vary by state.
• State mortgage licensing statutes and the state regulators that administer them (commonly departments of banking, financial institutions, or financial regulation).
• State mortgage regulators as institutions — the only authority on their own state's licensing, education, bonding, renewal, and solicitation rules, which differ materially state to state.
• State remote online notarization (RON) statutes and pandemic-era emergency executive orders — jurisdiction-specific; verify current status with the state authority and your compliance department.
• Supervisory Guidance on Model Risk Management — Board of Governors of the Federal Reserve System (SR 11-7) and Office of the Comptroller of the Currency (Bulletin 2011-12), 2011.
• Supplemental Consumer Information Form (Fannie Mae Form 1103 / Freddie Mac Form 1103) — language preference and homeownership education and counseling information; FHFA-directed use for loans sold to the enterprises with application dates on or after March 1, 2023. Confirm the current requirement.
• Tax Reform Act of 1986 — authorized housing finance agencies to exchange a portion of private-activity bond volume cap for the authority to issue mortgage credit certificates.
• Telephone Consumer Protection Act; National Do Not Call Registry; CAN-SPAM Act.
• Telephone Consumer Protection Act; the National Do Not Call Registry (Federal Communications Commission and Federal Trade Commission); CAN-SPAM Act.
• Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. (2015) — disparate-impact claims cognizable under the Fair Housing Act, with causation and specificity requirements.
• The 2008 conservatorship of Fannie Mae and Freddie Mac, and the documented 2008 financial crisis.
• The 2008 financial crisis and the conservatorship of Fannie Mae and Freddie Mac; public bankruptcy and securities filings from the 2007 non-bank lender failures.
• The 2008 financial crisis as documented public record, and the pre-crisis prevalence of low- and no-documentation mortgage lending.
• The 2020–2021 refinance boom and the rate cycle that followed, as a documented public event.
• The 2020–2021 refinance boom and the subsequent rate cycle (rates below three percent rising above seven percent over roughly nineteen months), and the resulting contraction in mortgage origination employment — public record; no precise figures asserted.
• The 2024 nationwide settlement of the buyer-broker compensation litigation and the settling parties' published descriptions of the resulting practice changes effective August 17, 2024 — primary settlement materials rather than commentary.
• The Ability-to-Repay / Qualified Mortgage rule — treatment of adjustable-rate transactions and the qualifying payment.
• The CFPB's Know Before You Owe project and the TILA-RESPA Integrated Disclosure rule, which reorganized the disclosures around consumer testing and placed the interest rate at the top of the Loan Estimate and the APR on the last page.
• The conservatorship of Fannie Mae and Freddie Mac, announced September 6, 2008, and the associated Treasury senior preferred stock purchase agreements — matters of public record.
• The COVID-19 pandemic and the associated 2020 United States employment contraction as documented public events; the temporary Fannie Mae and Freddie Mac selling-guide flexibilities issued beginning in March 2020 and later retired.
• The documented September 2008 conservatorship of Fannie Mae and Freddie Mac, and the documented 2008 financial crisis.
• The federal flood insurance statutes and the implementing flood insurance regulations of the federal banking agencies — the mandatory purchase requirement, the special flood hazard notice, escrow, force placement, and acceptance of qualifying private flood insurance.
• The Loan Estimate and Closing Disclosure model forms — the source of the interest rate, APR, Total Interest Percentage, Total of Payments, prepaid interest, estimated escrow, and cash-to-close figures used throughout this chapter.
• The National Mortgage Settlement (February 2012) — settlement among 49 state attorneys general, the federal government, and five large mortgage servicers (Ally/GMAC, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo), approximately \$25 billion, imposing national servicing standards enforced by an independent monitor. Oklahoma settled separately.
• The Nationwide Multistate Licensing System and Registry (NMLS) Resource Center — the authoritative source for education requirements, test content outline, testing and retake policy, state-specific requirements, renewal deadlines, and fees.
• The SAFE MLO test content outline, published by NMLS.
• The September 2008 conservatorship of Fannie Mae and Freddie Mac — documented public event underlying the repurchase wave described in case study 1.
• The Servicemembers Civil Relief Act — protections for military borrowers, referenced in §5.4.
• The uniform appraisal form set: Form 1073 (individual condominium unit), Form 1025 (two-to-four-unit), Form 1004C (manufactured home), Form 2055 (exterior-only), Form 1007 (comparable rent schedule), Form 216 (operating income statement), and the desktop appraisal options.
• TILA-RESPA Integrated Disclosure (TRID) rule — identification of the mortgage broker and the creditor on the Loan Estimate; presentation of borrower-paid origination charges in Section A; the "Paid by Others" column on the Closing Disclosure.
• TILA-RESPA Integrated Disclosure (TRID) rule — Loan Estimate and Closing Disclosure requirements, tolerance categories, and redisclosure triggers when pricing changes.
• TILA-RESPA Integrated Disclosure (TRID) rule — Regulation Z and Regulation X, as amended. The authority for the six-item definition of an application, the Loan Estimate delivery requirement, the Closing Disclosure receipt requirement and waiting period, and the changes that restart it. Read the regulation text together with the official interpretations; the counting rules and delivery presumptions are in the commentary.
• TILA-RESPA Integrated Disclosure (TRID) rule — the Closing Disclosure, its three-business-day waiting period, and the initial escrow payment section in which the aggregate adjustment appears. Owned by Chapter 22.
• TILA-RESPA Integrated Disclosure (TRID) rule — the Loan Estimate and the Closing Disclosure; effective for applications received on or after October 3, 2015.
• TILA-RESPA Integrated Disclosure (TRID) rule — the tolerance framework, the valid changed circumstance standard, and re-disclosure requirements. Determines whether a lock extension fee may reach the borrower. Owned by Chapter 22.
• Title 18, United States Code — the federal offenses charged in mortgage fraud matters: false statements to influence a federally insured institution (§ 1014), bank fraud (§ 1344), wire fraud (§ 1343), mail fraud (§ 1341), false statements within the jurisdiction of a federal agency (§ 1001), false statements in HUD-related transactions (§ 1010), and conspiracy. Read the statutory text at a primary source; penalty ranges are set by statute and sentencing law and are not reproduced in this book.
• Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) — the state appraiser licensing and certification framework and the Appraisal Subcommittee.
• Truth in Lending Act (1968); Real Estate Settlement Procedures Act (1974); Equal Credit Opportunity Act (1974); Home Mortgage Disclosure Act (1975); Community Reinvestment Act (1977).
• Truth in Lending Act (TILA) and Regulation Z — Ability-to-Repay / Qualified Mortgage rule: the requirement that a creditor make a reasonable, good-faith determination of ability to repay based on verified and documented information, considering the consumer's current debt obligations among the enumerated factors.
• Truth in Lending Act (TILA) and Regulation Z — definition of creditor (the person to whom the obligation is initially payable on the face of the note); the loan originator provisions and their treatment of persons closing table-funded loans in their own name; the loan originator compensation rule (substance owned by Ch. 26).
• Truth in Lending Act (TILA) and Regulation Z — disclosure of the cost of credit, treatment of discount points and lender credits, and the loan originator compensation rule that constrains whether an originator's compensation may be reduced to absorb a pricing concession.
• Truth in Lending Act (TILA) and Regulation Z — the definition of "application" for integrated disclosure purposes (the six items), the Loan Estimate timing requirement, and the loan originator and loan origination company unique identifier requirements on specified loan documents.
• Truth in Lending Act (TILA) and Regulation Z — the right of rescission on a refinance of a principal dwelling; the Loan Originator Compensation rule; the Ability-to-Repay and Qualified Mortgage framework and its restrictions on prepayment penalties.
• Truth in Lending Act (TILA) and Regulation Z — treatment of discount points, lender credits, the origination charge, and the finance charge.
• Truth in Lending Act (TILA) and Regulation Z, 12 CFR § 1026.24 — advertising provisions and triggering terms.
• Truth in Lending Act (TILA) and Regulation Z, and the TILA-RESPA Integrated Disclosure (TRID) rule — disclosure of title, settlement, insurance, and flood charges; shoppable services and tolerance categories.
• Truth in Lending Act (TILA) and Regulation Z, including the ability-to-repay and qualified mortgage provisions.
• Truth in Lending Act (TILA) and Regulation Z.
• Truth in Lending Act (TILA) and the TILA-RESPA Integrated Disclosure (TRID) rule.
• Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., and Regulation Z, 12 CFR Part 1026.
• Truth in Lending Act and Regulation Z — the ability-to-repay rule and the exclusion of reverse mortgages from it; the loan originator compensation rule and its scope; the business-purpose exclusion.
• Truth in Lending Act and Regulation Z, advertising provisions — rate and trigger-term disclosure obligations that attach to any advertisement, including social media. Chapter 24 owns.
• Truth in Lending Act of 1968 — the origin of the APR disclosure requirement.
• Truth in Lending Act, 15 U.S.C. § 1601 et seq., including § 1639b (mortgage originator standards and compensation).
• Truth in Lending Act, 15 U.S.C. §1601 et seq.
• U.S. Bank National Association v. Ibanez, 458 Mass. 637 (2011) — Supreme Judicial Court of Massachusetts; foreclosure sales invalid where the foreclosing entities did not demonstrate they held the mortgages at the time of sale.
• U.S. Bureau of Labor Statistics — the Occupational Outlook Handbook entry for loan officers and the industry employment series. Read the figures at the source; none is quoted in this chapter.
• U.S. Department of Housing and Urban Development, Handbook 4000.1, FHA Single Family Housing Policy Handbook.
• U.S. Department of Justice, Housing and Civil Enforcement Section — public complaints, consent orders, and announcements, including the Combating Redlining Initiative announced in October 2021 with the CFPB and the OCC.
• U.S. Department of the Treasury — Senior Preferred Stock Purchase Agreements with Fannie Mae and Freddie Mac, September 2008 and subsequent amendments.
• U.S. Department of Veterans Affairs lender handbook; USDA Rural Development guaranteed loan handbook — the zero-down programs referenced in the affordable product map.
• U.S. Department of Veterans Affairs — the residual income requirement for VA loans, calculated by region and family size, as the one mainstream program that tests affordability alongside the ratio.
• U.S. Department of Veterans Affairs, VA Lender's Handbook (M26-7), credit underwriting chapter — asset and gift treatment for VA loans.
• U.S. Government Accountability Office (GAO) reports on FHA seller-funded down-payment assistance — the empirical record behind the HERA prohibition.
• U.S. Government Accountability Office, Mortgage Financing: Additional Action Needed to Manage Risks of FHA-Insured Loans with Down Payment Assistance, GAO-06-24, November 2005.
• U.S. Securities and Exchange Commission — Regulation AB and the asset-backed securities disclosure framework, including asset-level disclosure for registered offerings.
• Uniform Appraisal Dataset (UAD) specification, including the published condition (C1–C6) and quality (Q1–Q6) rating definitions.
• Uniform Collateral Data Portal (UCDP); Fannie Mae Collateral Underwriter; Freddie Mac Loan Collateral Advisor.
• Uniform Electronic Transactions Act (UETA), 1999 — the uniform state act, adopted in some form by nearly every state, with a few states enacting their own analogous statutes; §16, transferable records and control.
• Uniform Residential Appraisal Report (Form 1004) and the appraisal update/completion report (Form 1004D).
• Uniform Residential Appraisal Report, Fannie Mae Form 1004 / Freddie Mac Form 70, and its instructions — the standard one-unit purchase appraisal report; the subject of §18.3.
• Uniform Residential Loan Application (Form 1003 / URLA) — Demographic Information Addendum.
• Uniform Residential Loan Application (Form 1003 / URLA) — Fannie Mae and Freddie Mac.
• Uniform Residential Loan Application (Form 1003 / URLA) — the declarations section, which asks the borrower directly about outstanding judgments and delinquent federal debt.
• Uniform Residential Loan Application (Form 1003 / URLA) — the employment and income sections, which require base, overtime, bonus, commission, and military entitlements to be reported separately.
• Uniform Residential Loan Application (Form 1003 / URLA) — the form the discovery call's facts must survive being written onto (Chapter 9).
• Uniform Residential Loan Application (Form 1003 / URLA) — the standard application form; the subject of Chapter 9.
• Uniform Residential Loan Application (Form 1003 / URLA), Section 2, Financial Information — Assets and Liabilities; and the Section 5 declarations addressing borrowed funds and undisclosed obligations.
• Uniform Residential Loan Application (Form 1003 / URLA).
• Uniform security instrument occupancy covenant — the requirement to occupy within sixty days of closing and to continue occupancy as a principal residence for at least one year, subject to lender agreement or extenuating circumstances. Read the covenant on the applicable uniform instrument rather than a paraphrase.
• Uniform Standards of Professional Appraisal Practice (USPAP), Appraisal Standards Board, The Appraisal Foundation.
• USDA Rural Development property and income eligibility lookup tools.
• USDA Rural Development single-family housing guaranteed loan program materials, including the property eligibility map and household income limit tables.
• USDA Rural Development — the Guaranteed Underwriting System and program eligibility for guaranteed loans.
• USDA Rural Development, Handbook HB-1-3555, Single Family Housing Guaranteed Loan Program — asset and reserve treatment.
• USDA Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555) — income analysis for guaranteed rural housing loans; distinguishes annual, adjusted annual, and repayment income.
• VA Form 26-1880, Request for a Certificate of Eligibility — the paper path for cases the lender portal cannot resolve.
• VA Lender's Handbook (VA Pamphlet 26-7) and the Department of Veterans Affairs home loan program materials — eligibility, Certificate of Eligibility, entitlement and restoration, funding fee schedule and exemptions, residual income tables, Notice of Value, and the Tidewater process.
• VA Lender's Handbook (VA Pamphlet 26-7) — the VA's guide for lenders originating guaranteed loans; the counterpart to HUD Handbook 4000.1.
• VA Lender's Handbook, VA Pamphlet 26-7 — credit underwriting, income analysis, residual income, and the treatment of military entitlements and allowances.

Tier 2 — Attributed (specifics unverified)

• 203(k) Consultant fee schedules and scope-of-work standards — HUD sets parameters; market practice varies.
• 401(k) loan repayment treatment in the debt-to-income ratio — commonly excluded on the reasoning that the borrower repays themselves; confirm the guide and the lender overlay.
• Academic and popular scholarship on federal housing policy and racial exclusion, documenting the HOLC maps, FHA underwriting standards, and their long-run wealth effects. Underlying documents are not in dispute; authors differ on the relative causal weight of the HOLC maps versus FHA practice versus private discrimination.
• Acceptable donors, donor sourcing requirements, and minimum borrower contribution — vary by program and have been revised.
• Adjustment support conventions — dollar-per-square-foot gross living area adjustments, per-bath, per-garage-bay, and market-conditions percentages are market-specific and derived by the appraiser. Never carry an adjustment amount across markets.
• Agency and industry fraud red-flag checklists published by Fannie Mae, Freddie Mac, HUD, and mortgage trade associations — useful as routing lists (what to verify) rather than as diagnostic tests. Periodically revised; watch for stale items such as the obsolete Social Security number prefix heuristic.
• Agency and program guidance on the treatment of buyer-agent compensation following the 2024 practice changes, including whether and how such payments count toward contribution limits and whether they may be financed. Issued, clarified, and in places made temporary.
• American Land Title Association (ALTA) — standardized commitment, policy, and endorsement forms; ALTA/NSPS Land Title Survey standards published jointly with the National Society of Professional Surveyors. Form versions are revised; identify the version in use in your market.
• American Land Title Association (ALTA) — wire fraud awareness materials and incident-response guidance for title and settlement companies.
• American Land Title Association (ALTA) — wire fraud prevention resources and incident-response guidance for settlement agents. Trade-association guidance, not regulation.
• Any current employment statistic, attrition rate, median new-originator production figure, or per-loan profitability benchmark. Revised, seasonally adjusted differently by different publishers, and deliberately not quoted anywhere in this chapter. Look them up at the source before repeating one.
• Any specific credit-event waiting period, maximum debt-to-income ratio, minimum representative credit score, or reserve requirement stated in this chapter — presented as "commonly cited" structure only. These differ between the two agencies, have been revised more than once, and are governed by the guide in force on the loan's note date. Verify at the source and record the retrieval date.
• Any specific state, county, or municipal down payment assistance program — amounts, structures, forgiveness schedules, income and purchase price limits, geographic boundaries, and remaining funding. Local, revised constantly, and frequently exhausted mid-year. The administering agency is the only authority.
• Appraisal age limits and update requirements — commonly a few months before an update is required and roughly a year before a new report; verify the current figure at the source.
• Appraisal fees and appraisal management company fee structures — vary by market, property type, complexity, and urgency; the split between management fee and appraiser fee is a live industry issue. Verify with the lender's fee schedule.
• Appraisal management company and title company service-level agreements — the published turnaround commitments and escalation contacts underlying the Level 2 escalation in §39.8. Held by your company; specifics vary by vendor and contract.
• Appraisal turn times in a specific market — no national figure is worth quoting; the usable source is the reader's own appraisal management company or operations manager, asked this month.
• Appraisal turn times — the seven-business-day Linden Street figure is an illustration, not a benchmark. Ask your appraisal desk for current averages by county.
• Appraiser population and trainee pipeline trends — widely discussed by regulators and trade organizations; specific figures vary by source and year and none are asserted here.
• Appraiser qualification criteria and alternative experience pathways — revised since 2008 to broaden entry; verify current criteria with the Appraiser Qualifications Board and the state board.
• Asset verification and account-aggregation services, including representation-and-warranty relief offerings such as Fannie Mae's validation service under Day 1 Certainty — coverage, eligibility, and relief terms are program- and vendor-specific.
• Assumability of FHA and VA loans. A real feature; the practical process and its frequency of use are not well quantified here.
• Automated underwriting findings as a documentation source, including reduced-documentation messages; the findings vary by system, by data entered, and over time. (Ch. 15.)
• Basel III regulatory capital treatment of mortgage servicing rights as implemented in the United States — restrictive treatment limiting inclusion in common equity tier 1 capital, with risk weighting on the remainder. Direction is well established; thresholds and risk weights have been revised and are technical. Read the current rule text.
• Basic entitlement long stated as \$36,000, and total entitlement at 25% of the applicable county loan limit — structural but amendable, and the county limit input changes annually. Verify.
• Book-length journalistic and academic accounts of the 2008 financial crisis and the collapse of private-label mortgage securitization. Reliable for narrative and mechanism; specific figures vary by source and by what is being counted.
• Business liquidity conventions — current ratio and quick ratio — and any minimum-ratio standard, which should be treated as a lender overlay until seen in writing.
• California Department of Insurance Sustainable Insurance Strategy, announced 2023 — forward-looking catastrophe modeling and reinsurance costs in ratemaking; California FAIR Plan growth.
• CFPB rulemaking on medical debt in consumer reporting (Regulation V amendments finalized January 2025) — challenged in federal court; status contested. VERIFY the current state of this rule and any successor before relying on it.
• Commercial and multifamily lending resources, including the Mortgage Bankers Association's commercial and multifamily division and public pre-sale reports on commercial mortgage-backed securities, which describe underwriting in unusual detail.
• Commercial mortgage underwriting references — debt service coverage ratio, capitalization rates, debt yield, yield maintenance, defeasance, step-down prepayment, and carve-out guaranties.
• Commercial mortgage-market commentary services that publish intraday mortgage-backed security movement. Useful for explaining what happened; dangerous when used to predict what will happen.
• Commercially published TRID compliance guides and checklists — check publication date against the amendment history.
• Compensation plans, basis-point ranges, draw structures, lead costs, and support arrangements. Employer-specific, negotiated, and not published. The only reliable version is the one you have in writing.
• Condominium project eligibility requirements — approval lists, owner-occupancy ratios, budget and reserve standards, and litigation review. Real, consequential, and varying by agency and program.
• Conforming loan limits by county and unit count — set annually by FHFA; verify the current year before assigning a file to a product block.
• Consumer Financial Protection Bureau guidance on mini-correspondent lenders (2014) — the framework of questions used to evaluate whether an entity is genuinely acting as a creditor. Cited by subject rather than by document number; verify the current guidance and any revisions before relying on it.
• Consumer Financial Protection Bureau, subsequent circulars and guidance on adverse action reason codes and complex models — an active area; check for current guidance.
• Contemporaneous commentary on the widening of the primary–secondary mortgage spread during 2020–2021 and its attribution to capacity constraints. Look up the underlying spread data rather than relying on a recalled figure.
• Contemporaneous trade reporting on time-to-close following the October 2015 TRID implementation, and on investor reluctance to purchase closed loans carrying disclosure defects in the months that followed. Characterized here as a documented industry pattern rather than a measured statistic.
• Contingency reserve percentages, minimum repair amounts, permitted draw counts, and completion deadlines for 203(k) and HomeStyle — set by HUD or the GSE, varying with the file's facts, and revised.
• Conventional cash-out loan-to-value limits — the 80% benchmark for a one-unit primary residence is a guideline that varies by occupancy, units, and product, and is revised. Verify in the Selling Guide.
• CoreLogic, ICE Mortgage Technology, and similar providers — periodic commentary on non-QM origination volume and characteristics. Real but commercial; cite as of a date.
• Costs and timelines: course fees, test fees, application fees, bond premiums, and the four-to-ten-week estimate from start to sponsored licensure. Directional only; these vary enormously by state and change.
• County and state down-payment assistance programs, including forgivable second liens. Income limits, forgiveness schedules, and funding availability change within a year.
• County property tax calendars — issuance and due dates, number of installments, whether a sale triggers reassessment, and whether assessments are capped. The single input that determines escrow month counts. Public information; verify locally.
• Court decisions on MERS's authority to foreclose or assign. Outcomes varied materially by state and by case; there is no single national holding.
• Credit report and income documentation validity windows, which govern how long a pre-approval letter should live. Vary by program and are revised; sixty days is a defensible choice for a purchase pre-approval, not a rule.
• Credit-scoring treatment of multiple mortgage inquiries within a shopping window — models commonly de-duplicate, but the window and behavior vary by model and version. Never promise a borrower a score outcome.
• Current agency MBS coupon levels, prices, and prepayment speeds — published continuously by market data providers; stale immediately.
• Current agency requirements for lending to non-U.S.-citizen borrowers who are lawfully present, and the treatment of employment-related assets as qualifying income. Both have been clarified more than once; verify at the source and check for lender overlays.
• Current agency self-employment history requirements and the documented exception path for a history shorter than two years. Revised; verify in the Selling Guide and Seller/Servicer Guide.
• Current agency values referenced illustratively in this chapter and its exercises: the 97% conventional purchase LTV maximum, the ten-payment installment-debt exclusion threshold, second-home LTV maximums, DTI maximums, and conforming loan limits. All are perishable; verify at the source.
• Current composition of the private-label securitization market (prime jumbo, expanded-credit/non-QM, investor-property and single-family rental) — tracked by trade press and rating agency commentary; treat any volume or share figure as a snapshot.
• Current conforming and high-cost-area loan limits — set annually by FHFA and varying by county.
• Current conventional affordable product requirements — minimum down payment, first-time buyer conditions, income limits expressed against area median income, and mortgage insurance coverage. Verify in the Selling Guides.
• Current FHA loan limits by county, including the national floor and ceiling and multi-unit limits — published annually. Verify with HUD for the specific county.
• Current FHA minimum required investment percentages, credit score thresholds, and annual mortgage insurance premium factors. Revised on their own schedules; verify at HUD.
• Current FHA UFMIP percentage and annual MIP factors — set by mortgagee letter and revised repeatedly since 2010 in both directions. This chapter uses 1.75% and 0.55% illustratively. Verify with HUD.
• Current FHA upfront and annual MIP factors and duration rules — revised repeatedly; verify at HUD before quoting.
• Current General QM price-based threshold values. Set by loan size and amended more than once; verify at the CFPB. The description in Case Study 1 is an account of the arc, not a source for a current figure.
• Current guarantee fee levels — set by the enterprises under FHFA oversight and adjusted repeatedly, including for policy reasons. FHFA publishes a periodic guarantee fee report. Never quote from memory; verify at the source.
• Current loan-level price adjustment grids — published by each enterprise; substantially restructured in 2023 and subject to further revision. Structure is teachable; values are perishable.
• Current MIP duration bands and the 90% dividing line for terms greater than 15 years — illustrative of the current framework; terms of 15 years or less run on different bands. Verify with HUD.
• Current rule text and compliance dates for the General QM definition and the Seasoned QM category. The architecture is stable; the parameters, thresholds, and effective dates have been amended and may be amended again. Verify at the CFPB.
• Daily lender rate sheets and pricing-engine output — the only current authority on where a borrower lands on a grid.
• Debt-to-income benchmarks by program: the "43%" and "45%" conventional figures, FHA's "31/43," VA's "41%," and USDA's "29/41." All are real numbers appearing in real guidance and none functions as a hard cap in the way it is commonly quoted. Verify against the current agency guide, HUD Handbook 4000.1, the VA lender's handbook, or the USDA handbook — and against lender overlays, which are frequently the binding constraint and are not published publicly.
• Debt-to-income limits returned by conventional automated underwriting, commonly above the 43% manual benchmark and in ranges up to roughly 50% depending on the file. Constrained further by lender overlays; confirm current values.
• Digital asset treatment — where accepted, generally requiring liquidation into U.S. dollars in a U.S. account with a full trail; actively changing; lender overlays frequently stricter than the guides.
• Discounts applied to retirement accounts, securities, and other non-liquid assets — vary by program and asset class.
• Document-age windows — credit report validity, paystub and asset statement recency, appraisal validity and update requirements, verbal-VOE timing, borrower authorization and 4506-C age. Real requirements with real values that vary by agency, program, lender overlay, and year. Every window cited in §19.5 is written as a range and must be verified against the applicable guide and the lender's document-age matrix.
• Documentation requirements by income type — set by program guidelines and lender overlays and revised regularly; the tables in section 9.6 are illustrative and must be confirmed against current guidelines.
• Early payoff and early payment default chargeback practice — windows, triggers, and whether recovery reaches the individual originator vary by company and investor agreement.
• Elevated default rates on FHA loans made with seller-funded down payment assistance, as found in government reviews of the FHA portfolio prior to the 2008 prohibition. Direction of the finding is documented; the magnitude should be looked up in the primary source before being repeated.
• Employer compensation plan, branch agreement, and pricing-concession policy — the operative documents for any individual originator. Request all three in writing.
• Employer internal training programs at depository institutions. Referenced in Case Study 2; quality varies and such training does not satisfy NMLS continuing education.
• Employer policies on social media, advertising, co-marketing, gifts, testimonials, and archiving — frequently stricter than federal and state law combined, and the rules actually applied to the originator.
• Employment gap triggers (commonly around thirty days for a letter of explanation) and extended-gap treatment; program-specific.
• Enforcement settlement amounts, civil money penalties, and loan subsidy fund figures — real and public in the consent orders; cite the order, never a summary.
• Equifax, Experian, and TransUnion joint announcements on medical collection reporting (announced March 2022) — removal of paid medical collections and extension of the delay before unpaid medical collections appear, effective July 1, 2022; removal of medical collections under $500 in the first half of 2023. Go to the announcements for exact terms and effective dates.
• Every expense factor, look-back period, ownership rule, deposit exclusion rule, NSF cap, asset haircut, depletion divisor, DSCR minimum, maximum loan-to-value, reserve requirement, and prepayment penalty structure referenced in this chapter. All investor parameters. There is no standard expense factor and no standard DSCR minimum; anyone asserting one is quoting a single matrix they happen to have read.
• Every numeric threshold in this chapter is illustrative and must be verified at the source: the \$806,500 baseline conforming limit (FHFA); the 150% high-cost multiple (FHFA); FHA's 3.5%/10% down payment bands at 580 and 500–579 (HUD 4000.1); UFMIP of 1.75% (HUD); annual MIP of 0.55% (HUD); the 11-year and life-of-loan MIP duration bands at 90% LTV (HUD); FHA's 31%/43% manual underwriting benchmark (HUD); the VA funding fee of 2.15% (VA); USDA's 115%-of-area-median-income limit (USDA); a conventional 620 minimum score (Selling Guide and lender overlays); and mortgage insurance factors of 0.58%, 0.55%, 0.42%, 0.40%, and 0.32% (the mortgage insurers' rate cards).
• Fair Isaac Corporation (fico.com, myfico.com) — published explanations of score composition and the approximate five-factor weights (payment history ~35%, amounts owed ~30%, length of history ~15%, new credit ~10%, credit mix ~10%); the rate-shopping de-duplication windows (45 days in newer model versions, 14 days in older ones) and the treatment of mortgage, auto, and student loan inquiries within the most recent 30 days; differences between FICO Score versions, including the classic mortgage versions delivered through the three bureaus and the medical-collection and paid-collection treatment introduced in FICO Score 9. Vendor documentation: authoritative on what the product does, promotional on what that is worth.
• Fair-lending training and certification offerings from industry associations and state regulators — verify content currency; prefer the primary sources.
• Fannie Mae and Freddie Mac announcements regarding consideration of positive rental payment history in DU and in LPA, and the nontraditional credit provisions of both guides — verify current scope and eligibility.
• Fannie Mae and Freddie Mac practitioner job aids on completing the redesigned application, and automated underwriting provider training on the fields most often keyed wrong. Updated more often than any textbook.
• Fannie Mae Connecticut Avenue Securities and Freddie Mac STACR credit risk transfer program structures — described in each enterprise's investor materials; structures have evolved considerably since 2013.
• Fannie Mae Loan Quality Initiative (2010) and the undisclosed-liability expectation — real and the origin of the near-universal pre-closing refresh; the specific announcement, effective date, and current Selling Guide text have been restated more than once. Verify at the source.
• Fannie Mae Loan Quality Initiative and comparable agency loan-quality programs (announced circa 2010) — the origin of the pre-closing undisclosed-debt verification practice; specifics have evolved into the guides' current quality-control requirements.
• Fannie Mae Selling Guide and Freddie Mac Seller/Servicer Guide — variable income, commission income, and self-employed income analysis, applied in § 26.8 to the originator's own qualifying income. Continuously updated.
• Fannie Mae's certainty program and Freddie Mac's automated income and asset assessment tools — validation of income, asset, and employment components through the automated underwriting system using reports from authorized report suppliers, with representation and warranty relief on validated components. Eligible components, data currency requirements, and the scope of relief change; verify in the current guides.
• Federal appraisal complaint referral process and state appraiser licensing board complaint procedures — verify the current channel and contact information before giving them to a borrower.
• Federal banking agencies, supervisory guidance on model risk management — governance, validation, and monitoring expectations for supervised institutions.
• Federal remote online notarization legislation — introduced in Congress repeatedly; verify current status rather than assuming enactment.
• Federal Reserve payments-improvement publications on synthetic identity fraud — definitions and mechanisms are useful; prevalence estimates vary substantially by source and methodology.
• FHA 100-mile thresholds — the employment relocation exception to the one-FHA-loan rule, and the rental-income-from-a-vacated-residence conditions, including how distance is measured.
• FHA appraisal validity period and extension rules.
• FHA condominium project approval and single-unit review requirements.
• FHA interested-party contribution limit as a percentage of the sales price.
• FHA manual downgrade triggers — the enumerated list in 4000.1; revised.
• FHA manual-underwriting qualifying ratio table and the enumerated list of acceptable compensating factors — published in 4000.1 and revised. Look up the current table.
• FHA property flipping restrictions — resale windows, the price threshold triggering a second appraisal, and the exceptions.
• FHA streamline refinance seasoning, payment history, and net tangible benefit thresholds; the UFMIP refund schedule; and the reduced-premium path for loans endorsed on or before the 2009 cutoff date.
• FHA Underwriting Manual language of the 1930s regarding neighborhood racial composition and restrictive covenants. Widely quoted in the scholarship; consult a scholarly source that reproduces the text rather than a secondary summary.
• FHA waiting periods after bankruptcy, foreclosure, short sale, and deed-in-lieu, and the extenuating-circumstances exception paths.
• FHFA representation and warranty framework (announced 2012, revised subsequently) — real and consequential; current terms and relief conditions must be verified.
• Florida property insurance market developments, including insurer insolvencies in the early 2020s, growth of Citizens Property Insurance Corporation, and the legislative special sessions of May 2022 and December 2022.
• Fraud loss and prevalence statistics of any kind — heavily caveated, built on reported incidents rather than actual incidence, and not comparable across sources or years. This chapter deliberately describes patterns rather than percentages.
• Freddie Mac Economic and Housing Research, note on racial and ethnic valuation gaps in home purchase appraisals, 2021.
• Fully loaded cost of an operations or support hire — salary, payroll taxes, benefits, equipment, and workspace. Varies enormously by market and employer; the burden percentage used in the exercises is constructed.
• Gates, Susan; Perry, Vanessa; and Zorn, Peter. Automated Underwriting in Mortgage Lending: Good News for the Underserved? Housing Policy Debate, 2002. The access argument for automated underwriting; note the authors' Freddie Mac affiliation.
• General queue and work-in-progress management literature — the result that queue length grows non-linearly as utilization approaches capacity, of which the §39.1 capacity spiral is a specific case. Useful as intuition, not as citation.
• Ginnie Mae I and Ginnie Mae II program terms, including certificateholder payment dates and the issuer guaranty fee — verify current requirements in the Ginnie Mae MBS Guide.
• Guarantee fee levels — aggregate figures are published by FHFA; per-lender pricing is negotiated and is not public. Any specific figure, including the illustrative 0.375% used in §29.1, is illustrative only.
• HECM principal limit factor tables, the national HECM lending limit, initial and annual mortgage insurance premium rates, and the origination-fee cap formula — all HUD-set and all revised.
• HELOC index, margin, draw and repayment period conventions, interest-only terms, and lifetime caps — widely variable by lender and product.
• Historical pre-TILA cost quotation practices (add-on interest, discount interest, "dollars per hundred per year"). Well attested in the consumer-credit literature; specific prevalence not quantified here.
• Historical scholarship on the administration of the GI Bill's home loan benefit and its documented uneven delivery. Read primary sources and serious historians; Ch. 17 deliberately reproduces none of the commonly circulated statistics.
• History-length and continuance requirements for overtime, bonus, commission, shift differential, part-time and second-job income, seasonal work, support income, and retirement distributions — commonly as described in this chapter, but varying by agency, program, and findings.
• HMDA coverage thresholds — closed-end and open-end volume tests have been amended and litigated; verify the current threshold at the CFPB.
• Homebuyer education requirements — acceptable providers, formats, certificate validity periods, and required timing relative to the assistance reservation. Program-specific; the timing requirement is the one that most often kills files.
• Homeowner tenure and mortgage-life benchmarks — widely quoted, variable by market and rate environment; context only, never an input to a specific file.
• Household tenure and effective loan life — both far shorter than thirty years, both highly sensitive to the rate environment, and both shifted materially during the lock-in period. Never substitute a published average for the borrower's own stated horizon.
• Housing finance agency participating-lender requirements — master agreements, delivery contracts, training, per-loan fees, and post-closing compliance review. Ask your secondary marketing group.
• HUD Handbook 4000.1 and FHA guidance on interested-party contributions and buyer-broker compensation; Department of Veterans Affairs guidance addressing buyer-broker fees for VA buyers, issued in 2024. Perishable; verify current policy at the agency.
• HUD Handbook 4000.1 — upfront mortgage insurance premium mechanics behind the base-loan versus total-loan compensation question in § 26.6. Factors change; verify current values.
• Identity of interest LTV restriction and the exception categories; the enumerated definition of "family member" for non-occupant co-borrower purposes.
• Independent dispute resolution for repurchase disputes — a later addition to the framework; verify current process and applicability.
• Individual title underwriters' agent bulletins and underwriting guidelines — what will be insured over, what requires an indemnity, and what requires escalation. Not public; obtain the substance from your title agent.
• Industry and trade press coverage of competitive-market contract practice in the tight-inventory market of the early 2020s: escalation clauses, appraisal-gap coverage, and waived inspection and financing contingencies. Useful for pattern and vocabulary; not a source for statistics, and none is asserted in this chapter.
• Industry coverage of 2020 lender overlays and verification tightening (day-of-closing verbal VOEs, borrower attestations, additional self-employed documentation, higher score and reserve requirements), which varied substantially by lender.
• Industry employment and capacity through the 2022–2023 contraction — widely reported in public filings and industry press; read the primary sources rather than a summary and do not quote a headcount figure from memory.
• Industry origination volume, market share, and originator-count statistics published by trade associations, regulators, and data vendors on differing definitions and schedules. Useful for shape, not for precision.
• Industry practice descriptions of pre-crisis low- and no-documentation product types (stated income / stated assets, no income / no assets, "lite doc"), which varied by lender and were not uniformly defined.
• Industry practice on "underwritten" or "TBD" pre-approvals: availability, turn time, and competitive value. Varies by lender and by market.
• Industry practice on lock terms, lock extensions, and renegotiation policy during the 2020–2021 surge — widely reported and structurally consistent across lenders, but pricing and policy specifics are lender-by-lender and were changing continuously. Verify with your secondary desk.
• Industry time-to-close reporting published periodically by origination-technology vendors and trade associations — useful for direction and trend; definitions vary and figures are frequently misquoted as precise facts.
• Industry trade association compliance guidance on Section 8, affiliated business arrangements, and co-marketing — the Mortgage Bankers Association, the American Land Title Association, and the National Association of REALTORS. Useful as practitioner thinking; not authority.
• Industry trade press (National Mortgage News, HousingWire, Inside Mortgage Finance) — the fastest signal that an overlay regime or an agency announcement has shifted; reporting, not authority.
• Industry trade press on origination cycle time and application data quality — useful for scale, but methodologies differ and figures move with the rate cycle; do not quote a cycle-time statistic without its definition.
• Industry trade press — HousingWire, National Mortgage News, and Inside Mortgage Finance. Where layoffs, channel exits, closures, and acquisitions are reported first. Treat market-share and volume figures as sourced snapshots.
• Institutional policy practice on desk license agreements and marketing services agreements, described in this chapter as a widespread industry response rather than as a legal requirement.
• Insurance Services Office (ISO) homeowners forms — the HO-3 / HO-4 / HO-5 / HO-6 form family. Carriers write proprietary variations and states approve differences; read the declarations page rather than relying on a form number.
• Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), Action Plan, 2022.
• Interested-party contribution limits by occupancy, loan-to-value, and program — real, structured, and perishable. Verify in the current guide for every file; this book prints only illustrative figures.
• Interested-party contribution limits by program, occupancy, and LTV — verify in the applicable guide before promising a concession.
• Interested-party contribution limits — vary by program, occupancy, and loan-to-value.
• Internal Revenue Service guidance issued in 2006 concluding that organizations operating seller-funded down payment assistance conduits did not qualify for tax-exempt charitable status.
• Investigative journalism on reverse mortgage property-charge foreclosures — read for mechanism; verify any statistic against underlying agency data before repeating it.
• Investor and agency definitions of "early payment default" and the associated repurchase, indemnification, and make-whole remedies — set by the loan purchase agreement and varying by counterparty.
• Investor and lender construction-lending guides — builder approval criteria, draw schedules, inspection standards, retainage, extension policies, and single-close conversion requirements; these differ materially between investors.
• IRRRL seasoning, net tangible benefit, and fee recoupment requirements enacted in 2018 legislation and implemented by the VA and Ginnie Mae; the recoupment window is commonly stated as 36 months. Verify.
• Jumbo guidelines, reserve requirements, and pricing. Investor-specific and not public. The observation that jumbo sometimes prices at or below agency levels is real and market-dependent.
• Large-deposit thresholds — commonly framed as a percentage of monthly qualifying income, narrowed on some programs to funds needed to close; percentage, basis, and exceptions vary by agency and program and are revised. Verify per file.
• Lender and lead-vendor published cost-per-lead and conversion claims — treat as marketing until independently measured. No published conversion figure is used in this chapter to support any conclusion.
• Lender condition matrices, exception policies, and delegated credit authority — real internal documents that vary by institution. Ask your underwriting manager by name.
• Lender guideline overlay matrices — real, operative, and not published publicly. Obtain your employer's from credit policy or underwriting; obtain a wholesale lender's product matrix from the account executive.
• Lender overlays and product matrices — where the published guideline and the actual answer diverge.
• Lender overlays on VA and USDA products — minimum credit scores, maximum loan amounts, IRRRL appraisal and credit requirements, manufactured-housing restrictions. Lender-specific, not agency rules.
• Lender overlays. Frequently the binding constraint on a file and published nowhere public. A VA loan has no VA-imposed minimum credit score; virtually every lender imposes one.
• Lender special purpose credit programs and county down-payment assistance programs — terms, eligibility, and funding change continuously. Verify with the program administrator.
• Lender-internal fee mapping matrices assigning fee codes to Closing Disclosure sections A through H and to tolerance buckets — the most operationally useful document in a lender's building; contents vary by shop.
• Lender-internal written list of service providers and the process that generates and delivers it.
• Lender-published internal turn times for underwriting, condition review, and closing — real, current, and moving weekly. To be quoted to borrowers only as a current estimate with a last-checked date, never as a fact.
• Lender-specific income calculation worksheets and overlay matrices — frequently stricter than the agency guide, and the actual standard a file is measured against. Obtain the current version from underwriting or compliance.
• Lender-specific practice — servicing retained versus released; whether an interest credit is offered for closings early in a month; escrow waiver policy and pricing; funding and wire cutoffs; incident-response procedures. Not in any textbook; ask your employer.
• Lender-specific pre-approval letter templates and the written procedures governing their issuance, including whether a subject property address may be named. Company-specific; read your own.
• Licensing for commercial mortgage origination — generally outside the SAFE Act framework and varying by state. Confirm with the state regulator before originating.
• Life Expectancy Set-Aside computation methodology and growth-rate assumptions — published by HUD; determines whether a marginal HECM file exists at all.
• Limited cash-out incidental cash-back caps — a specific current figure that changes; verify before relying on it.
• Loan origination system and CRM vendor reporting documentation — for the lead-source report structure in Figure 7.1 and the fields required to populate it.
• Loan origination system pipeline reporting capabilities — vendor documentation varies; a "business days since last activity" field is rarely available by default and generally requires configuration by an administrator.
• Loan originator compensation plans, brokerage splits, and lender-paid compensation percentages by channel. Vary enormously by company, channel, market, and year. Not benchmarks.
• Loan-level price adjustment grids, including the cash-out adjustment — substantially restructured in 2023 and subject to further revision. Teach the structure, verify the values.
• Local association and MLS rules implementing the 2024 buyer-agency practice changes — practice continues to evolve and varies by market.
• Local closing practice — whether an attorney must conduct the closing, whether an abstract or a commitment is used, customary search periods, and who customarily pays for the owner's policy. County-level facts; the authority is the local title agent or closing attorney.
• Lock extension fee schedules generally — no schedule printed anywhere should be treated as current. Obtain your lender's in writing and re-check it whenever pricing changes.
• Louisiana property insurer insolvencies following the 2020 and 2021 hurricane seasons and the state's subsequent insurer incentive/depopulation program.
• Martinez, Emmanuel, and Kirchner, Lauren. The Secret Bias Hidden in Mortgage-Approval Algorithms. The Markup, 2021, distributed with the Associated Press — and the published responses noting that HMDA data lacks credit score.
• Maximum combined loan-to-value permitted for qualifying subordinate financing under the conventional affordable-second definitions. Commonly cited above 100% for those products; verify the current figure in the applicable guide.
• Median mortgage life / prepayment behavior — the claim in Case Study 2 that most loans do not survive thirty years. Well established directionally; specific figures vary by cohort, rate environment, and data source.
• Minimum decision credit score thresholds and the associated minimum required investment tiers (the illustrative 580 / 500 structure). Verify with HUD; separately verify the lender's own overlay.
• Minimum servicing fee convention on agency fixed-rate loans (0.250%) — standard industry practice; verify current agency requirements.
• MISMO — the mortgage industry's data standard organization; background for why the redesigned application is a dataset and not only a page.
• Monthly origination benchmark reports published from loan origination system data (the source of most "average days to close" figures quoted in the trade press). Directional only; look up the current figure and note the publisher's methodology. Values move with rate cycles, volume, and channel mix.
• Mortgage Bankers Association (MBA) — industry surveys and performance reports covering cost to originate, productivity, and cycle times. The correct source for the benchmarks this chapter deliberately declines to invent. Read the methodology and the survey population before quoting any figure; treat every value as a point-in-time measurement.
• Mortgage Bankers Association and National Consumer Law Center — serious published work on credit reporting in mortgage lending from opposed institutional perspectives.
• Mortgage Bankers Association periodic performance reports on per-loan production cost and revenue for independent mortgage banks and bank subsidiaries. Figures move substantially quarter to quarter; purchase the current report rather than citing a remembered value.
• Mortgage Bankers Association research and origination volume forecasts — context for the capacity dynamics in Case Study 6.2. Figures are revised; cite the release.
• Mortgage Bankers Association research, forecasts, and cost-to-originate studies — useful for direction of volume and purchase/refinance mix; any specific figure is perishable and must be cited with its publication date.
• Mortgage Bankers Association — industry commentary on servicing, servicing transfers, and quality control practice.
• Mortgage Bankers Association — origination volume, channel-share, and cost-to-originate series. Real industry data, perishable; cite the year.
• Mortgage Bankers Association — public comment on the proposed debt-to-income-based upfront fee, 2023; public statements on hedge margin calls and nonbank liquidity, spring 2020; periodic reporting on origination cost per loan and production margins. Point-in-time measurements; use for magnitude and trend and verify the current release.
• Mortgage Bankers Association — research, weekly application survey commentary, and public policy statements, including contemporaneous March 2020 public statements to regulators regarding margin calls on originators' hedge positions. Real and public; verify specific statements and dates against the primary release.
• Mortgage Bankers Association — the Quarterly Mortgage Bankers Performance Report on per-loan production revenue, expense, and profitability at independent mortgage banks; origination volume forecasts; professional designations including the Certified Mortgage Banker; and the industry's principal conferences. Substantially members-and-subscribers material; every figure is as of a date and is revised.
• Mortgage Bankers Association, state mortgage banker and broker association, and American Land Title Association compliance material — practitioner-level and current; not regulatory authority.
• Mortgage credit certificate credit rates and annual dollar caps. Set by the issuing agency and stated on the certificate; the 25% rate and \$2,000 cap used in the chapter are constructed for illustration.
• Mortgage Electronic Registration Systems, Inc. (MERS) — design, nominee structure, and the litigation over standing that followed the foreclosure crisis; outcomes varied significantly by state.
• Mortgage industry trade press and lender-published origination guides on how self-employed files are commonly conditioned. Useful as hypotheses; not authority.
• Mortgage insurance company underwriting guidelines — each MI company publishes its own eligibility and underwriting requirements to its lender customers; above 80% LTV these constitute a third rulebook.
• Mortgage insurance coverage requirements and rate cards at 95% LTV — set by the agencies and the MI companies, revised on their own schedule; verify at the source (Chapter 16).
• Mortgage insurance factors and FHA mortgage insurance premium schedules, including upfront premium rates. Revised periodically; the \$176.78 and \$96.76 figures in this book derive from constructed factors.
• Mortgage insurance factors and leverage bands — the 0.30% and 0.20% factors in §18.7 are illustrative; MI rate cards are revised and vary by provider, coverage, credit profile, and product.
• Mortgage insurance factors, agency appraisal-waiver eligibility, and guarantee/delivery fee schedules — all perishable; verify current values at the source before quoting.
• Mortgage insurance rate factors. The 0.58% used for the Linden Street file and the 0.32%, 0.40%, and 0.42% used in examples are illustrative. Real factors are published by the mortgage insurers and vary by LTV, credit score, coverage level, term, and product.
• Mortgage insurer rate cards and eligibility restrictions at high loan-to-value and lower credit scores. Verify with the insurers your lender uses; coverage at 97% LTV below common score thresholds is frequently unavailable rather than merely expensive.
• Multiple Listing Service and public property records as a source for a listing agent's closing volume — the only reliable denominator available for part of the partner-level referral rate in §38.3; access rules vary by market.
• Munnell, Alicia; Browne, Lynn; McEneaney, James; and Tootell, Geoffrey. Mortgage Lending in Boston: Interpreting HMDA Data. Federal Reserve Bank of Boston, 1992; revised version, American Economic Review, 1996. Read the methodological critiques alongside it.
• National Association of REALTORS® — wire fraud guidance published to its membership.
• Net and gross adjustment review thresholds — lenders commonly apply internal triggers; current agency guidance emphasizes support and explanation rather than fixed caps. Verify the current selling guide language.
• NMLS and the SAFE MLO Test Content Outline — for the exam-relevant framing in §34.2 and §34.8. The outline is published; weightings are revised.
• NMLS SAFE MLO Test Content Outline — the published scope of the licensing examination, including income calculation.
• Non-agency and jumbo underwriting guidelines — no single authority exists; each investor publishes its own matrix and revises it without notice.
• Non-QM investor guideline matrices and rate sheets. Investor-specific, unpublished, and revised without notice. These are the actual governing documents for every product in this chapter and there is no public substitute. Request the dated matrix, save it with the file, and record the version priced from.
• Non-taxable income gross-up percentages — program-specific, revised, and in some programs tied to the borrower's documented tax situation. No single figure; this book deliberately prints none as settled fact.
• Number of months of bank statements required — commonly two, frequently three, sometimes reduced by an AUS recommendation or an asset-validation service. Varies.
• Occupancy pricing adjustments, minimum down payments, and reserve requirements for second homes and investment property — structure is stable, values move.
• Occupancy-driven pricing, down payment minimums, and mortgage insurance availability — the specific differentials between primary residence and investment property change and vary by investor and overlay; verify current requirements before quoting.
• Offer-letter and future-income qualification paths — availability, start-date windows, reserve requirements, and post-closing re-verification vary by agency, program, and lender overlay.
• Option ARM product structures — the four payment choices, negative amortization caps commonly at 110% or 115%, and scheduled recasts commonly at five years. Reflects the product as commonly written; individual notes varied.
• Percentage wind and hail deductibles and actual-cash-value roof schedules in hail-exposed states — a documented product trend; terms vary by carrier and state.
• Post-crisis third-party due diligence practice for rated private-label transactions, and the disclosure of due diligence findings.
• Prevailing compensation levels in basis points by channel (retail, broker, correspondent). No industry-typical figure is asserted anywhere in this chapter; levels vary by channel, market, split arrangement, and year.
• Prevailing MSR multiples, servicing released premiums, and annual cost to service — quoted by brokers and advisory firms rather than published by any authority; vary continuously with rates and by product, vintage, and servicer.
• Private mortgage insurance rate cards for conventional loans — set by the mortgage insurers and revised; availability at low scores and high LTV is not guaranteed.
• Private mortgage insurance rate cards — factors banded by loan-to-value, representative credit score, coverage level, term, and product; revised periodically. The 0.58% annual factor used throughout this book's Linden Street file is illustrative; verify the current card and the band boundaries with the MI provider.
• Private mortgage insurer rate cards — structure of the LTV / coverage / score / term matrix. Values change; obtain current cards through your lender or the insurers.
• Private mortgage insurer rate cards. Freely available to lenders; far more structured than a single factor implies, varying by LTV, credit score, coverage level, term, and product.
• Product and pricing engine vendor documentation — for which fields drive which adjustments in a given shop's configuration.
• Program credit score minimums, ratio limits, and reserve requirements. Revised periodically; verify at the source before quoting.
• Program provisions for family-occupancy purchases — provisions under which a borrower purchasing for a parent or a disabled adult family member may receive treatment more favorable than pure investment financing. Condition-heavy and subject to change; verify in the current guide or with underwriting management before relying on one.
• Property tax rates and reassessment-on-transfer practice. Entirely state and local; the 1.20%-of-price figure on this file is a modeling convenience.
• Property tax reassessment practice following a sale — state and local law, varying enormously, and the mechanism by which a first-time buyer's escrow changes in year two.
• Proprietary ("jumbo") reverse mortgage products — not FHA-insured; counseling requirements, non-recourse treatment, and maturity-event definitions vary by lender and by state.
• Public reporting on federal structuring enforcement and forfeiture policy revisions affecting lawful-source deposits — the statute is unchanged; enforcement posture has been publicly contested and revised.
• Publicly announced GSE repurchase settlements with large originators, 2013 and adjacent years — real and publicly reported; amounts intentionally not stated in this chapter. Retrieve from FHFA, the enterprises, or the institutions' own filings.
• Published industry benchmarks for referral rates, conversion rates, contacts-per-closing, and "percentage of business from referrals" — offered by coaching programs, software vendors, and conference speakers. This chapter asserts none. Treat as unverified absent disclosed sample, definitions, and method; note that "referral" and "past client" are defined inconsistently across sources.
• Published market commentary on the 2022–2023 U.S. rate cycle and the return of builder-financed temporary buydowns as a sales incentive — the phenomenon is public; prevalence and incentive size varied by builder, market, and quarter and should be sourced to a named, dated publication.
• Quantitative estimates of the racial wealth gap and its housing component. Real and measured, but methodologically varied — cite source and year or do not cite a figure.
• Rate sheets, base pricing, lock period adjustments, and loan-level price adjustment matrices. Perishable by design and revised without notice; the published agency matrices were substantially restructured in 2023. Date every one you save.
• Rating agency pre-sale reports on non-QM securitizations (Fitch, Moody's, S&P Global, DBRS Morningstar, KBRA). Often free and unusually revealing about documentation types and their treatment; the closest thing to a public description of non-QM underwriting standards.
• Re-inspection and 1004D fees, and repair escrow holdback availability — governed by lender policy and agency rules; both change.
• Record retention periods under Regulation B, Regulation Z (including the longer period specific to the Closing Disclosure), and Regulation C. Stable but revised; verify current periods with compliance.
• Recruiting material, career coaching, mastermind groups, and publicly posted production figures. Some of it is good; all of it is sold, and much of it by people whose income depends on enrollment.
• Regulation B record retention — generally 25 months for consumer credit after notification; different for business credit; extended where litigation or an enforcement proceeding is pending. Verify.
• Regulation Z's numeric tests for whether a person extends credit "regularly," including the lower threshold for dwelling-secured transactions (§ 1026.2(a)(17)) — verify current thresholds.
• Removal of VA loan limits for veterans with full entitlement, effective January 1, 2020, under the Blue Water Navy Vietnam Veterans Act of 2019. Confirm the current rule with the VA.
• Reported figures from the buyer-broker compensation litigation — the Burnett damages amount (reported at approximately \$1.78 billion, subject to trebling) and the NAR settlement payment (reported at approximately \$418 million). Cited as reported; verify at the source.
• Reporting and industry commentary from late 2015 and 2016 on secondary-market treatment of loans with TRID defects, and on the Bureau director's December 2015 letter to the Mortgage Bankers Association regarding examination posture and liability concerns.
• Reprice frequency and industry fallout rates — no reliable published statistic exists for either. Both vary enormously by lender, channel, product, and market, and both are competitively sensitive. Treat any quoted figure as unsourced until proven otherwise.
• Research literature on pre-purchase homebuyer education and counseling outcomes, produced by HUD, the GSEs, Federal Reserve Banks, and university housing centers. Generally reports associations with better borrower outcomes; no figure from it is quoted in this chapter because none was verified.
• Reserve requirements by program, occupancy, property type, number of financed properties, and manual versus automated underwriting; also imposed file-by-file by the automated underwriting system.
• Review platform policies on soliciting, incentivizing, filtering, and responding to reviews — differ from each other and from FTC guidance, and change.
• SAFE MLO test content outline section weights. The five sections are stable; the percentages are revised periodically. The ranges given in this chapter are approximate — verify the current outline at NMLS before building a study plan.
• Sales-management practice on response time to inbound inquiries — direction (minutes matter) is uncontroversial; specific multipliers are widely quoted and not verified here.
• Schedule L and Schedule M-1 filing thresholds for smaller corporations and partnerships, which determine whether a business balance sheet appears on the return at all.
• Searchable down payment assistance directories maintained by trade associations, private companies, and nonprofits. Useful for discovery, unreliable for terms.
• Seasoning periods — no universal figure; the concept of a documentation window is what is universal.
• Seasoning restrictions on rapid resales — some programs impose explicit limits on financing a property resold within a short period; verify current requirements by program.
• Secondary marketing and capital markets professional education — pipeline hedging, hedge ratios, and pull-through modeling are covered far better in professional courses than in any consumer-facing source.
• Secondary-market execution and distressed (scratch-and-dent) pricing — the 101.500 sale price and 88.000 repurchase resale bid used in section 23.9 are illustrative. Real execution varies daily and by investor. See Chapter 28.
• Secondary-market execution conventions and typical sale prices above par. The mechanism in §1.3 is accurate; the specific price of 101.500 is illustrative and daily execution varies.
• SIFMA, Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities — TBA good delivery standards, the settlement calendar by class, pool notification deadlines, and delivery variance tolerances. Conventions have been revised; verify current practice.
• SOFR-based ARM indices, having replaced LIBOR. The specific index and averaging convention vary by product.
• Spring 2020 pandemic-era lender overlays (raised minimum scores, suspended products, increased down-payment requirements) — a widely reported market episode; specific lender actions and durations varied and should be verified against contemporaneous reporting.
• State and county closing and recording law — whether an attorney must conduct or supervise a closing; whether a transaction is wet or dry and how quickly disbursement must follow signing; wet-settlement statutes; non-borrowing spouse signature requirements; availability of electronic recording and actual recording turnaround; transfer taxes and documentary stamps and who customarily pays them; availability and rules of remote online notarization. Deliberately unnamed in this book; verify with the state regulator, compliance, and local settlement agents.
• State and county senior property-tax exemption, deferral, and freeze programs — local, changeable, and frequently the alternative to a reverse mortgage.
• State and form-specific real estate purchase contract provisions — the financing contingency, its deadline, and the mechanics of an amendment. Verify against the form used in your market; Chapter 20 owns the structure.
• State and local prohibited bases — source of income, military or veteran status, citizenship or immigration status, ancestry, and others; vary by jurisdiction and change. Obtain in writing from compliance.
• State and local real estate associations, title companies, and builder groups — the practical venues for the referral relationships Chapter 38 builds and §40.12 schedules.
• State and local requirements on non-solicitation and non-competition provisions between originators or between an originator and an employer. Enforceability varies substantially by state; counsel, not a template.
• State anti-inducement and gift restrictions applicable to settlement service providers and to real estate licensees — several states impose restrictions stricter than federal law.
• State anti-inducement, anti-kickback, real estate license, and advertising provisions, several of which are stricter than RESPA and reach conduct RESPA permits; state NMLS identifier placement requirements for advertising.
• State bar guidance on the unauthorized practice of law, and whether the state provides an attorney-review period for residential purchase contracts.
• State closing and funding practice — attorney-closing states, escrow states, wet-funding versus dry-funding practice, and local recording procedure. Varies enormously; verify with compliance and a local title officer or closing attorney.
• State commercial mortgage broker licensing and real estate broker licensing requirements, and state treatment of business-purpose loans on one-to-four unit rentals.
• State cybersecurity regulation of financial licensees — at least one state financial regulator maintains a detailed cybersecurity regulation with annual certification obligations reaching many mortgage companies; other states have moved in the same direction. Verify which regimes apply.
• State escrow cushion limits more protective than the federal cap. Verify.
• State law governing security instrument type, judicial versus non-judicial foreclosure, attorney-closing requirements, and redemption rights. Varies enormously; verify with the state regulator, compliance, or local counsel.
• State law on elder financial exploitation — mandatory reporting duties, protected reporter status, and reporting authority all vary by state, and some states impose duties on financial institution personnel specifically. Verify with compliance and the applicable state adult protective services agency.
• State law on non-solicitation and non-compete agreements — enforceability varies enormously and several states restrict these agreements substantially. A consult-your-own-counsel matter.
• State lender licensing requirements — net worth, surety bond, audited financial statement, and physical office requirements imposed on lenders that frequently do not apply to brokers. Highly state-specific; verify with the state regulator.
• State licensing and disclosure requirements applicable to rate lock agreements — form, disclosure, and enforceability requirements vary substantially by state and change. Verify with your compliance department and your state regulator.
• State mortgage advertising rules — content requirements, retention periods, and filing or pre-approval obligations imposed on licensed mortgage advertising. Vary substantially by state and change; the state regulator is the source.
• State mortgage licensing statutes and regulations governing originator compensation and independent-contractor status. Requirements vary substantially by state; verify with the state regulator and the NMLS Resource Center for every state of licensure.
• State mortgage regulators and lender compliance departments — advertising rules, permissible statements to consumers, and state-level credit and licensing requirements, which vary.
• State net tangible benefit statutes — a number of states impose their own tests on refinances of owner-occupied property, with prescribed worksheets and varying remedies; they vary enormously and change. Obtain the current list from compliance for every state of licensure.
• State real estate commission guidance on the scope of a licensee's authority and on the handling of earnest money in a broker's trust account — including who may hold a deposit, on what timeline, and what happens in a dispute. State law; varies enormously.
• State regulator licensing and disclosure materials — state law adds application-stage disclosures in many jurisdictions and occasionally imposes shorter timing than federal law.
• State residual property insurance markets — FAIR Plans, state-created property insurers, and wind pools; coverage forms, eligibility, and the need for companion difference-in-conditions coverage vary by state and change with legislation.
• State statutes restricting or prohibiting prepayment penalties, including on business-purpose loans, and limiting their duration or amount. No national answer; verify per state with compliance and the state regulator.
• State title insurance rate regulation — promulgated, filed, or unregulated depending on the state; simultaneous-issue pricing structures. Verify with the state regulator and the title agent.
• State-specific disclosure, timing, and closing requirements, including attorney-state closing rules — verify with compliance and counsel.
• State-specific education hours beyond the federal 20, and the small number of states maintaining additional state-specific testing. The set of such states changes.
• Structured Finance Association and comparable industry bodies — material on the non-agency and non-QM securitization market, its structures, and standardization efforts. Useful for understanding why the pricing premium exists; treat any volume or spread figure as a snapshot.
• Taxpayer cost of the savings and loan crisis, widely reported at well over \$100 billion. Estimates differ by what is counted; verify at the GAO or FDIC.
• TBA market convention — pricing in 32nds, half-point coupon increments, forward settlement months; verify current market structure and conventions.
• Testing policy specifics: 120 questions with 115 scored, 190 minutes, 75% passing, 30-day retake waiting period, 180 days after three consecutive failures. Stable NMLS policy rather than statute; subject to amendment.
• The 25% ownership threshold commonly used to define a self-employed borrower for underwriting purposes. Verify the current definition.
• The agencies' uniform mortgage data program — standardized datasets for loan delivery, closing data, and appraisal delivery. Structure stable; specifications versioned.
• The commission share-of-income threshold commonly discussed at 25%, and the additional documentation historically associated with it; treatment has changed and differs across agencies and products.
• The deductible share of business meals under the Internal Revenue Code, changed by Congress more than once. Verify current treatment; the logic of the meals and entertainment exclusion does not change.
• The documented gap between the availability of first-time buyer assistance and its use, and the pattern of unspent or late-spent program funding. Widely and openly discussed by agencies, researchers, and practitioners; not quantified in this chapter.
• The finance charge accuracy tolerance for closed-end transactions secured by real property, and the tighter tolerances applicable in rescission and foreclosure contexts — verify current values.
• The five-year rule requiring retaking of both education and the test where no license has been held for five or more years, and the three-year expiration of pre-licensing education credit. NMLS policy; verify current terms.
• The General QM price-based thresholds in Regulation Z § 1026.43(e)(2), tiered by loan amount and lien position — verify at the CFPB before applying.
• The high-cost mortgage APR spreads and points-and-fees thresholds in Regulation Z § 1026.32(a)(1), several of which are adjusted annually for inflation — verify the current figures in the CFPB's annual threshold adjustment.
• The higher-priced mortgage loan spreads in Regulation Z § 1026.35(a)(1), and the conforming loan limit referenced by the jumbo tier, which the Federal Housing Finance Agency resets annually.
• The limited 203(k) dollar cap on total repair amount — set by HUD and revised, most recently upward.
• The National Mortgage Settlement (2012) between five large servicers, the federal government, and state attorneys general, with consumer relief and payments widely reported in the tens of billions of dollars. Verify specifics at the official settlement sources.
• The National Mortgage Settlement (February 2012) between the federal government, 49 state attorneys general, and five large mortgage servicers — servicing standards, consumer relief, and an independent monitor. Verify dollar figures at official sources.
• The nationwide consumer reporting agencies' public record reporting standards adopted from 2017 — enhanced identification and update-frequency requirements that resulted in the removal of most civil judgments beginning in mid-2017 and essentially all remaining tax liens by 2018.
• The per-mile depreciation component of the IRS standard mileage rate, published annually.
• The policy debate over the depository exemption from testing and education requirements. A live and legitimate disagreement; this chapter states the reasoning and the strongest objection without adjudicating.
• The Qualified Mortgage points-and-fees caps and their tiered dollar breakpoints in Regulation Z § 1026.43(e)(3) — adjusted annually; verify.
• The reader's own institution's anti-fraud policy, AML program, and escalation path — including the channel that routes around the reader's own manager. The single most important document in this chapter's reading list and the one least often read before it is needed.
• The reader's own lender's published milestone definitions and turn-time standards — the single most important source for Chapter 6 and one almost no new loan officer reads. Confirm the underwriting first-look standard, the condition-review standard, the event counted as the start of "days to close," and whether fallout is in the denominator.
• The reader's own measured turn times — appraisal, underwriting first touch, condition re-review, closing package — as the only defensible basis for committing to a closing date.
• The residential purchase agreement form published by the state or local association in the reader's own market, together with its official instructions or annotations where one exists. Revised periodically; there is no national form.
• The spring 2020 contraction in non-QM origination, when programs were withdrawn and locks repriced while agency lending continued. Widely reported and consistent with the thin-investor-base thesis; specific volumes and dates should be verified before quoting.
• The ten-month rule for excluding a nearly-paid installment debt. The convention and the ten-payment figure are real; attached conditions vary by agency and program.
• The two-year self-employment history convention, with documented exception paths. Both the general requirement and the exceptions have been revised — verify the current Selling Guide language.
• The VA funding fee schedule — revised repeatedly, restructured by legislation effective in 2020, which also equalized rates that had previously differed between regular military and Guard/Reserve applicants. The 2.15% used throughout Ch. 17 is illustrative. Verify.
• The VA's published residual income tables — real, published, structured by geographic region, household size, and loan-amount breakpoint; revised. Not reproduced in this book. Verify the current table.
• The widening of the primary-secondary spread during the 2020–2021 capacity constraint — publicly discussed at the time as a capacity-rationing mechanism; magnitudes vary by source and measurement convention.
• Third-party employment and income verification databases (The Work Number and comparable services) — coverage depends on employer participation; cost, data freshness, and report contents vary by vendor.
• Third-party exam preparation providers and their practice-question banks. Quality varies widely; judge by whether questions come with rationales.
• Tidewater response windows (commonly stated as two business days) and the VA reconsideration-of-value path through the regional loan center. Verify current process.
• TILA statutory damage floors and ceilings under 15 U.S.C. § 1640, which are adjusted over time.
• Title underwriter requirements imposed during 2010–2012 for properties with a recent foreclosure in the chain of title — documented industry practice; specific requirements varied by underwriter and state and changed repeatedly.
• Title, settlement, and real estate brokerage industry association wire fraud awareness campaigns and incident response guidance.
• Treasury draws by the enterprises under conservatorship, widely reported at roughly \$190 billion across both. Approximate — verify at Treasury or FHFA before quoting.
• Trigger lead practice following a mortgage credit inquiry — an ordinary consequence of the FCRA prescreening framework; the volume and timing of resulting contact vary.
• Typical 1920s mortgage terms — three-to-five-year balloons at roughly 50% loan-to-value. Well attested in the historical literature; specific averages vary by region and lender type.
• Typical underwriting queue and turn times used in the suspense arithmetic (§19.7) — illustrative operating assumptions, not published figures.
• Undisclosed debt monitoring services offered by the credit bureaus, and the agency loan-quality requirements that drove pre-closing credit refreshes into standard practice after 2008.
• Undisclosed debt monitoring, gap reports, and pre-close credit products offered by the national credit reporting agencies and their resellers — product names, coverage, alert latency, and pricing vary by vendor and lender contract.
• Uniform Mortgage Data Program initiatives (uniform appraisal and loan delivery data standards) — developed in the same period and for the same reason as the rep-and-warrant framework; reduces defects arising from inconsistent data.
• Urban Institute, Housing Finance Policy Center — sustained public analysis of post-crisis credit availability, the "credit box," and the relationship between repurchase uncertainty and lender overlays. A well-argued analytical position; magnitudes are estimates that vary by method.
• USDA adjusted household income deductions (dependents, child care, elderly or disabled household members, certain medical expenses) and the published income limits by area and household size. Verify.
• USDA benchmark ratios, long stated as 29% housing and 41% total debt, with an approval path above them through GUS or documented compensating factors. Verify.
• USDA upfront guarantee fee and annual fee rates — set by USDA and published each fiscal year. Verify.
• VA loan performance data published by the VA — cite the source rather than a remembered figure.
• VA loan utilization relative to the eligible population, and the belief that sellers reject VA offers. The belief is widely documented as a belief; claims about VA closing rates relative to conventional are contested and should not be quoted as statistics.
• VA occupancy requirements, including the certification window after closing and the accommodations for deployment and spouse occupancy. Verify.
• VA recoupment, seasoning, and minimum rate-improvement thresholds — real, statutory, and revised. Confirm with VA and the investor.
• Vacancy and maintenance factors for rental income (commonly 25%, i.e. 75% of gross rents count) and the documentation path where no tax-return history exists.
• Valuation-gap research findings — substantial and credible, with materially different estimates arising from different comparisons, controls, and samples. Cite the existence of the finding and name the study; never present a single figure as definitive.
• Value acceptance, desktop, and hybrid eligibility — revised regularly by the enterprises; the findings in the file are the only reliable source.
• VantageScore Solutions (vantagescore.com) — model documentation for VantageScore 3.0 and 4.0, including score range and the differentiated treatment of medical collections.
• Vendor capability claims of every kind — extraction accuracy rates, time savings, adoption percentages, closing-time reductions. Not printed in this book; ask for methodology and sample before relying on any.
• Verbal Verification of Employment timing requirements, commonly stated as a small number of business days before the note date; program-specific.
• Volume and market-share figures for stated-income, option ARM, piggyback-second, and subprime originations in the 2000s. Reliable for direction and mechanism; specific shares vary by data source and definition.
• Warehouse lending commercial terms — advance rates, haircuts, aging limits, facility and non-usage fees, leverage and liquidity covenants, and pricing. Negotiated, confidential, and facility-specific. There is no published benchmark; every such figure in this chapter is constructed and labeled.
• Wholesale channel history — the exit of large depository lenders from wholesale lending roughly 2008–2012, the post-2010 rebuilding of the channel by non-bank wholesalers, the 2021 broker-partner exclusivity dispute and resulting litigation, and the 2022–2023 rate-shock consolidation. Widely reported; verify specifics and outcomes in filings and contemporaneous reporting rather than in this text.
• Your credit reporting agency's user guide, supplement policy, and rapid rescore policy — documentation requirements, turn times, per-tradeline costs, report field labels, and the direction of the payment history grid. Vendor-specific and the single most immediately actionable source on this list.
• Your lender's advertising, social media, and marketing policy — stricter than federal law and the operative document for a working originator.
• Your lender's initial disclosure package and the compliance memo describing which items are federal, which are state, which are investor-required, and which are the legal department's. Contents vary by lender, program, transaction type, and state.
• Your lender's overlay matrix and AUS policy — which system runs first, whether both may be run, whether value acceptance offers are exercised, and every place the lender's answer differs from the agency's. Ask for the current version.
• Your loan origination system's application-intake screens and audit log — where the application date is stored, what event sets it, and who may edit it.
• Your own lender's daily rate sheet, read top to bottom once a week for a month — to learn the shape of the lock-period adjustments and how often the sheet is reissued. Chapter 29 teaches the reading; this chapter concerns the column most originators skip.
• Your own lender's written lock policy — when a loan may be locked, available periods and their cost, the extension schedule, expiration handling, relock and cooling-off rules, worst-case pricing computation, float-down terms, daily cutoff, and exception authority. The single most useful document for this chapter, and it is unpublished by definition. Request it in writing.
• Your state mortgage regulator's advertising rules — retention periods, required disclosures, approval processes, and the definition of an advertisement all vary by state. NMLS Resource Center as a starting point; the state regulator is the authority.

Tier 3 — Illustrative / constructed (labeled in text)

• "Additive thinking vs. compound reality" in §14.6 — the 40% multipliers are invented to demonstrate the arithmetic of compounding. Not an agency model, not a measured default rate, not to be quoted.
• All ASCII diagrams, tables, scripts, and worked figures in this chapter.
• All constructed teaching files in the exercises, including the Refer file in 15.17, the Approve/Ineligible diagnosis set in 15.19, the findings block in 15.21, and the data-integrity audit in 15.22.
• All exercise and quiz figures in Chapter 17 — constructed teaching values.
• All exercise and quiz figures.
• All exercise cash-flow problems in exercises.md and all worked solutions in the answers appendix.
• All exercise, quiz, and answer-key figures throughout Chapter 11.
• All rate grids, mortgage insurance factors, refinance cost sheets, and benefit worksheets appearing in this chapter — constructed teaching material; verify current pricing at the source.
• All rate, premium, and factor figures used in worked examples, exercises, and quiz items throughout the chapter.
• All rates, ratios, and pricing used in worked examples, including the 6.625% note rate, the \$0.00640313 per-dollar payment factor, and the 45% back-end ratio.
• All replacement cost, rate-per-thousand, deductible, and premium figures in §21.8 — illustrative arithmetic constructed to teach the relationships. Insurance pricing varies by carrier, state, construction, claims history, and year.
• Case Study 10.1 — real regulatory and industry developments; no statistics or enforcement figures asserted.
• Case Study 10.2 — a clearly labeled composite assembled from documented industry patterns (the dispute comment code and its effect on automated findings, the advance-fee credit repair business model, and lock-and-contract arithmetic). Not one real transaction; every dollar figure illustrative.
• Case Study 11.2's composite file — the furloughed restaurant general manager, \$5,600.00 base plus a \$600.00 bonus average, \$6,200.00 qualifying income, a 42.74% back-end ratio, and \$1,185.00 of sunk costs; and the nurse receiving roughly \$1,400.00 a month in temporary crisis-staffing premiums. A labeled composite built from documented industry patterns; not a real borrower.
• Case Study 12.2 — labeled composite borrower with illustrative figures (\$228,000 purchase, \$11,130.00 cash to close, \$4,670.00 reserves at 2.76 months), attached to real statutory provisions.
• Case study 17.2, "Two Business Days" — labeled composite assembled from documented failure modes; no real transaction, lender, appraiser, or borrower.
• Case Study 19.2 — a labeled composite: a \$298,000 conventional purchase lost to an unowned third-party verification and an expired financing contingency. Assembled from documented industry patterns; no party, employer, or figure is real.
• Case Study 2's borrower — a labeled composite. The Navy Reserve eligibility, the unchecked intake checkbox, the \$395,000 purchase, and the \$9,000 in savings are constructed; the program features and the folklore are real.
• Case Study 2's two originators — a clearly labeled composite illustrating the licensed/registered divide over eight years. The regulatory facts are real; the careers are constructed.
• Case Study 2, Composite File A (\$228,000 purchase with a \$12,000 forgivable second, sold at month 27) and Composite File B (the \$8,000 assistance against a 0.500% rate premium, break-even about 109 months) — labeled composites built from documented patterns.
• Case Study 2, Part 3 — the constructed arithmetic illustrating the seller-funded down payment assistance mechanism on a \$180,000 home written at \$187,000.
• Case Study 2, Parts 2 through 6 — the composite loan officer, 29-of-47 concentration (61.7%), the 47-to-25 collapse (46.8%), \$15,980,000 to \$8,500,000 of volume at a constructed \$340,000 average loan, and the seven-quarter rebuild. A labeled composite from documented industry patterns; the market events in Part 1 are real.
• Case Study 23.2's transaction — an explicitly labeled composite constructed from documented patterns in public agency advisories. No real transaction, company, or person is depicted.
• Case Study 27.2, "The House for a Parent" — a labeled composite built from documented fraud-for-housing patterns and the public record of the stated-income era.
• Case Study 30.2 — labeled composite built from documented industry patterns. A \$412,000 purchase, \$370,800 loan, 45-day lock taken day 10 against a day-42 contract. Not an anchor file; does not recur.
• Case Study 31.2, Part 3 — the composite warehouse squeeze (\$8,000,000 net worth, \$96,000,000 of lines, 12:1 leverage covenant, \$4,000,000 liquidity covenant). Entirely constructed; mechanism assembled from documented public patterns.
• Case Study 32.2 — the mechanical insulation partnership; a labeled composite built from documented industry patterns.
• Case Study 34.2's two composite borrowers and every figure in them, including the \$38,363.60 five-year cost of the unattempted agency analysis.
• Case Study 35.1 — the composite property-charge default timeline, built from documented program patterns; explicitly not an individual borrower's file.
• Case Study 35.2 — the composite \$507,000 build that appraised at \$498,000, and the composite \$318,600 HomeStyle renovation that appraised at \$352,000.
• Case Study 36.1 composite — constructed narrative assembled from fact patterns described in public advisories; no real victim, party, or company depicted.
• Case Study 36.2 composite — constructed model governance scenario; no real lender, vendor, model, or product depicted.
• Case Study 40.2, "The Branch That Broke on a Good Year" — a clearly labeled composite: 420 units at a \$318,000 average, 220 and 110 basis points, eleven then fifteen operations staff at \$74,000 fully loaded, occupancy at \$25,000 then \$38,000 a month, the 78% refinance mix, the constructed contraction assumptions, and all four counterfactual scenarios.
• Case Study 7.1's marketing services agreement and Case Study 7.2's Originators A and B — clearly labeled composites assembled from documented patterns. No penalty figure, settlement amount, company name, or reported result appears in either.
• Case Study 8.2 — the household approved at a 49.00% back-end ratio. A clearly labeled composite assembled from documented industry patterns; every figure computes and no figure is a measurement.
• Cash-to-close fee schedule, §12.9 — constructed and internally consistent; fees vary by lender, market, and state.
• Composite A in Case Study 24.2 — the 2006 approval, assembled from documented pre-crisis product structures and labeled as a composite.
• Constructed documents in this chapter: the day-28 stipulation sheet (Figure 19.1), the letter of explanation (Figure 19.2), the failing letter of explanation in §19.4, the borrower letter skeleton, the day-44 credit refresh report, the four conditions added on day 44, the nine-condition triage sheet in the exercises, the one-page exception request template, and the condition-lifecycle and calendar diagrams.
• Every market movement in this chapter — the eighth better, the eighth worse, the quarter worse, the three eighths worse, and the improving-market relock scenario — constructed and labeled at the point of use. None is a forecast; none is a historical claim.
• Every parameter in the exercises and the quiz, including the Exercise 40.26 capstone file (\$500,000 purchase, \$400,000 loan, 688 representative score, its constructed rate and point ladder, and both asset scenarios), the Exercise 40.12 compensation plans, the Exercise 40.22 survivability analysis, and the Exercise 40.20 branch break-even.
• Figure 1.1, "The promise itself" — a constructed rendering of a standard multistate fixed-rate note using the Linden Street figures.
• Figure 11.1, the Borrower 1 bi-weekly paystub — rate \$33.00, 80 hours, shift differential \$3.00/hr, overtime \$49.50/hr, YTD gross \$52,530.00 across period 18 of 26, annualizing to \$6,323.06 per month. Constructed.
• Figure 11.2, the Linden Street income worksheet. Constructed.
• Figure 12.1 — bank statement of borrower 2's savings account ****4419 showing the \$4,900.00 deposit. Constructed; layout illustrative.
• Figure 12.2 — gift letter for the \$10,000.00 gift, executed day 6. Constructed; required content varies by program.
• Figure 13.1 — pricing-engine rate/price grid, 30-year fixed conventional, 706 / 95% LTV / SFR primary / 30-day lock. Constructed teaching grid.
• Figure 13.2 — the one-page loan comparison handed to the borrower. Constructed.
• Figure 16.1, the HUD-92900-LT excerpt for the Harlow Street file. Constructed.
• Figure 16.2, the appraisal completed subject to repair on a 1962 property. Constructed.
• Figure 17.1, "What the COE actually tells you" — constructed teaching example.
• Figure 17.2, "The worksheet nobody else runs" — constructed residual income worksheet on the Linden Street VA counterfactual; tax lines and the \$0.14 per-square-foot maintenance factor illustrative.
• Figure 18.1, "The grid that supports the number" — the three-comparable adjustment grid with its adjustment support schedule, net and gross percentages, and line-by-line arithmetic. Constructed; comparable addresses and sale prices are invented and internally consistent.
• Figure 20.1 — the Linden Street purchase agreement as received in the loan file. Constructed.
• Figure 20.2 — the appraisal-gap coverage addendum applied counterfactually to the Cypress Court facts. Constructed wording; real addenda vary by market and drafter.
• Figure 20.3 — the contract as the loan file receives it, day 5. Constructed.
• Figure 23.1 (closing package index) and Figure 23.2 (initial escrow account disclosure statement) — constructed renderings using this book's frozen figures.
• Figure 24.1, the constructed affiliated business arrangement disclosure, modeled on the model form in Appendix D to Regulation X.
• Figure 25.1 — constructed adverse action notice, built on the Linden Street facts as a day-44 counterfactual. The ECOA notice paragraph tracks Regulation B's model language; the remainder is a teaching artifact.
• Figure 27.1, "Three documents that do not agree" — a constructed income package on an unrelated file, illustrating unreconciled versus false.
• Figure 28.1, the pool disclosure summary — \$49,700,000 original face, 142 loans, all weighted averages.
• Figure 28.2, the TBA trade ticket — \$3,000,000 par, 6.000% coupon, November settlement, price 100-24.
• Figure 29.1 — rate sheet page and base price column. Constructed teaching example modeled on the structure of a lender rate sheet; not current pricing.
• Figure 29.2 — credit score / LTV price adjustment matrix. Constructed teaching grid modeled on the structure of published LLPA matrices; the published grids are revised periodically and were substantially restructured in 2023; not current pricing.
• Figure 31.1 — the three-column Section A comparison (retail/correspondent \$5,486.25; broker with lender-paid compensation \$2,923.75 plus \$8,229.38 in "Paid by Others"; broker with borrower-paid compensation \$6,581.25). The retail column uses the book's frozen figures; the broker columns are constructed.
• Figure 32.1 — the landscaping Schedule C (\$186,400 receipts, \$29,200 net profit, \$4,250.00 monthly).
• Figure 32.2 — the completed Fulton Avenue cash-flow worksheet.
• Figure 33.1, "A DPA term sheet, read properly" — a constructed County Homebuyer Assistance Program term sheet.
• Figure 33.2, "Where the gift of equity actually appears" — a constructed settlement statement excerpt on a family sale.
• Figure 35.1 — draw request number four, a constructed draw package with a conditional-waiver defect.
• Figure 35.2 — a constructed HECM term sheet: \$340,000 maximum claim amount, 0.398 principal limit factor, \$78,250 mandatory obligations, and the \$74,600 LESA that closes the file.
• Figure 36.1, "The pipeline screen on day 37" — constructed rendering of a loan origination system pipeline view; screen layouts vary by system.
• Figure 36.2, "The deposit the report cannot explain" — constructed asset verification report; account numbers fictional, balances and the \$4,900 deposit are the book's frozen figures.
• Figure 38.1, "A co-marketing folder that survives an examination" — the \$1,200 page, the \$300 quarter-page rate card, the four-document folder. Constructed teaching example.
• Figure 38.2, "A post as returned by compliance review" — the twenty-seven-word caption and its seven findings. Constructed teaching example.
• Figure 39.1, the thirty-file pipeline board — constructed. Row 21 uses the frozen Linden Street facts; the other twenty-nine files are invented to populate a realistic board. Stage counts foot to thirty.
• Figure 40.1, "The rate that did not exist," and the whole of the §40.11 comparison — the competitor's advertised 6.375% at no points, its repricing for this file at 1.625 points (\$5,943.44), the \$4,114.69 difference, the \$60.14 monthly saving, the 68.4-month break-even, the \$3,608.40 five-year figure and its \$506.29 shortfall, and the 2.80 months of reserves the alternative would have left. The competitor, its advertisement, and its pricing are constructed; no real lender's pricing appears anywhere in this book.
• FIGURE 6.1, "Eleven conditions" — a constructed conditional approval and condition list for the Linden Street file. Real condition lists vary by lender, program, and underwriter; the transferable content is the taxonomy (source and timing), not the list.
• FIGURE 6.2, "Ten files, one screen" — a constructed pipeline report. Loan numbers, amounts, and non-anchor files are illustrative; the Harlow Street, Linden Street, and Cypress Court rows refer to the book's constructed anchor files. Total \$3,034,225 across ten files.
• Figure 7.1, "Twelve months of lead sources, ranked" — constructed teaching example; 150 conversations, 30 applications, 24 closings, \$7,890,000 volume, \$9,030 cost, internally consistent with §7.1's funnel.
• Figure 7.2, "A co-marketing invoice that does not survive a look" — constructed teaching example; \$1,200 monthly placement, 75/25 benefit split, \$300 monthly excess.
• Figure 9.1, "The six items, timestamped" — constructed rendering of the running file's intake record and audit log, days 0 through 5.
• Figure 9.2, "Page one, as taken on day 5" — constructed rendering of URLA Section 1 for the running file.
• Figures 10.1, 10.2, 10.3, and 10.4 — the tri-merge anatomy, the two-middle-scores summary, the auto tradeline with its 24-month grid, and the Loan File credit page. Constructed teaching renderings; field labels, section ordering, and grid direction vary by credit vendor.
• Files A, B, and C in Case Study 20.2 — labeled composites built from documented industry patterns. No real borrower, property, lender, or brokerage.
• Illustrative household budget figures used in §8.2 — net deposits of \$7,900.00 and non-debt living expenses of \$2,505.00. Constructed; these are figures a borrower produces, not figures an originator estimates.
• Production figures in §38.1, §38.3, §38.9, and §38.10 — 41 closings with 37 on time (90.2%), 41 of 43 contracted files closing (95.3%), a 5-of-14 partner referral rate (35.7%), 12 versus 10 hours per file, 22-of-41 source concentration (53.7%), and the seven-hour standing week (322 hours over 46 weeks; 460 database calls; 1.53 per contact across a 300-person database). All constructed to make arithmetic points; none is a benchmark.
• The "distinctions" table of easily confused pairs in §3.6 — original to this book.
• The "numbers sheet" study aid in §3.6 — an original device for this book.
• The "qualify this borrower" exercise figures — \$7,800 gross monthly income, \$640 monthly debts, \$279,000 loan, \$1,809.59 P&I, \$3,300 annual taxes, \$1,320 annual insurance, 0.30% annual MI factor. Constructed so the arithmetic resolves; the MI factor in particular is illustrative.
• The 1%-of-value-per-year maintenance reserve used throughout the chapter — a common planning rule of thumb, explicitly not a guideline requirement and not a figure any underwriter uses.
• The 1099-only derivation (\$186,000/\$164,000, 15% factor, \$12,395.83) and the P&L-only corroboration example (\$412,000 receipts, \$20,650 average deposits, roughly 60% support).
• The 1925 balloon-mortgage arithmetic in §2.1 (\$10,000 house, 50% down, \$25.00 monthly interest, \$5,000 owed at maturity) — constructed to illustrate the structure.
• The 1928-versus-2026 Linden Street counterfactual in the Loan File checkpoint.
• The 2-1 buydown costing on the Linden Street loan — \$8,375.40 escrow. Constructed.
• The 5/6 ARM illustration (§5.7) — initial 5.875%, index 4.25%, margin 2.75%, fully indexed 7.00%, caps 2/1/5; P&I of \$2,163.55 initial, \$2,433.34 qualifying, \$2,651.94 after a maximum first adjustment, \$3,448.62 at the lifetime cap.
• The 5/6 ARM illustration — 5.875% initial, 4.25% index + 2.75% margin, 2/1/5 caps. Constructed (carried from Ch. 5).
• The 60-hour study allocation in Exercise 3.19 — a modeling exercise, not a recommended study duration.
• The \$100,000 and \$85,000 minimum-loan-amount policies — constructed teaching examples of a facially neutral policy.
• The \$100,000,000 hedging illustration in §39.9 — round numbers, no real pricing, constructed to make the fallout asymmetry visible.
• The \$148,000 manual-benchmark reconstruction, the sale-at-month-thirty tables, and the cash-to-close illustration with \$5,800 of assumed closing costs, all in §33.10.
• The \$168,000 purchase / \$47,500 rehabilitation 203(k) maximum-mortgage worksheet — \$225,425 cost basis, \$217,535 base loan, \$243,000 after-improved value.
• The \$248,000 / 691-score / 53.9% adverse action drafting exercise — constructed teaching file.
• The \$280,000 repricing example (§29.10) — constructed teaching example; not one of this book's four running files.
• The \$40,000 second-lien comparison in §35.10 — HELOC interest-only at \$266.67, repayment at \$334.58 or \$386.01, closed-end second at \$366.35.
• The \$412,000 construction budget, its seven-stage draw schedule, retainage illustration, month-by-month interest table totaling \$19,844.69, and 6.875% permanent conversion at \$2,706.55.
• The \$420,000 phone estimate in §4.10 and every constructed exercise scenario.
• The \$860,000 conforming-limit example (§5.2) — \$817,000 loan, \$10,500 overage.
• The APOR sensitivity illustration in §24.9 — the 6.20% and 5.60% APOR scenarios, labeled constructed illustrations of the arithmetic rather than published rates.
• The approval header arithmetic error in Exercise 19.29 — constructed for teaching.
• The asset depletion worksheet: the 100%/80%/70% haircuts, the \$1,526,000 eligible / \$1,317,000 net figures, and the 120-, 240-, and 360-month divisor results.
• The branch profit and loss statement in § 26.9, all expense lines, the \$4,920.00 of non-compensation cost, the fixed-cost allocation table, and the \$492,000.00 break-even loan amount. Constructed teaching example; not an industry benchmark.
• The cadence arithmetic in §39.5 — a constructed model (30 files, 7-week file life, 50-hour week at 40% acquisition, two unplanned contacts per file per week at nine minutes, ten scheduled touches at three minutes, two-thirds deflection) producing 9.0 hours of inbound, 2.1 hours of cadence cost, a 3.9-hour weekly net gain, and 42.0 → 49.8 minutes per file per week. Every input is an assumption.
• The candidate scenarios in Exercises 3.25 and 3.26 — constructed to illustrate the financial-responsibility standard and the permanent felony bar.
• The Case Study 2 composite prime jumbo deal profile — explicitly a composite built from documented industry patterns; not a real transaction.
• The Case Study 2 option ARM — \$400,000, 1.5% start rate, 7.0% accrual, \$1,380.48 minimum payment, \$952.85 first-month negative amortization, \$411,808.31 balance after twelve payments, 115% cap, recast at 7.5% over 26 years to \$3,355.27, an increase of 143.1%. Constructed; verified internally consistent.
• The Case Study 37.2 composite — three refinances in six years on an original \$220,000 loan at 7.500%; constructed from documented patterns, arithmetic exact, household not real.
• The compensation plan addendum in Figure 26.1 and the composite compensation plan in Case Study 26.2. Constructed composites assembled from individually common structures; not any company's plan.
• The composite borrower in Case Study 18.2 — assembled from documented industry patterns and labeled as a composite; not an account of any real transaction.
• The composite catastrophe-market file in Case Study 21.2 — \$412,000 purchase, \$370,800 loan, premium moving from \$2,100.00 to \$4,800.00 per year. Clearly labeled composite built from documented market patterns; not a real borrower.
• The composite implementation failure in Case Study 22.2 — 212 files, 138 with exposure, \$187.40 average, \$25,861.20 in refunds. Constructed from documented industry patterns; not an account of any real lender.
• The composite operational scenario in Case Study 25.2 — labeled composite assembled from documented public patterns; not any real transaction.
• The composite refinance file in Case Study 6.2 — explicitly labeled a composite assembled from documented industry patterns of the 2020–2021 period. Not a real borrower's record and not data.
• The composite seller-funded down-payment assistance transaction in case study 2 — $196,000 contract, 3% MRI, $190,120 base loan, seller net $189,620, effective loan-to-net 100.26%. Composite, built from the documented structure of the pre-2008 programs.
• The constructed files in the exercises (the 90% LTV / 688-score file, and the 85% LTV exception-memo file) — built for this chapter; internally consistent, not real borrowers.
• The constructed rate and point grid on \$365,750 first published in Chapter 4 and used in Chapters 13 and 29, and the constructed score-and-loan-to-value adjustment matrix in Chapter 29, Figure 29.2, whose 700-719 by 90.01-95.00 cell of 1.125 is the source of the \$4,114.69.
• The contract excerpt in Exercise 20.9, with functional section headings rather than invented clause numbering.
• The counterfactual \$382,000 price reduction, the \$400,000 escalation, and the \$375,000 appraisal on the Linden Street file. Constructed teaching counterfactuals; none of them happened.
• The counterfactual tolerance problems in §22.6 and the exercises — the \$720 settlement fee, the \$1,295 underwriting fee, and the \$63.50 cure. Constructed teaching examples.
• The coupon stack — an illustrative 0.250% servicing fee and 0.375% guarantee fee producing a 6.000% pass-through rate, and the month-one split into \$1,828.75 / \$114.30 / \$76.20.
• The Cypress Court file — \$540,000 contract, 20% down, appraisal at \$505,000, maximum 80% loan \$404,000, required down payment \$136,000, gap \$28,000. Used in §38.4 as a lunch-and-learn topic. Constructed.
• The Cypress Court file — \$540,000 contract, conventional, 20% down, eleven days to closing, appraisal \$505,000, gap \$28,000; Figure 18.2 and the whole of §18.7 and §18.8.
• The Cypress Court file — advanced in §37.2 as the short-appraisal lesson translated into refinance form, where there is no seller to renegotiate with.
• The Cypress Court file — constructed anchor, referenced for its frozen figures only.
• The Cypress Court file — constructed short-appraisal file, referenced in §25.9.
• The Cypress Court file — referenced only by category (the short appraisal). Constructed.
• The Cypress Court file — the \$505,000 appraisal against a \$540,000 contract and the resulting \$28,000 gap, used as the moment when pressure on an appraiser is strongest.
• The Cypress Court file — the plat of survey and the drainage easement encroachment (Figure 21.3), advanced from Chapters 18 and 20. Constructed.
• The Cypress Court low-appraisal illustration in §4.4 (\$540,000 contract, \$505,000 appraisal, \$28,000 gap).
• The Cypress Court, Fulton Avenue, and Harlow Street files, introduced in later chapters. All constructed and labeled where they appear.
• The daily lock-desk timeline in section 30.5 — the desk's times are constructed; the 8:30 a.m. Eastern release convention and the 2:00 p.m. Eastern FOMC statement convention are ordinary published practice.
• The day-12 pricing grid in §36.5 — constructed teaching grid; verify current pricing at the source.
• The day-37 counterfactual closing in §39.2 — derived from the file's own TRID count (Closing Disclosure received Tuesday day 34, three business days, consummation Friday day 37).
• The day-40 file in §11.10 — \$7,400.00 income, \$3,050.00 obligations, 41.22% becoming 46.92% at \$6,500.00, and an illustrative \$375.00 lock extension on a \$300,000 loan. Constructed.
• The draw tables, tiered-plan examples, and income model in § 26.7 and § 26.10. Constructed.
• The DSCR worksheet: the \$310,000 purchase, \$232,500 loan at 8.500%, \$2,237.72 PITIA, \$2,350.00 market rent, 1.05 ratio, and the constructed operating assumptions producing −\$554.18 per month of real cash flow.
• The exercise commitment in exercises.md Section D — a second constructed commitment with a different defect profile, built for the requirement-sorting exercise. Not one of the book's anchor files.
• The exercise grid in 18.15 and the three-error grid in 18.28 — constructed and internally consistent.
• The failure-to-rule map in §2.8 — an original organizing device for this book, not a published framework.
• The Fairmont Road file (Case Study 2) — clearly labeled composite built from documented industry patterns; \$298,000 purchase, \$268,200 loan at 90% LTV, back-end ratio moving from 32.24% as keyed to 39.72% as documented. Not one of the book's four anchor files.
• The FHA 10%-down illustration on the Linden Street property in 16.5 — base loan $346,500.00, LTV 90.00%, UFMIP $6,063.75, total loan $352,563.75, P&I $2,170.80, annual MIP $161.59/month, 11-year total MIP $21,330.11. Constructed for this chapter.
• The finance-charge classification of the Linden Street fee sheet — \$5,564.25 of \$9,720.25 in closing costs classified as finance charges, \$4,156.00 not. Computed by this chapter's author from the frozen fee sheet.
• The forced-sale distribution table in §21.4 and the chain-of-title diagram in §21.2 — constructed teaching examples.
• The Fulton Avenue file and the Harlow Street file — the book's other constructed anchors, referenced in §12.6 and §12.4.
• The Fulton Avenue file — \$109,500 and \$107,000 of analyzed income, a 2.3% year-over-year decline, a 24-month average of \$9,020.83, a most-recent-year figure of \$8,916.67, and the accountant's "about \$9,500." Constructed; the underlying cash-flow analysis belongs to Chapter 32.
• The Fulton Avenue file — constructed teaching file; this chapter uses only the outcome (\$8,916.67 qualifying income after a 2.3% year-over-year decline), as an illustration of a guideline resolving an ambiguity conservatively. The worksheet belongs to Chapter 32.
• The Fulton Avenue file — constructed: \$9,020.83 24-month average, \$8,916.67 most recent year, 2.3% decline. The \$3,870.00 obligation figure in §15.9 is a hypothetical introduced only for that arithmetic.
• The Fulton Avenue file — the S-corporation contractor, the Form 1084 line items, the \$9,020.83 and \$8,916.67 figures, and the 2.3% income decline. Constructed anchor, frozen in the book's canon.
• The Fulton Avenue file — the S-corporation HVAC contractor: the two-year worksheet (\$109,500 / \$107,000), the 24-month average (\$9,020.83), the most recent year (\$8,916.67), the 2.3% decline, and the accountant's \$9,500. Constructed and frozen across Chapters 11, 14, 15, 32, and 34.
• The Fulton Avenue file — the self-employed contractor with a 24-month average of \$9,020.83, a most-recent-year figure of \$8,916.67, and a 2.3% income decline. Constructed teaching file, referenced in Case Study 24.2 without adding facts.
• The Fulton Avenue file — the self-employed S-corporation contractor; CPA's "about \$9,500 a month" against a Form 1084 qualifying income of \$8,916.67. Constructed.
• The Fulton Avenue file — the six-employee residential HVAC S-corporation, used as the example of a legitimate small employer with no website.
• The funnel conversion rates (40% / 50% / 40% / 80%, end to end 6.4%), the \$3,250 gross compensation assumption on a \$325,000 average loan, the 139-day lag, the 25.4-hour weekly time budget, the 0.11 database factor, the 54-hours-per-producing-partner figure, the \$40-per-lead sensitivity table, the Linden Street agent's \$662 / 41 hours / \$115,200 / \$132.28, and the ninety-day ramp's 315 contacts at a 0.6 rookie factor — all constructed teaching examples, all labeled at point of use.
• The gift-of-equity structuring comparison in §33.8 — a \$250,000 value shown as a discounted price and as a credit at value.
• The gross-up worked example in §11.7 — \$2,400.00 non-taxable plus \$1,600.00 taxable, with illustrative 15% and 25% percentages used solely to demonstrate the arithmetic and not offered as guideline values.
• The Harlow Street CLTV illustration in §4.4 (base loan 96.50% LTV, CLTV 101.15% with a \$10,000 DPA second). Illustrative FHA factors.
• The Harlow Street conventional 97% counterfactual in 16.10 — down $6,450.00, loan $208,550.00, illustrative rate 7.250%, illustrative MI factor 1.55%, P&I $1,422.68, MI $269.38, PITI + MI $2,017.06, ratios 48.60%/58.12%. Constructed for this chapter.
• The Harlow Street file and the Fulton Avenue file, referenced as archetypes of files affected by overlays and by product breadth respectively. Constructed.
• The Harlow Street file — 641 minimum decision credit score, $4,150.00 monthly income, $395.00 monthly debts, $215,000 purchase, FHA 203(b), $10,000 forgivable county second, base loan $207,475.00, UFMIP $3,630.81, total loan $211,105.81, P&I $1,299.81, annual MIP $96.76, PITI + MIP $1,721.57, ratios 41.48%/51.00%, CLTV 101.15%. Constructed.
• The Harlow Street file — 641 representative score, \$4,150 gross monthly, \$215,000 FHA purchase with a \$10,000 forgivable county down-payment-assistance second, 41.48% / 51.00% ratios. Constructed; cited in §7.3 as the archetypal "hard file."
• The Harlow Street file — \$215,000 FHA purchase with a \$10,000 forgivable county down-payment-assistance second; used to price the leverage effect in §18.7 and §18.10.
• The Harlow Street file — \$215,000 purchase, 641 representative score, \$10,000 forgivable county second, ratios 41.48% / 51.00%. Used in §38.4. Constructed.
• The Harlow Street file — base loan \$207,475.00, total loan \$211,105.81 after \$3,630.81 of financed UFMIP; used for the base-versus-total compensation comparison in § 26.6 and Case Study 26.2. Constructed.
• The Harlow Street file — constructed anchor, referenced in Spaced Review for its frozen figures only.
• The Harlow Street file — constructed first-time buyer with county down-payment assistance; used in §25.7's effort arithmetic. FHA factors and DPA terms illustrative.
• The Harlow Street file — constructed: 641 representative score, \$4,150.00 income, \$395.00 debts, \$1,721.57 housing payment (components built in Ch.16), 41.48% / 51.00% ratios. The 31% / 43% manual benchmark is HUD's and is real.
• The Harlow Street file — single borrower, 641 representative score, \$4,150.00 gross monthly income, \$395.00 monthly debts, \$215,000 townhome, FHA with a \$10,000 forgivable county second, PITI + MIP \$1,721.57, ratios 41.48% / 51.00%. Constructed.
• The Harlow Street file — the \$10,000 forgivable county down-payment-assistance second and the 101.15% CLTV, used as the lawful contrast to a silent second.
• The Harlow Street file — the book's constructed first-time buyer anchor. \$215,000 purchase, FHA 203(b), base loan \$207,475.00, total loan \$211,105.81 at 6.250%, PITI + MIP \$1,721.57, ratios 41.48% front and 51.00% back, CLTV 101.15%, with a \$10,000 forgivable county second at 0% forgiven 20% per year over five years.
• The hypothetical extension and float-down fee structures used in the exercises — supplied as given data for computation and labeled hypothetical at the point of use.
• The illustrative 3% interested-party contribution allowance used in §20.7 and the illustrative 6% allowance used in Exercise 20.23. Illustrative only; verify current caps at the source.
• The illustrative rate (6.625%), mortgage insurance factors (0.58%, 0.30%, 0.20%), sunk-cost figures (\$1,275 appraisal plus inspection), and the 1% origination charge used to price the six paths.
• The impossible pool disclosure in Exercise 28.28 — constructed to be internally contradictory.
• The interest-only illustration (\$1,646.88 / \$1,787.72 / \$2,017.69 and the 1.12 / 1.05 / 0.95 ratios) and the prepayment penalty structures (\$6,922.27 versus \$9,806.55).
• The labeled composite conversation in Case Study 2 — drawn from documented industry patterns; no real person, lender, or enforcement action is described.
• The Linden Street counterfactuals at \$372,000 (§18.7, Loan File) and \$378,000 (exercise 18.17).
• The Linden Street FHA comparison (§5.3, §5.8) — base loan \$371,525.00, UFMIP \$6,501.69, total loan \$378,026.69, rate 6.250%, P&I \$2,327.58, annual MIP \$173.26, PITI \$3,015.84, housing 28.72%, back-end 42.49%; total MIP \$62,374.40 against conventional \$24,218.86, a difference of \$38,155.54. Internally consistent and verified; illustrative rates and factors.
• The Linden Street file and its VA counterfactual — constructed. Funding fee 2.15% illustrative; \$8,277.50 fee, \$393,277.50 loan, 6.375% rate, \$2,453.54 P&I, \$2,968.54 PITI, 42.04% back-end are frozen book values.
• The Linden Street file and the Chapter 34 non-QM counterfactual: 85%/90% maximum loan-to-value, the 8.875% rate, 1.750 points, 1.000% origination, the \$350.00 desk review, the \$2,756.91 principal and interest, the \$3,271.91 payment, the \$49,161.76 cash to close, and the \$11,161.76 shortfall. All constructed.
• The Linden Street file in its entirety, as assembled in §40.10 — the \$385,000 purchase, the \$365,750 conventional loan at 6.625% with 0.500 point, LTV 95.00%, PITI and mortgage insurance of \$3,033.72, ratios of 28.89% and 42.66%, payment shock of 1.64x, APR 7.253%, cash to close of \$25,376.34, reserves of \$12,623.66 falling to \$7,423.66, the 51-day calendar, the \$914.38 lock extension, and the day-44 crisis.
• The Linden Street file in its entirety, derived line by line in this chapter. Internally consistent and verified. Rounding basis: the servicer method — interest computed on the balance and rounded to the cent each month — which is why the schedule overshoots zero by \$3.07 at month 360 and the final payment adjusts to approximately \$2,338.87.
• The Linden Street file — 4412 Linden Street, Ridgeview; \$385,000 contract; appraisal ordered day 7, delivered day 16 at \$385,000, "as is," C3/Q4; the frozen progressive project.
• The Linden Street file — \$365,750.00 at 6.625%, 30-year fixed, 95% LTV, 706 representative score, funded day 51; P&I \$2,341.94; PITI + MI \$3,033.72; first-month interest \$2,019.24 and principal \$322.70; total interest over the term \$477,348.40. Constructed teaching file.
• The Linden Street file — \$365,750.00 conventional 30-year fixed at 6.625% with a 0.500 discount point, origination charge \$3,657.50, fifteen-day lock extension at 0.250 point (\$914.38), closed day 51. Constructed; the source of every compensation figure in this chapter.
• The Linden Street file — \$385,000 purchase, \$365,750 loan, 95.00% LTV, 706 representative score, 6.625% with 0.500 discount point (\$1,828.75), 30-day lock taken day 12. Constructed teaching file used throughout this book.
• The Linden Street file — \$385,000 purchase, \$5,000 earnest money, \$3,000 seller credit, executed day 4 against a day-45 closing, 51 days actual, \$365,750 loan at 6.625%. Constructed for this book.
• The Linden Street file — \$385,000 purchase; conventional 95% at 6.625% with 0.500 point; FHA 96.5% alternative; the unavailable 10%-down column; total cost of credit decomposition. Constructed.
• The Linden Street file — a \$385,000 purchase, \$365,750 loan at 6.625%, \$2,341.94 principal and interest, 706 representative score, fifty-one-day calendar. Constructed for teaching; internally consistent and checked, but not a real transaction.
• The Linden Street file — all Chapter 11 income figures: Borrower 1 base \$5,720.00 (\$33.00/hr × 2,080 ÷ 12) and shift differential plus overtime \$580.00 (\$6,720 + \$7,200 = \$13,920 ÷ 24); Borrower 2 base \$2,400.00 (\$28,800 ÷ 12) and commission \$1,800.00 (\$19,800 + \$23,400 = \$43,200 ÷ 24); total qualifying income \$10,500.00; ratios 28.89% housing and 42.66% back-end against obligations of \$4,479.72. Constructed.
• The Linden Street file — all Chapter 12 figures: \$28,000.00 verified savings across two accounts, the \$10,000.00 gift from Borrower 1's parents, \$5,000.00 earnest money, the \$4,900.00 commission deposit, \$25,376.34 cash to close, \$12,623.66 in reserves at 4.16 months of a \$3,033.72 PITI + MI. Constructed for teaching.
• The Linden Street file — all credit figures in this chapter: Borrower 1 at 742 / 738 / 751 (middle 742), Borrower 2 at 706 / 712 / 698 (middle 706), representative score 706; four revolving accounts totaling $8,400 in balances against $17,200 in limits (48.84% aggregate utilization) with $212 in minimum payments; auto loans at $487.00 with 31 payments remaining and $429.00 with 19 remaining; student loans at $318.00 on an income-driven plan; total monthly debts $1,446.00; the day-41 furniture financing account at $5,200 and $611.00 per month, and the resulting back-end ratio of 48.48%. Constructed and frozen for this book; not drawn from any real borrower.
• The Linden Street file — all figures constructed: \$10,500.00 qualifying income, 706 representative score, \$1,446.00 of monthly debts, \$3,033.72 PITI plus MI, \$4,479.72 total obligations, 28.89% housing and 42.66% back-end, \$38,000.00 verified assets, \$25,376.34 cash to close, \$12,623.66 reserves (4.16 months), the day-44 \$611.00 furniture payment and 48.48% ratio, the day-46 payoff, and the day-47 re-run with reserves of \$7,423.66 (2.45 months).
• The Linden Street file — all figures in this chapter: loan L-2214, the eleven day-28 conditions and their clearing dates, the \$4,900 deposit letter of explanation, the day-44 refresh, the \$611.00 monthly payment on a \$5,499.00 nine-month promotional plan with a \$299.00 return credit, the ratio move from 42.66% to 48.48%, the \$5,200.00 payoff, reserves falling from \$12,623.66 (4.16 months) to \$7,423.66 (2.45 months), and the \$914.38 lock extension. Constructed and internally consistent; not a real transaction.
• The Linden Street file — all figures, including the day-5 and day-12 Loan Estimates, the day-48 Closing Disclosure, closing costs of \$14,126.34, cash to close of \$25,376.34, the \$914.38 lock extension, and the 51-day calendar. Constructed for this book.
• The Linden Street file — constructed progressive project. All figures illustrative. Chapter 25 adds the loan application register record (Figure 25.2) and the three violation points at days 0, 5, and 44.
• The Linden Street file — constructed running project: \$385,000 purchase, \$365,750 loan, 95% LTV, \$10,500.00 monthly qualifying income, \$1,446.00 monthly debts, \$3,033.72 PITI plus mortgage insurance, 28.89% housing ratio, 42.66% back-end ratio.
• The Linden Street file — constructed teaching file. Figure 14.1 (the 1008 rendering), the layered-risk inventory, the flag-and-offset table, the debt-payoff trade in §14.5, and every ratio derived from them.
• The Linden Street file — constructed. Loan \$365,750, 6.625% at 0.500 point (\$1,828.75), 30-day lock taken day 12 and expiring day 42 against a day-45 contract, 15-day extension at 0.250 point (\$914.38) carrying to day 57, closing day 51, cash to close \$25,376.34.
• The Linden Street file — the \$385,000 purchase, \$365,750 conventional 30-year fixed at 6.625% with 0.500 discount point; the twelve closing costs and three prepaids; prepaid finance charges \$6,095.34; amount financed \$359,654.66; finance charge \$507,662.60; total of payments \$867,317.26; APR 7.253%. Constructed teaching file.
• The Linden Street file — the book's constructed progressive project. All figures illustrative: \$385,000 contract price, \$365,750 loan, 95.00% LTV, 6.625% plus 0.500 point, 30-day lock taken day 12, PITI + MI \$3,033.72, ratios 28.89% / 42.66%, the 51-day calendar, the eleven conditions, and the \$914.38 15-day lock extension.
• The Linden Street file — the book's frozen constructed progressive project. All figures illustrative: \$385,000 purchase, \$365,750 loan at 6.625% with 0.500 discount point, 30-day lock taken day 12 expiring day 42, \$914.38 fifteen-day extension at 0.250 point, PITI + MI \$3,033.72, back-end 42.66% moving to 48.48% after the day-41 furniture purchase, per-diem \$66.3861.
• The Linden Street file — the book's progressive project; constructed. Chapter 7 adds the referral-source facts: buyer's agent, four prior closings, and the relationship's constructed cost and value.
• The Linden Street file — the Chapter 32 self-employed overlay for Borrower 2 (\$3,837.50 qualifying, 29.93% housing, 44.19% back-end). A counterfactual; canonical Linden Street facts unchanged.
• The Linden Street file — the constructed progressive project: the day-41 furniture account (\$5,200.00 at \$611.00 per month, nine-month promotional plan), the day-44 pre-closing credit refresh, back-end DTI moving from 42.66% to 48.48%, the \$10,000 gift, the \$4,900 commission deposit, the \$14,780.00 prior-owner mechanic's lien, and reserves moving from \$12,623.66 (4.16 months) to \$7,423.66 (2.45 months).
• The Linden Street file — the day-19 title commitment (Figures 21.1 and 21.2), the Schedule B-II mechanic's lien at \$14,780.00 claimed, the eleven-day clearing sequence to day 30, the insurance binder (Figure 21.4), the \$14.00 flood determination outside the SFHA, and the \$3,407.00 title and settlement block. Constructed and frozen for this book.
• The lock-period increment used in section 30.3 (a 45-day lock costing 0.125 point more than a 30-day) — constructed for the comparison and labeled at the point of use.
• The Meriden Row file (Case Study 39.2) — a labeled composite assembled from a documented industry pattern. \$268,000 at 6.500% (P&I \$1,693.94) versus 6.875% (P&I \$1,760.57); a 0.375-point extension of \$1,005.00; break-evens of 28.8, 37.3, and 66.1 months; quarterly pull-through of 22/24 = 91.7%.
• The monthly payment factor 0.00640311 per dollar of loan (6.625%, 360 months), derived from and reproducing the book's frozen \$365,750 → \$2,341.94.
• The mortgage credit certificate worked example in §33.6, including the constructed 25% credit rate and \$2,000 annual cap.
• The net rental income example in §11.6 — \$1,800.00 lease, illustrative 25% factor, \$1,520.00 PITIA, −\$170.00 result. Constructed.
• The non-QM rate build in §34.9 landing at 9.250%, and the \$640.31 / \$822.68 per-\$100,000 comparison producing the \$182.37 monthly spread.
• The occupancy rate grid in §35.9 — 6.750% / 7.250% / 7.750% on a \$300,000 loan, and the \$375,000 down-payment comparison.
• The payment-per-\$1,000 table and the interest-only-gap table in §4.10 — computed arithmetic, not guidance.
• The pipeline hedging composites (§29.9 and case study 2) — constructed from documented industry patterns; not drawn from any specific company.
• The points-and-fees illustration on the Linden Street file — 1.500% of the note amount, 1.525% of the amount financed. Computed by this chapter's author.
• The price waterfall (§29.1), the lock period adjustment table (§29.5), and the pricing engine output screen (§29.8) — constructed teaching examples.
• The producing-day and weekly-fixed-points templates in §39.6, the weekly review agenda in §39.3, the handoff memo in §39.7, and the escalation ladder in §39.8 — all constructed teaching examples.
• The pull-through model in §39.9 — 20 applications, 16 funded, 80.0% pull-through, six hours per dead file, a hypothetical improvement to 90% yielding 24 additional funded loans and \$8,778,000 of volume at the Linden Street loan amount. Constructed. This book publishes no industry pull-through benchmark.
• The rate and point grid in §4.7 — constructed, modeled on the structure of a real rate sheet rather than on current pricing.
• The rate/point grid on \$365,750 — constructed teaching grid. Structurally realistic; values are not current pricing. Verify current pricing at the source.
• The rate/point grid used in § 26.1 to reconstruct pre-2011 yield spread premium economics (par 6.750%; 6.875% at −0.375; 7.000% at −0.750). Constructed teaching grid; verify current pricing at the source.
• The rendered findings summary page (§15.4) and verification-message block (§15.6) — written for this book. No agency's actual report wording, message numbering, or page layout is reproduced.
• The rendered form excerpts in this chapter — Loan Estimate page 1, Closing Disclosure pages 2 and 5, and the Calculating Cash to Close comparison. Constructed renderings preserving structure and arithmetic, not typography.
• The revolving account table and paydown ladder in §10.4 and §10.6 — constructed, internally consistent with the frozen $8,400 / $17,200 / $212 figures.
• The Ridgeview Crossing composite (Case Study 13.2) — labeled composite assembled from recurring new-construction patterns; not a report of any particular file.
• The rule-stack diagram (§14.1), the two-gates diagram (§14.3), the waiting-period structure table (§14.4), the guideline-versus-overlay comparison (§14.7), the compensating-factor table (§14.9), and the exception-memo template (§14.9) — constructed teaching artifacts; the structure transfers, the values are illustrative.
• The score band schematic in §10.7 — constructed teaching grid, modeled on the structure of published price-adjustment matrices, which were substantially restructured in 2023. Verify current values at the source.
• The secondary-market sale worked in §1.3 (sale at 101.500 producing \$371,236.25) — a plausible illustration, not a quoted execution.
• The section 23.5 aggregate adjustment worksheet — a constructed teaching example on a file that is not Linden Street, producing a −\$500.00 adjustment.
• The section 23.5 disbursement calendar — an August annual property tax bill and an October homeowners insurance renewal — a constructed teaching calendar chosen so that both sub-ledgers land exactly on the two-month cushion.
• The section 23.5 year-two escrow analysis — constructed figures (\$5,190.00 tax bill, \$1,860.00 renewal premium, \$317.50 shortage, \$3,132.68 payment) built forward from the frozen year-one numbers.
• The section 23.9 repurchase arithmetic — illustrative prices producing the ratio that one repurchase erases the gain on nine clean loans. Not a published industry statistic.
• The Section 5 declarations excerpt in 9.4, as answered on day 5 — constructed.
• The Section 8 decision tree and the pricing-ladder diagram in §24.9 — teaching devices, not legal tests.
• The serial-versus-parallel ordering illustration in §6.3 (eleven-day appraisal, twelve-day title, five-day VOE; day 19 versus day 35). Illustrative elapsed times.
• The six-question decision tree in §5.10 — an original organizing device for this book.
• The stack diagram, the authoritative-system table, and the "one field" cascade in §36.1 and §36.2 — constructed teaching diagrams.
• The Thornbury Lane calendar and the twelve-file exercise board — constructed teaching artifacts.
• The three-structure comparison in §33.4 — forgivable, deferred, and repayable seconds applied to the Harlow Street numbers, with the repayable terms (5.000% over 10 and 5 years) constructed for comparison.
• The thrift interest-rate example in §2.5 (\$100 million book at 7%, funded at 5% and then 12%) — rates chosen to demonstrate the mechanism, not drawn from a specific institution.
• The twelve-month bank statement analysis in Figure 34.1: \$314,350.00 of deposits, \$23,000.00 of exclusions, \$24,279.17 monthly average, the 50% expense factor, the 68% CPA-documented alternative, and every figure derived from them.
• The twenty-minute discovery call agenda (§8.3), the discovery call note template (§8.9), the pre-qualification letter specimen (§8.6), and the Linden Street pre-approval letter (§ The Loan File). Constructed teaching artifacts, not compliant forms.
• The two lender scenarios in case study 2, and the mortgage-insurance decline in the §14.7 "Where Deals Die" callout — labeled composites built from recurring industry patterns; not any particular institution.
• The universal and by-income-type document request lists in 9.6, the Linden Street day-5 request list, and the twenty-minute reconciliation checklist in 9.8 — constructed working templates.
• The VA counterfactual (§5.4) — funding fee \$8,277.50 at 2.15%, loan \$393,277.50, rate 6.375%, P&I \$2,453.54, PITI \$2,968.54, housing 28.27%, back-end 42.04%.
• The velocity decomposition in §39.2 — seven stages summing to 51 days (5 + 2 + 12 + 4 + 5 + 19 + 4), derived from the file's frozen calendar.
• The §17.3 entitlement worked example — county limit \$766,550 (illustrative), prior loan \$400,000, remaining entitlement \$91,637.50, required down payment \$4,612.50.
• The §17.4 funding-fee tier comparison — zero down versus 5% down at illustrative 2.15% and 1.50% rates.
• The §17.5 two-household residual comparison — Household B constructed to hold the back-end ratio essentially constant (42.05% vs 42.04%) while changing scale and household size.
• The §28.7 execution comparison — the 101.500 whole-loan price (reused from Chapter 1 §1.3) and the 100-19 security price, and the resulting \$800.08 difference.
• The §28.8 MSR valuation — a 4.5× base multiple (112.5 bps), 3.25× and 5.25× rate scenarios, and a \$70.00 illustrative annual cost to service.
• The §31.4 dwell-time capacity model — a \$50,000,000 line at 18-day and 30-day dwell. Constructed.
• The §31.4 warehouse worked example — 97.5% advance rate, 7.50% on a 360-day basis, 18-day dwell, 101.750 investor bid, 94.000 distressed alternative. Constructed.
• The §31.8 compensation illustration — 120 basis points retail, 2.250% lender-paid brokerage compensation, a 55/45 split. Constructed; explicitly not benchmarks.
• The §32.10 business balance sheet — \$132,000 current assets, \$74,000 current liabilities, the \$40,000 withdrawal, and the payroll arithmetic.
• The §37.2 loan-size illustration — a 100-basis-point improvement on \$150,000 versus \$500,000 balances at 6.500% and 5.500%.
• The §37.5 constructed file — \$278,074 remaining at 7.000% with 288 payments left, refinanced to 6.000% with \$6,000 of costs financed; built so that all three break-even errors can be priced on one set of figures.
• The §37.6 constructed consolidation — \$40,000 of revolving balances at a blended 22.9% against a \$40,000 slice of a thirty-year mortgage at 6.000%.
• The §40.1 first-year cash-position table — the \$4,800 monthly living cost, the ramp, 100 basis points on a \$325,000 average loan, and the -\$12,700 trough at month four.
• The §40.2 production example — \$150,000 of income at 110 basis points on a \$340,000 average loan, 41 closings, and the 641 conversations implied by Chapter 7's illustrative 6.4% funnel conversion.
• The §40.3 first-hire arithmetic — a \$55,000 fully loaded loan partner at about \$4,583 a month, breaking even at 1.23 additional closings.
• Verification of Deposit comparison, §12.1 — constructed; current balances \$20,150.00 and \$7,850.00 against two-month averages of \$19,700.00 and \$2,672.29.