Lrpu Process Test On Faq And Error Markdowns
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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
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Condition the loan for clarification
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Process the loan normally ignoring business income.
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Cancel the workflow
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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.
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- 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
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Deny the loan for H2DNY51/HDENY51
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Process the loan normally
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Approach Team Leader
Correct Answer
A. Process the loan normallyExplanation
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.Rate this question:
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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
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Consider the 4506T from older link and process the loan.
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Condition the loan for 4506T which is not altered
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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.Rate this question:
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- 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
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Condition the loan for Non brw income proofs.
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Ignore Non brw authorization
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Condition the loan for clarification on Non brw income
Correct Answer
A. Ignore Non brw authorizationExplanation
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.Rate this question:
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- 5.
Hardship date is mandatory on all the loans?
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True
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False
Correct Answer
A. TrueExplanation
The explanation for the given correct answer is that the hardship date is indeed mandatory on all loans. A hardship date refers to the date on which a borrower experiences financial difficulties or faces unexpected circumstances that make it challenging for them to make loan payments. This date is crucial for lenders to determine the eligibility of the borrower for hardship assistance or loan modifications. By having a hardship date, lenders can assess the borrower's situation and provide appropriate solutions to help them manage their loan obligations during challenging times.Rate this question:
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- 6.
U/W’s can accept “Month to Month” rental agreement even the rental agreements has expired?
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 7.
What is the prime condition U/W should select if Sec 15 (Acknowledgement page) has not signed by brw/Co brw?
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Hardship missing some pages
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Additional information required regarding RMA
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Financial form missing some pages
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Do not condition the loan
Correct Answer
A. Financial form missing some pagesExplanation
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.Rate this question:
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- 8.
If any document is missing in CIS we should search the document by Document type in CIS?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 9.
Statement of intension is mandatory on every loan?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 10.
Brw/Co brw has mentioned income as Zero and mentioned hardship reason as unemployed what action needs to be taken in this scenario?
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Condition for clarification on income
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Process the loan normally
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Approach Team Leader
Correct Answer
A. Process the loan normallyExplanation
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.Rate this question:
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- 11.
It is mandatory to consider rental income always from Sch –E?
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 12.
U/W’s can accept P&L statement which is more than 12months?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 13.
Date is mandatory on tax returns?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 14.
We can accept 8879 only with PIN number?
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True
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False
Correct Answer
A. FalseExplanation
This statement is false because we can accept 8879 without a PIN number.Rate this question:
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- 15.
We can accept Sec 6 mentioned with only expenses information?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 16.
We can accept P&L signed by third party?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 17.
Income calculation is mandatory on loan which is getting denied for HDENY51/H2DNY51?
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 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?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 19.
Award letter is mandatory for all benefit incomes even the benefit income is falling under20% buffer?
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 20.
We need to update deny comment under MODQRS even though the internal values are missing on the denials HDENY51/H2DNY51?
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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Current Version
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Jul 31, 2024Quiz Edited by
ProProfs Editorial Team -
Jul 08, 2015Quiz Created by
Santoshc
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