Utopia Originator
has done considerable research on your behalf and as a result has
broken down the specific rules and regulations of following known
24 different transaction types.
- Conventional:
Purchase Existing
- Conventional:
Rate Reduction / Equity Refi
- Conventional:
Streamline Refinance
- Conventional:
Construction Perm or TO Perm
- Conventional:
Construction End Loan
- Conventional:
Hud Reposession
.
- VA:
Purchase Existing
- VA:
Rate Reduction / Equity Refi
- VA:
Rollover Refinance
- VA:
Construction Perm or TO Perm
- VA:
Construction End Loan
- VA:
Hud Reposession
- FHA:
Purchase Existing
- FHA:
Rate Reduction / Equity Refi
- FHA:
Streamline Refinance WITH Appraisal
- FHA:
Streamline Refinance W/Out Appraisal
- FHA:
Construction Perm or TO Perm
- FHA:
Construction End Loan
- FHA:
Hud Reposession
- FHA:
203(k) Normal
- FHA:
203(k) Escrow Commitment
- FHA:
203(k) Hud Reposession
.
- FmHA:
Purchase Existing
- FmHA:
Construction End Loan
- FmHA:
Construction Loan (soon)
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When you
add a new lender to your database, you are asked which types of
loans that lender offers, ie; Conv, FHA, VA, FmHA. After you've
typed in that lenders closing costs, Utopia Originator uses A.I.
to apply those costs to the different transaction shown above as
dictated by their respective guideline issues
For example
-
A
Construction End loan will have an Appraisal Final Inspection,
a Construction Perm loan would also have Draw Schedules and
Administration Fees, a Purchase Existing loan would have neither.
-
A
seller is not allowed to pay certain 'fees' under an FHA or
VA loan but can under a Conventional.
-
A
HUD Reposession sale would not allow the inclusion of certain
costs and utilizes a HUD Contribution feature to the buyers
costs.
These are
just a few of the thousands of A.I. examples within Utopia Originator
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