Willie D writes on www.xxxporntalk.com: I’m willing to believe Hillary [Scott] “sold mortgages” in Chicago (using that term makes me suspcious), but I demand proof of her knowledge of the real estate lending business. So Hill, answer a few questions for me, OK?

1. What is the minimum legal escrow period in Illinois?

2. When is the mortgage broker required to deliver a good faith estimate?

3. According to federal law, when is a residential property appraisal required?

4. What is the 12CFR365.2 maximum loan-to-value for multifamily housing?

5. (extra credit) Would you attempt to sell a fixed-rate or LIBOR-adjusted mortgage if the Treasury yield curve is inverted?

I’ll consider your answers and determine if you really did sell mortgages in Chicago. By the way, you recall Illinois has Deeds of Trust, not Mortgages, right?

> Hillary Scott replies:Lame. But I’ll humor you anyway.

Three years ago, I was a loan officer in the mortgage sales department of a small credit union. I sold and processed home equity loans as well as cross sold Visas and car loans.

As you may know, some of those questions don’t apply for second mortgages. Also, it’s been three years and working in mortgages wasn’t really a passion of mine.

#1 – don’t remember.

#2 – That would be within 3 days of someone applying

#3 – I don’t remember what the federal law states, but I recall ordering the appraisal after the loan amount was pre-approved and we were given a full application that included proof of income.

#4 – don’t know.

#5 – although I never dealt with first mortgages, I would assume an adjustable rate mortgage would be ideal given that economic environment.