For Internal Use Only
How many days prior to closing must the CD be sent to the borrower?
How long is the credit report valid before new credit must be pulled?
You or any licensed employee of the lender may sign documentation for the borrower in the event a signature is missed to ensure timely funding. ---TrueFalse
What is the most accurate statement? ---Income is the most important when evaluating the risk on a loanThe appraisal is most important when evaluating risk on a loanDown payment and credit are most important when evaluating the risk on a loan
What is the required waiting period from time of foreclosure on a Conv loan?
When is PMI required? ---Only in certain states with PMI lawsOn some home loans with a down payment less than 20%
Please mark the below loan types you are experienced with
To calculate monthly income from semi-monthly pay use: ---Current earnings x 10 divided by 12Current earnings x 24 divided by 12Current earnings x 26 divided by 12Current earnings x 52 divided by 12None of the above
To calculate monthly income from bi-weekly pay use: ---Current earnings x 10 divided by 12Current earnings x 24 divided by 12Current earnings x 26 divided by 12Current earnings x 52 divided by 12None of the above
For what percentage of ownership will you need a borrower's Partnership or S-corporation tax returns? ---10 % or more15% or more20% or more25% or more30% or more
What form shows percentage of ownership in Partnership or S-Corporation? ---10651120S10992106K-1
Overtime, bonus and commission income is average over how many months? ---6 months12 months18 months24 months36 months
How long must a borrower have received an automobile allowance for it to be considered for income?
What documentation is required if a borrower receives child support income?
What is the legal maximum number of partners/owners if he borrower lists their self-employed income on Schedule C of their personal tax returns?
Qualifying income for salaried or hourly borrowers is based on net pay. ---TrueFalse
Personal property can add value to a home ---TrueFalse
Usually, installment debt with ---24181510None of the above months' payments or less need not be included in the DTI ratios
When calculating income from tax returns, what do you do with depreciation? ---Add it back to the borrower's incomeSubtract it from the borrower's incomeDo a 12-month average and add it to the borrower's debtDo a 12-month average and subtract it from the borrower's total monthly obligationsNone of the above
A corporation files what tax return? ---104010651120S1120
When calculating net rental income or loss, what percentage of gross rents do you use before subtracting mortgage payments, taxes, insurance, etc.? ---100%75%50%25%None of the above
If the credit report does not show a minimum monthly payment for a liability, what percentage should be used to determine minimum monthly payment? ---2%3%4%5%
What document determines whether a borrower qualifies for a VA loan?
What document is needed to determine the taxes that will be collected on the property?
What deposits need to be sourced on an FHA loan?
What deposits need to be sourced on a Conv loan?
Why are you looking or why did you leave your most recent company?
How do you determine your daily work priorities?
Using the excel spreadsheet labeled "income calculator" on the flash drive provided to you, calculate the income from the two income documents. Upload your final income calculation here.
Review the document names "file" and create a needs list of additional documents required to complete the file