Select all that apply. Which of the following fields can be used to search for a loan in
Loan Product Advisor (LPA)? - -Property Address
-AUS Transaction Number
-Borrower Last name
-Fannie Mae ID
All
The opportunity to utilize streamlined appraisal is lost if the lender fails to submit an
ac...
CRU Exam 1 Select all that apply. Which of the following fields can be used to search for a loan in Loan Product Advisor (LPA)? - ✔✔-Property Address -AUS Transaction Number -Borrower Last name -Fannie Mae ID All The opportunity to utilize streamlined appraisal is lost if the lender fails to submit an accurate address for the subject property to Desktop Underwriter (DU). - ✔✔False* What is the primary role of the GSEs, Fannie Mae and Freddie Mac? - ✔✔Buy mortgages and create mortgage -backed securities Cash proceeds from a cash out refinance transaction are an acceptable source of liquid reserves. - ✔✔False A borrower has a three -year history of overtime, verified by W -2s and a VOE. The overtime income has risen slightly over the last three years. The r emainder of the file is strong, with a good credit score and all other eligibility issues met. How would you calculate the overtime income, unless otherwise stipulated by the AUS findings? - ✔✔Average the last two years' overtime A profit and loss stateme nt does which of the following? - ✔✔Provides a snapshot of the income and expenses of a business during a calendar or fiscal year. Select two. Unless otherwise indicated by the automated underwriting findings report, which of the following documents are u sed to verify salaried income? - ✔✔A verification of employment (VOE) W-2s covering the most recent 2 -year period Which team in a mortgage banking operation is primarily responsible for insuring that the investor gets all the documentation necessary when a loan is sold? - ✔✔Shipping The document published by Fannie Mae that provides comprehensive LTV, CLTV, and HCLTV ratio requirements for manually underwritten loans is called the: - ✔✔Eligibility Matrix Select all that apply. An Excessive Value with Val uation Risk message from Desktop Underwriter (DU) alerts the lender that there is a risk of: - ✔✔-Inflated value -Unsuitable comparables used -The appraiser not being qualified to project appraisal values accurately -Excessive value for the local market 1,4* Select three. Schedule E includes income from: - ✔✔Partnerships Rental properties Trusts If a borrower's payment matches the coupon amount the payment is applied to: - ✔✔ Choose the best possible answer. When reviewing a borrower's credit report, th e underwriter notices that all accounts have been paid in full recently. The underwriter recognizes this as a red flag that could indicate a concern that the borrower has recently: - ✔✔Opened a new, undisclosed consolidation loan What are loans that are e ligible for sale to the GSEs (Fannie Mae and Freddie Mac) called? - ✔✔Agency eligible The appraiser may provide the final appraised value on the URAR, noting that the value is subject to repairs or alterations. - ✔✔True A corporation's income is taxed: - ✔✔On both personal and corporate rates If an appraisal is over 4 months old, what needs to be done? - ✔✔Re-inspection of the interior and exterior of the home (1040D) Overtime, bonus, and commission are examples of vari able income. Which of the following factors are critical when assessing this type of income? - ✔✔Confirming an upward trend An underwriter is reviewing an appraisal for a refinance transaction. The underwriter notices that the property, which is currently appraised for $150,000, sold six months ago for $100,000. Which of the following statements is true? - ✔✔This difference in value within six months would not be acceptable under any circumstances. What is the common set of data elements required to deliv er loans to the agencies (Fannie Mae and Freddie Mac) referred to as? - ✔✔Uniform Loan Delivery Dataset (ULDD) Select two. An operating income statement is required on: - ✔✔Investment properties All 2-4 unit properties What is an entity that issues mortg age-backed securities backed by mortgages originated by other lenders called? - ✔✔Conduit
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