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53 #1
Test Description: Recent policy updates
Instructions: Answer all questions to get your test result.
1) Wholesale loan credit reports must be dated within what time frame from FTMC application date?
A
90
B
60
C
45
D
30
2) Are gift letters required for Conforming loans if the 1003 shows all the pertinent donor info?
A
Yes
B
No
3) Which of the following is required in order to use short term disability as income?
A
We can't use short term disability. Borrower must provide a paystub he/she has returned to work
B
Letters from borrower, employer and doctor stating return to work date with an AUS approval
C
AUS approval, letters from borr & employer stating return date at same job/income previously held
D
AUS approval, 6 mo PITI, letters from borrower and employer stating return to work date
4) What states have additional MI tax rates that must be added manually to MI screen?
A
Florida, Kentucky, W Virginia
B
Florida, Kentucky, Montana
C
W Virginia, Virginia, Florida
D
Vermont, Florida, Montana
5) Disputed tradelines require a new credit report & score under what circumstances for a Conventional loan?
A
They no longer do per updated policy
B
$0 bal, paid in full/resolved, aggregate amount outstanding is <$500 & > 24 mo old
C
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
D
$0 bal, paid in full/resolved, aggregate amount outstanding is <$500
6) For the New Doctor Program, may a borrower use gift funds for down pmt & reserves on a 100% LTV loan?
A
No, under any circumstance
B
Trick question
C
Yes, under any circumstance
D
Yes, as long as the borrower meets the minimum down payment requirements
7) Based on the Exception Matrix, who is allowed to grant exception approval for use of a non-approved appraisal vendor?
A
Affiliate or Regional President
B
No one
C
Consumer & Mortgage Director of Credit AND Consumer Lending
D
Chief ERM Operating Officer
8) What is the max LTV/CLTV/HLTV for a detached condo in Florida?
A
90% O/O and 80% 2nd home
B
90% O/O and 75% 2nd home
C
95% for O/O and 75% for 2nd home
D
95% for O/O and 8% for 2nd home
9) What are the seasoning requirements for a purchase money rate/term refinance transaction?
A
120 days from original Note date for FHLMC, 180 days for FNMA
B
120 days from original Note date for FHLMC, none for FNMA
C
180 days from original Note date for FNMA, none for FHLMC
D
There are no seasoning requirements for a rate and term refi
10) Does FNMA or FHLMC allow a borrower to have more than one primary residence simultaneously?
A
No, the new primary must be treated as an investment property unless proof of sale provided
B
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
C
Only if the borrowers have had a job relocation or divorce
D
Yes, FHLMC only for elderly parents OR mentally or physically disabled adult child
*select an answer for all questions
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