Lrpu Process Test On Faq And Error Markdowns

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| By Santoshc
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Santoshc
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Quizzes Created: 3 | Total Attempts: 525
| Attempts: 136
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  • 1/20 Questions

    Hardship date is mandatory on all the loans? 

    • True
    • False
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About This Quiz

This LRPU process test focuses on evaluating handling of loan processing scenarios involving discrepancies in borrower income verification and hardship claims. It tests accuracy in following standard procedures and guidelines relevant to the mortgage industry.

Lrpu Process Test On Faq And Error Markdowns - Quiz

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  • 2. 

    U/W’s can accept “Month to Month” rental agreement even the rental agreements has expired? 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    U/W's (undefined term) can accept a "Month to Month" rental agreement even if the rental agreement has expired. This means that even if the initial rental agreement has ended, the landlord and tenant can continue the rental arrangement on a month-to-month basis without signing a new agreement.

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  • 3. 

    Received 4506T is altered however we have received 4506T in older link which is valid what action needs to be taken in this scenario

    • Consider the 4506T from older link and process the loan.

    • Condition the loan for 4506T which is not altered

    • Consider altered 4506T.

    Correct Answer
    A. Consider the 4506T from older link and process the loan.
    Explanation
    In this scenario, the correct action to take is to consider the 4506T from the older link and process the loan. This means that despite receiving an altered 4506T, the fact that a valid 4506T was received in the older link should be taken into account. Therefore, the loan should be processed based on the information provided in the valid 4506T from the older link.

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  • 4. 

    What is the prime condition U/W should select if Sec 15 (Acknowledgement page) has not signed by brw/Co brw? 

    • Hardship missing some pages

    • Additional information required regarding RMA

    • Financial form missing some pages

    • Do not condition the loan

    Correct Answer
    A. Financial form missing some pages
    Explanation
    If the Sec 15 (Acknowledgement page) has not been signed by the borrower or co-borrower, the prime condition that U/W should select is "Financial form missing some pages." This suggests that the missing pages of the financial form need to be completed or provided in order to proceed with the loan process.

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  • 5. 

    U/W’s can accept P&L statement which is more than 12months?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    P&L statement, also known as the income statement, is a financial statement that shows a company's revenues, expenses, and profits over a specific period, typically one year. Therefore, P&L statements are designed to cover a maximum period of 12 months. Accepting a P&L statement that covers a period longer than 12 months would not be accurate or in line with standard accounting practices. Hence, the correct answer is False.

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  • 6. 

    We can accept Sec 6 mentioned with only expenses information?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The given question asks if we can accept Section 6 mentioned with only expenses information. The answer is False because Section 6 typically includes information about both income and expenses. Therefore, accepting Section 6 with only expenses information would be incomplete and not provide a comprehensive understanding of the financial situation.

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  • 7. 

    We can accept P&L signed by third party?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Accepting a profit and loss (P&L) statement signed by a third party is not recommended. P&L statements are financial documents that provide information about a company's revenues, expenses, and profits. They are typically prepared by the company's management or accounting team. Accepting a P&L statement signed by a third party raises concerns about the accuracy and reliability of the information provided. It is best to rely on P&L statements prepared by the company itself or its authorized representatives.

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  • 8. 

    We have received only Non brw authorization letter for Non brw however as per hamp form no where brw has mentioned about Non brw contribution what action needs to be taken in this scenario

    • Condition the loan for Non brw income proofs.

    • Ignore Non brw authorization

    • Condition the loan for clarification on Non brw income

    Correct Answer
    A. Ignore Non brw authorization
    Explanation
    In this scenario, the correct answer is to ignore the Non brw authorization. This means that the authorization letter received for Non brw does not provide any relevant information regarding their contribution. Therefore, it is best to disregard this authorization and not consider it as a factor in the decision-making process.

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  • 9. 

    Statement of intension is mandatory on every loan?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement of intention is not mandatory on every loan. While it is common for lenders to request a statement of intention from borrowers to understand their plans for using the loan funds, it is not a legal requirement for every loan. Therefore, the correct answer is false.

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  • 10. 

    We need to update deny comment under MODQRS even though the internal values are missing on the denials HDENY51/H2DNY51? 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because even though the internal values are missing on the denials HDENY51/H2DNY51, we still need to update the deny comment under MODQRS. This suggests that the absence of internal values does not exempt us from the responsibility of updating the deny comment.

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  • 11. 

    Income calculation is mandatory on loan which is getting denied for HDENY51/H2DNY51? 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true. Income calculation is indeed mandatory on a loan that is getting denied for HDENY51/H2DNY51. This means that in order for the loan to be approved, the borrower's income needs to be calculated and meet the necessary requirements. Without proper income calculation, the loan application may be denied.

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  • 12. 

    Borrower has checked on hardship resolved along with that brw has checked on hardship reasons what action needs to be taken in this scenario

    • Deny the loan for H2DNY51/HDENY51

    • Process the loan normally

    • Approach Team Leader

    Correct Answer
    A. Process the loan normally
    Explanation
    In this scenario, the borrower has already checked on hardship resolved and also checked on hardship reasons. This indicates that the borrower has addressed and resolved any financial difficulties they may have faced in the past. Therefore, there is no need to deny the loan or approach the Team Leader. The appropriate action in this scenario is to process the loan normally, as the borrower has demonstrated their ability to handle financial challenges.

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  • 13. 

    Brw/Co brw has mentioned income as Zero and mentioned hardship reason as unemployed what action needs to be taken in this scenario?

    • Condition for clarification on income

    • Process the loan normally

    • Approach Team Leader

    Correct Answer
    A. Process the loan normally
    Explanation
    In this scenario, the borrower has mentioned their income as zero and stated that they are unemployed due to hardship. The correct action to be taken in this situation is to process the loan normally. This means that the loan application should be reviewed and processed following the standard procedures and criteria, regardless of the borrower's current income status.

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  • 14. 

    It is mandatory to consider rental income always from Sch –E?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Rental income is required to be reported on Schedule E of the tax return. This schedule is specifically designated for reporting rental income and expenses. Therefore, it is mandatory to consider rental income from Schedule E when filing taxes.

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  • 15. 

    Date is mandatory on tax returns? 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement "Date is mandatory on tax returns" is false. While it is important to include the date on tax returns for record-keeping purposes, it is not mandatory. The Internal Revenue Service (IRS) does not require taxpayers to provide a specific date on their tax returns. However, it is advisable to include the date to ensure accuracy and to have a clear timeline of when the return was filed.

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  • 16. 

    If any document is missing in CIS we should search the document by Document type in CIS?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement suggests that if a document is missing in CIS (whatever CIS refers to), we should search for the document by its document type in CIS. However, the correct answer is False. This means that searching for the document by its document type in CIS is not the appropriate action to take when a document is missing. The correct course of action is not provided in the given information.

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  • 17. 

    We can accept 8879 only with PIN number?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    This statement is false because we can accept 8879 without a PIN number.

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  • 18. 

    As per hamp form borrower has mentioned wage income and we have received proof accordingly, however received 2013 tax returns reflects positive business income what action needs to be taken in this scenario

    • Condition the loan for clarification

    • Process the loan normally ignoring business income.

    • Cancel the workflow

    Correct Answer
    A. Process the loan normally ignoring business income.
    Explanation
    In this scenario, the borrower has mentioned wage income in the hamp form and provided proof accordingly. However, the 2013 tax returns reflect positive business income. The correct action to take in this situation is to process the loan normally ignoring the business income. This means that the loan application should be evaluated based on the borrower's wage income and other relevant factors, without considering the business income.

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  • 19. 

    While working on 2nd lien loan, if due days is less than 30. U/W’s should consider 1st lien mortgage from related loan?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because if the due days on a 2nd lien loan are less than 30, it does not necessarily mean that the U/W's should consider the 1st lien mortgage from a related loan. The decision to consider the 1st lien mortgage would depend on various factors and criteria specific to the situation, and cannot be generalized based solely on the due days of the 2nd lien loan.

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  • 20. 

    Award letter is mandatory for all benefit incomes even the benefit income is falling under20% buffer? 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is saying that an award letter is mandatory for all benefit incomes, even if the benefit income falls under a 20% buffer. However, this statement is incorrect. If the benefit income falls under a 20% buffer, it means that it is exempt from the requirement of providing an award letter. Therefore, the correct answer is false.

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Quiz Review Timeline (Updated): Jul 31, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jul 31, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 08, 2015
    Quiz Created by
    Santoshc
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