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.Course 8: TEST: Mastering the Loan Process
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.Course 8: TEST: Mastering the Loan Process
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.. Course 8: TEST: Mastering the Loan Process A borrower is required to disclose any income fro m alimony or child support even if it is not needed to qualify for the loan. - ANSWER -ANSWER: False Mr. Smith's hourly wage is $32.50 and he receives time and a half for overtime (more than 40 hours per week). The customer says he averages 48 hours per we ek and has been employed with this company for five years. What is the base monthly income you would put on the loan application? - ANSWER -ANSWER: 5633.00 Interest income can be used for qualifying if the borrower has a history of receiving it for the pas t two years. - ANSWER -ANSWER: True Tax returns are required from self -employed borrowers that have more than ____% percentage ownership in a company. - ANSWER -ANSWER: 25% Which listing is a proper way to document the manner in which title will be held? ( Select all that apply) - ANSWER -ANSWER: Joint tenancy , ANSWER: Tenancy in common If the appraisal is "subject to," the appraiser will be required to complete which of the following prior to approval to close the loan? - ANSWER -ANSWER: Final inspection Un-reimbursed business expense is __________ the borrower's gross income. - ANSWER -ANSWER: Subtracted fromThe benefits of buying summaries with Stuvia:
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