53 #1 Question Preview (ID: 7125)


Recent Policy Updates. TEACHERS: click here for quick copy question ID numbers.

Wholesale loan credit reports must be dated within what time frame from FTMC application date?
a) 30
b) 45
c) 60
d) 90

Are gift letters required for Conforming loans if the 1003 shows all the pertinent donor info?
a) Yes
b) No
c)
d)

Which of the following is required in order to use short term disability as income?
a) Letters from borrower, employer and doctor stating return to work date with an AUS approval
b) We can't use short term disability. Borrower must provide a paystub he/she has returned to work
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

What states have additional MI tax rates that must be added manually to MI screen?
a) Vermont, Florida, Montana
b) W Virginia, Virginia, Florida
c) Florida, Kentucky, W Virginia
d) Florida, Kentucky, Montana

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 amount outstanding is <$500
d) $0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg

For the New Doctor Program, may a borrower use gift funds for down pmt & reserves on a 100% LTV loan?
a) Yes, as long as the borrower meets the minimum down payment requirements
b) Yes, under any circumstance
c) No, under any circumstance
d) Trick question

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) Chief ERM Operating Officer
d) Consumer & Mortgage Director of Credit AND Consumer Lending

What is the max LTV/CLTV/HLTV for a detached condo in Florida?
a) 95% for O/O and 8% for 2nd home
b) 95% for O/O and 75% for 2nd home
c) 90% O/O and 80% 2nd home
d) 90% O/O and 75% 2nd home

What are the seasoning requirements for a purchase money rate/term refinance transaction?
a) There are no seasoning requirements for a rate and term refi
b) 120 days from original Note date for FHLMC, 180 days for FNMA
c) 180 days from original Note date for FNMA, none for FHLMC
d) 120 days from original Note date for FHLMC, none for FNMA

Does FNMA or FHLMC allow a borrower to have more than one primary residence simultaneously?
a) Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
b) Yes, FHLMC only for elderly parents OR mentally or physically disabled adult child
c) No, the new primary must be treated as an investment property unless proof of sale provided
d) Only if the borrowers have had a job relocation or divorce

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