Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Amerisave
| Question | Answer |
|---|---|
| Credit | The ability to buy now and pay later (based on trust). |
| Credit Report: | A summary of someone’s credit history and current debt/account status. |
| Credit Score: | A 3-digit number that predicts how likely someone is to repay a loan on time. |
| Credit Bureau: | Companies that collect credit info and provide it to lenders. The 3 major ones: Experian, Equifax, TransUnion. |
| 45-day rule: | Customers have a 45-day window after a hard pull to shop for mortgage loans without hurting their score. |
| What is the purpose of a credit pull before transferring to a Mortgage Banker? | To save time, improve loan quality, and increase funded loan volume. |
| What do CSSs use credit pulls for? | To pre-screen customers and guide them better during calls. |
| What are the two types of credit pulls? | Soft credit pull and hard credit pull. |
| What is credit? | The ability to buy goods or services before payment based on trust. |
| What is a credit report? | A record of a person’s credit activity and current credit status. |
| What is a credit score? | A 3-digit number that predicts how likely someone is to repay a loan on time. |
| What is a credit bureau? | A company that collects and shares credit data with lenders. |
| Name the three major credit bureaus | Experian, Equifax, and TransUnion. |
| What range does a credit score fall into? | 300 to 850. |
| What does a high credit score mean? | The borrower is lower risk and more likely to pay on time. |
| What factors are NOT included in a credit score? | Age, occupation, salary, location, race, gender, or marital status. |
| What factors ARE included in a credit score? | You can shop for a mortgage within 45 days with no negative credit impact. |
| What is a soft credit pull also known as? | Soft inquiry or soft credit check. |
| Does a soft credit pull affect your score? | No, it does not impact your credit score. |
| Who can perform a soft credit pull? | Creditors, employers, landlords, or yourself. |
| How long does a soft credit pull stay on your report? | 12 to 24 months. |
| What is a soft credit pull used for in loans? | Pre-qualification. |
| What is a hard credit pull also called? | Hard inquiry or hard credit check. |
| Does a hard credit pull affect your score? | Yes, it may lower your credit score. |
| Is authorization required for a hard pull? | Yes, the customer must give consent. |
| How long does a hard pull stay on a credit report? | About 2 years. |
| Do lenders check all 3 bureaus for a mortgage? | Yes, standard practice is to pull from Experian, Equifax, and TransUnion. |
| Customer says: "I own my home outright" – What's the rebuttal? | Now may be a great time to use equity for debt consolidation, home improvements, or investments. A custom quote only takes 3 minutes. |
| Customer says: "Sounds like a scam" – How to respond? | Acknowledge concern. Explain AmeriSave has been in business since 2002 and helped 733,000+ customers. Can provide a quote now in just a few minutes. |
| Customer says: "Send me an email" – How to respond? | Agree and offer to send info via email, but encourage a quick customized quote now to help them decide with real info on the call. |
| Customer says: "Too many calls" – How to respond? | Acknowledge the overwhelm and explain this is meant to be the last call with a quick quote tailored to their goals. |
| Customer says: "What's your rate? Just shopping" – Response? | That’s why we’re calling—AmeriSave is known for low rates. We can give a quick customized quote now. |
| Customer says: "I didn’t request a call" – Response? | We’re notified via credit bureau partners. Let’s help you compare offers and get peace of mind with the best option. |
| Customer says: "I’m driving" – Response? | Prioritize safety. Offer to send a quote link or schedule a callback when it’s more convenient. |
| Customer asks: "Are there government programs?" – Response? | Yes! Mortgage Bankers can help review several federal options. Let’s bring one on the line now. |
| Customer says: "Not interested" – Response? | Acknowledge it and ask: “When you first looked at financing options, what were you hoping to accomplish?” |
| Customer says: "Need to talk to my spouse" – Response? | Totally fair! Let’s review a quote together so you and your spouse can decide together with real numbers. |
| Customer says: "Already closed" – Response? | Perfect time to compare rates. A better offer won’t restart your loan term if you just closed recently. |
| Customer says: "Busy / Need a callback" – Response? | Send a link for a quote now, then schedule a call with a Mortgage Banker for later when they’re ready. |
| Customer says: "You can’t help me" – Response? | Acknowledge doubt, but suggest a quick quote might surprise them and help achieve their financial goals. |
| Customer says: "Changed mind" – Response? | Acknowledge their shift, but offer to quote now so they at least have peace of mind knowing for sure. |
| Customer says: "Why do I pay for credit pull?" – Response? | It helps keep our rates low. This upfront fee ensures commitment and avoids higher costs from no-shows. |
| Customer asks: "Will a hard pull impact my score?" – Response? | Bureaus give a 45-day window to shop around without hurting your score after the first hard pull. |
| What should you do if a customer asks a question not in the FAQ? | Advise that the Loan Officer/Buyer's Concierge can assist further after completing the usual process. |
| What are the Customer Service | Monday-Friday, 8am–5pm |
| What is the Customer Service phone number? | 1-888-700-4026 |
| Will AmeriSave need to pull credit? | In refinance flow, only a soft pull is required at first. A hard pull is needed for purchase or moving forward. |
| What is the difference between a HELOC and a HELOAN? | HELOC is a revolving credit line with variable rate; HELOAN is a fixed-rate second mortgage with monthly payments. |
| Do customers need to repay HELOCs and HELOANs? | Yes. Any financing is considered a loan and must be repaid |
| Which states are not eligible for HELOC? | New York and Texas. |
| What is the minimum HELOAN amount for Minnesota? | $100,000. |
| Can AmeriSave close a loan for an LLC? | No. All products must be in the name of a real person, not a business. |
| Can AmeriSave provide a loan for a home in a trust? | Yes, once the usual process is complete. |
| What is required for self-employed borrower income? | Typically two years of tax returns. One year may be accepted in some cases. |
| Where is AmeriSave headquartered? | 1200 Altmore Avenue, Building 2 - Suite 300, Sandy Springs, GA 30342. |
| Can AmeriSave provide a credit report to the customer after they pay? | No. Direct them to annualcreditreport.com for a full copy. |
| What are AmeriSave's citizenship/visa requirements? | Must be U.S. citizens, permanent residents with lawful proof, or residents with acceptable visas. |
| Do AmeriSave products have prepayment penalties? | Only DSCR loans in some states. No other products have penalties. |
| Does AmeriSave offer DSCR loans? | Yes. For investment properties based on property's net income vs. debt obligations. |
| Does AmeriSave offer renovation/203k loans? | Yes. For purchases and refinancing if the customer has a 620+ credit score. |
| Can we assist customers with tiny homes? | Yes, if the home is on permanent foundation, meets code, and includes plumbing, HVAC, and bathroom. |
| Can we help a customer who has late mortgage payments? | No. They must have no more than one late mortgage payment in the last 12 months. |
| What property types are eligible with AmeriSave? | Single Family Residence, 2–4 Unit multi-family residential, Modular Home, Manufactured/mobile Home, Condo, and Townhome. |
| What property types are not eligible with AmeriSave? | Commercial, Single-Wide Manufactured/mobile Homes, 5+ Unit, Co-Op, Vacant Land, Properties Under Construction, Non-Warrantable Condos, and Condotels. |
| Are ‘Live-Work’ properties eligible? | Potentially. If homeowner owns/operates the business, refer to Loan Officer for eligibility review. |
| Are manufactured/mobile homes eligible? | Yes, if built after 1976 and affixed to land the customer owns. No single-wide homes or homes to be moved. |
| Can AmeriSave provide a loan for a home in a trust? | Yes, once the usual process is complete and reviewed. |
| Can we assist customers with Power of Attorney? | Potentially, after the POA document is reviewed by a Loan Officer post-transfer. |
| What loan programs are offered by AmeriSave? | Conventional, FHA, VA, and Jumbo. |
| What loan types are offered? | Fixed Rate, ARM, Rate/Term, Cash Out, HELOC, HELOAN, 203K/Renovation, Temporary Rate Buydowns. |
| What loans are not offered by AmeriSave? | Reverse Mortgage, Negative Amortization, Construction, Land/Farm, Bridge Loans, Physician Loans, Interest-Only. |
| Does AmeriSave offer renovation/203K loans? | Yes, for customers with a 620+ credit |
| What is a DSCR loan? | Debt Service Coverage Ratio loan for investment properties, based on net income vs. debt payments. |
| Does AmeriSave offer commercial loans? | Nope. |
| Does AmeriSave offer personal loans? | No. Refer to HELOAN, HELOC, or Cash Out Refi options. |
| Does AmeriSave offer construction loans? | No, but can refinance if builder carried the loan. |
| Can we assist customers in Puerto Rico? | No. |
| Can we assist customers in Puerto Rico? | No |
| Which states are not eligible for HELOAN? | New York (not eligible). |
| Which states have HELOC restrictions? | New York and Texas (not eligible). |
| What is the HELOAN minimum amount for Minnesota? | $100,000. |
| Does AmeriSave offer Home Equity Agreement or Shared Equity loans? | No. These are not currently available. |
| Does AmeriSave offer bank statement loans? | No. Income must be verified through W2s, paystubs, or tax returns. |
| Does AmeriSave offer down payment assistance? | Yes, for primary homes with 600+ credit score, via a second mortgage. |
| What’s the maximum amount of land allowed? | Outside of TX, no specific limit; case-by-case review based on house value and use. |
| What are AmeriSave’s prepayment penalty rules? | Only DSCR loans in AK, KS, MI, MN, NM, and RI may have penalties. |
| Can AmeriSave provide a copy of the credit report? | No. Customers must use annualcreditreport.com for a full copy. |
| Does AmeriSave offer VA IRRRL or FHA Streamline? | Yes. These reduce the rate/payment on existing VA/FHA loans with easier processing. |
| What should you do if bankruptcy is involved? | Check the FAQ for specific guidance. |
| Does AmeriSave offer reverse mortgages? | No, reverse mortgages are not offered. |
| Can AmeriSave finance land-only loans? | No, only homes or land + home together. |
| Does AmeriSave finance construction loans? | No, but we can convert construction loans to regular mortgages after completion. |
| What to do if a customer mentions escrow? | Send to Loan Officer. |
| Does AmeriSave offer USDA loans? | No, USDA loans are not offered. |
| Should you discuss rates with customers? | No, you're not meant to discuss rates directly. |
| What should you say about mortgage questions? | 'My Loan Officer can tell you more in 2 minutes than I can in 2 hours.' |
| What is FNMA? | Fannie Mae. |
| What is FHLMC? | Freddie Mac. |
| What does LTV stand for? | Loan to Value. |
| What does DTI stand for? | Debt to Income. |
| What does HELOC stand for? | Home Equity Line of Credit. |
| What does FHA stand for? | Federal Housing Authority. |
| What does VA stand for? | Department of Veteran Affairs. |
| What does USDA stand for? | United States Department of Agriculture. |
| What should you do on every call regarding the customer’s info? | Confirm the customer’s name and all phone numbers. |
| What if there is no match on an inbound call? | Check all numbers. Proceed with the current address and collect email if the customer wants to provide it. |
| Where is the supervisor option listed in the system? | Under 'Available' if a supervisor is present. |
| Can you hang up on an abusive customer? | Yes, after stating: 'I'm hanging up now.' You don’t have to take abuse. |
| Should you swear on a call? | No. Keep it professional—don’t cuss. |
| How should you handle angry customers? | Listen to understand, let them vent, show empathy, thank them, and be genuine and sincere. |
| What should you say if someone else is present with the customer? | Use inclusive terms like 'you all' or 'we'. |
| What credit score does AmeriSave typically work with? | 500 and above. |
| How should you act during customer escalations? | Stay professional and avoid taking things personally. Stay kind. |
| Does AmeriSave offer Home Equity Agreement or Shared Equity loans? | No. These are not currently available. |
| Does AmeriSave offer bank statement loans? | No. Income must be verified through W2s, paystubs, or tax returns. |
| Can AmeriSave finance land-only loans? | No, only homes or land + home together. |
| What is a HELOC? | A revolving account allowing customers to pull funds as needed. Draw period has interest-only payments; repayment includes principal and interest. Variable interest rate. |
| What is a HELOAN? | A second mortgage with a fixed rate and fixed payments until the balance is fully paid. Set amount, rate, and duration. |
| What are the credit score requirements at AmeriSave? | Mortgage: 500+, HELOC: 680+, HELOAN: 640+ |
| What are the guidelines for Manufactured/Modular homes? | Must be at least 12 months old, built in 1976 or later, no single-wide properties, and must be affixed to the foundation/own the land. |
| What are accepted payment methods for the hard credit pull? | Apple Pay, Debit/Credit Card, Account & Routing Number |
| What is a pre-qualification? | A quick, informal estimate. |
| Where should you check for a failed payment for a hard pull? | CSS FAQs, Pre-Qualification Chat, SURF status code, and Mortgage Credit job aid |
| What details should be confirmed to prevent SSN requirement in purchase mini wizard? | Transaction type, Customer's Co-Applicant status, Customer’s Address (ZIP) |
| When can you make changes in the purchase application wizard? | At all times: New Lead, Quote, Mini Wizard, and LO Customer Wizard |
| True or False: SSN is never required for all purchase leads in the mini wizard. | False. It’s only not required if there is a credit report match. |
| What is the purpose of a hard credit pull in a purchase? | Required for loan approval. Removed from CSS flow; BC handles it. |
| Where does a refinance lead go after credit pulls? | To the Loan Officer (LO) after both soft and hard pulls. |
| What is our first step when getting the 'See Manager' status error during the upgrade with a hard pull? | Send the customer/lead ID to a manager for review on next steps. |
| True or False: A social security number (SSN) is never required for all purchase leads in the mini wizard. | False. SSN may be needed to find a credit report match. |
| True or False: A date of birth (DOB) is required for all purchase leads in the mini wizard. | False. |
| What is the purpose of the green 'Next' button in SURF? Select all that apply. | Indicates the customer advances beyond the soft pull; Time to move to the next screen/credit fields; Prevents an error message advising to stop input until soft pull is complete. |
| How long does it take for the system to automatically send the customer their Pre-Qualification Letter? | 30 minutes. |
| When does a customer see the mini wizard screen asking for their Realty preferences? | When they do not have an accepted offer on a home and are interested in AmeriSave Realty. |
| What payment methods are available for the cost of the hard credit pull? | Account & Routing Number, Apple Pay, Debit/Credit Card. |
| Where should we reference when we see a failed payment for the hard pull? | CSS FAQs for failed payment reason/meaning. |
| At which point in the mini wizard are we able to make changes to a purchase application? | Before the lead is CREATED; After the lead is created. |
| When should a customer text RATES to 990099 for Non-DNT phone numbers? | When 'Waiting for customer to open link' is spinning, click 'Link Not Received' to send text. If message isn't received, try RATES Text or Email. |
| When should a customer text RATES to 990099 for DNT phone numbers? | Instruct them to text 'RATES' to 990099 to be removed from DNT and receive the text link. Then click 'Asked to Text Rates'. |
| How long is a Certified Approval Letter (CAL) good for? | 60 days from issuance, extendable with updated review. Lock & Shop allows rate lock for up to 90 days. |
| What is a 1040 form? | Personal tax return used for filing annual income tax returns. |
| What is a 1065 form? | Business tax return for partnerships with 1+ owner. |
| What is a 1120 form? | Business tax return for domestic corporations. |
| What is a 1120S form? | Business tax return for S Corporations that pass income, deductions, and credits through shareholders. |
| What is a W2 form? | Used to report wages and taxes withheld from an employee. |
| What is Social Security Income? | Federal payments to U.S. citizens/disabled children/adults/65+ individuals. |
| What is Pension Income? | Employer-funded retirement income, typically lump sum or annuity. |
| What is Annuity Income? | Private insurance income for retirement, varies by investment terms. |
| What is 401k income? | Company-sponsored retirement income, sometimes matched by employers. |
| What are IRA Distributions? | Withdrawals from self-sponsored retirement accounts. |
| What is VA Compensation/Disability Income? | VA benefits for retired/separated military members and families. |
| What is Alimony? | Court-ordered financial support from one spouse to another after divorce/separation. |
| What is Child Support? | Court-ordered financial support for a child from one parent. |
| What is Separate Maintenance? | Court-ordered support payments during separation, not divorce. |
| What is Rental Income? | Earnings from property rentals, usually reported on a 1040 Schedule E. |
| What is Schedule C? | Used to report profit/loss from self-employment income. |
| Purchase | Goes to Buy Consierge (BC) |
| Refi, Heloc, HELOAN | Goes to Loan Officer - (Note: Do not send texts for Refinance leads) |
| [Invalid Contact Reasons] | • Wrong person • Business number • Google Assistant or spam service • Did not meet criteria / not qualified • Fax line • Already not interested or not financing now |
| • Refund or language barrier | the only times you can leave a note. |
| Always ask what chapter if the customer mentions __ before transferring. | Bankruptcy |
| If the customer is unsure or short on time, say: | “After a brief short conversation, they just want a general idea of what you’re looking at. If you run out of time, the LO can set that callback.” |
| We work with credit scores as low as ___ | 500 |
| Minimum loan amount is ___ | $60,000 |
| A soft pull | pre-qualification, does not impact credit |
| A hard pull | shows up on credit report, needs customer’s permission |
| Customers have a __ day window to shop for mortgage rates after a hard pull without it hurting credit | 45 |
| If customer mentions Escrow | transfer to LO |
| NEVER talk rates or percentages | it’s a licensing violation Say: “A Loan Officer can go over rates with you.” |
| Don’t use superlatives | no “best,” “lowest,” or guarantees |
| Can’t coach them | they must provide their own details |
| Only leave notes for___ or ____ | Refund or Language Barrier |
| If someone says “I’m not interested” or “Do not call me”: | Add to WAVE and the internal DNC list |
| Do not ask if they want to be added to DNC | just do it |
| If they swear or yell | just DNC them |
| For __ leads: wrong person, fax line, Google Assistant, not qualified | Invalid |
| Stay professional even if they’re ___. | Rude |
| DSCR Loan | Debt-Service Coverage Ratio loan; investor-focused loan based on property income, not borrower income. |
| Fixed Rate | Mortgage with a fixed interest rate and payment that doesn't change over the life of the loan. |
| ARM (Adjustable Rate Mortgage) | Mortgage with an interest rate that changes periodically based on a market index. |
| Rate/Term Refinance | Refinance that only adjusts rate or loan term — no cash back. |
| Cash-Out Refinance | Refinance that allows borrower to take equity out as cash. |
| HELOC | Home Equity Line of Credit; revolving credit based on home equity. |
| HELOAN | Home Equity Loan; lump-sum loan using home equity. |
| 203K / Renovation Loan | Loan that covers both home purchase and renovation costs. |
| Temporary Rate Buydown | Allows borrower to temporarily reduce interest rate for 1-3 years, paid by seller or builder. |
| Conventional Loan | Standard loan not backed by government; typically has stricter credit and income requirements. |
| FHA Loan | Loan backed by the Federal Housing Administration; good for lower credit or down payment. |
| VA Loan | Loan backed by the Department of Veterans Affairs; for eligible veterans and service members. |
| Jumbo Loan | Loan that exceeds the conventional loan limits set by FHFA; typically for high-cost homes. |
| VA IRRRL | Streamlined VA refinance program for existing VA loans; reduces rate with minimal documentation. |
| FHA Streamline | Streamlined FHA refinance for existing FHA loans; lowers payment with easier process. |
| What is a DSVR loan? | A Debt-Service Coverage Ratio (DSCR) loan, often misread as “DSVR,” is used by real estate investors. |
| What is a DSVR (DSCR) loan? | • Loan based on property income, not personal income. • Used by real estate investors. • Measures if rent covers the loan (Debt-Service Coverage Ratio). |
| LTV | Loan to Value |
| DTI | Debt to Income |
| ARM | Adjustable Rate Mortgage |
| HELOC | Home Equity Line of Credit |
| FHA | Federal Housing Administration |
| VA | Veterans Affairs |
| FNMA | Fannie Mae |
| FHLMC | Freddie Mac |
| [Fannie Mae] | Buys conventional loans from big banks Helps lenders free up money Has loan rules (credit, income, etc.) |
| [Freddie Mac] | Buys loans from small banks/credit unions Keeps money flowing in mortgage market Also handles conventional loans |
Created by:
Romilly
Popular Real Estate sets