Lrpu Process Test On Faq And Error Markdowns

20 Questions | Total Attempts: 129

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Loan Quizzes & Trivia

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Questions and Answers
  • 1. 
    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
    • A. 

      Condition the loan for clarification

    • B. 

      Process the loan normally ignoring business income.

    • C. 

      Cancel the workflow

  • 2. 
    Borrower has checked on hardship resolved along with that brw has checked on hardship reasons what action needs to be taken in this scenario
    • A. 

      Deny the loan for H2DNY51/HDENY51

    • B. 

      Process the loan normally

    • C. 

      Approach Team Leader

  • 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
    • A. 

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

    • B. 

      Condition the loan for 4506T which is not altered

    • C. 

      Consider altered 4506T.

  • 4. 
    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
    • A. 

      Condition the loan for Non brw income proofs.

    • B. 

      Ignore Non brw authorization

    • C. 

      Condition the loan for clarification on Non brw income

  • 5. 
    Hardship date is mandatory on all the loans? 
    • A. 

      True

    • B. 

      False

  • 6. 
    U/W’s can accept “Month to Month” rental agreement even the rental agreements has expired? 
    • A. 

      True

    • B. 

      False

  • 7. 
    What is the prime condition U/W should select if Sec 15 (Acknowledgement page) has not signed by brw/Co brw? 
    • A. 

      Hardship missing some pages

    • B. 

      Additional information required regarding RMA

    • C. 

      Financial form missing some pages

    • D. 

      Do not condition the loan

  • 8. 
    If any document is missing in CIS we should search the document by Document type in CIS?
    • A. 

      True

    • B. 

      False

  • 9. 
    Statement of intension is mandatory on every loan?
    • A. 

      True

    • B. 

      False

  • 10. 
    Brw/Co brw has mentioned income as Zero and mentioned hardship reason as unemployed what action needs to be taken in this scenario?
    • A. 

      Condition for clarification on income

    • B. 

      Process the loan normally

    • C. 

      Approach Team Leader

  • 11. 
    It is mandatory to consider rental income always from Sch –E?
    • A. 

      True

    • B. 

      False

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

      True

    • B. 

      False

  • 13. 
    Date is mandatory on tax returns? 
    • A. 

      True

    • B. 

      False

  • 14. 
    We can accept 8879 only with PIN number?
    • A. 

      True

    • B. 

      False

  • 15. 
    We can accept Sec 6 mentioned with only expenses information?
    • A. 

      True

    • B. 

      False

  • 16. 
    We can accept P&L signed by third party?
    • A. 

      True

    • B. 

      False

  • 17. 
    Income calculation is mandatory on loan which is getting denied for HDENY51/H2DNY51? 
    • A. 

      True

    • B. 

      False

  • 18. 
    While working on 2nd lien loan, if due days is less than 30. U/W’s should consider 1st lien mortgage from related loan?
    • A. 

      True

    • B. 

      False

  • 19. 
    Award letter is mandatory for all benefit incomes even the benefit income is falling under20% buffer? 
    • A. 

      True

    • B. 

      False

  • 20. 
    We need to update deny comment under MODQRS even though the internal values are missing on the denials HDENY51/H2DNY51? 
    • A. 

      True

    • B. 

      False

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