Newrez Correspondent - Knowledge Test. Nov 2019

19 Questions | Total Attempts: 78

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Newrez Correspondent - Knowledge Test. Nov 2019


Questions and Answers
  • 1. 
    For Manufactured home property, Structure type will be updated in 
    • A. 

      Corr Tracking Tab

    • B. 

      Legal Tab

    • C. 

      Property Address Tab

    • D. 

      Appraisal Tab

  • 2. 
    What is the Financed Fee Percentage for FHA
    • A. 

      1.75%

    • B. 

      1.50%

    • C. 

      1.70%

    • D. 

      1.65%

  • 3. 
    USDA File will not have appraisal 
    • A. 

      True

    • B. 

      False

  • 4. 
    If AUS is missing, can we process the loan?
    • A. 

      True

    • B. 

      False

  • 5. 
    What should be the financed fee percentage for USDA loans
    • A. 

      .5%

    • B. 

      .1%

    • C. 

      1%

    • D. 

      2%

  • 6. 
    In Housing Section, USDA Annual Fee Monthly Premium will be updated as 
    • A. 

      City Taxes

    • B. 

      Others

    • C. 

      Mortgage Insurance

    • D. 

      Monthly Insurance

  • 7. 
    If loan Status says initial, We will proceed with Auditing
    • A. 

      True

    • B. 

      False

  • 8. 
    If 1003 final shows purpose of refinance as Cash Out Limited, what option need to be selected in destiny
    • A. 

      Streamline

    • B. 

      Cash Out

    • C. 

      Rate & Term

    • D. 

      Purchase

  • 9. 
    Occupancy certificate will be indexed under Email Authorization
    • A. 

      True

    • B. 

      False

  • 10. 
    If Lender case number is missing in Final 1003, we will not update anything in destiny
    • A. 

      True

    • B. 

      False

  • 11. 
    Broker/Correspondent name in "contacts" tab will be changed as per Note
    • A. 

      True

    • B. 

      False

  • 12. 
    Final APR will be available in ____________
    • A. 

      Note

    • B. 

      Loan Estimate Final

    • C. 

      Closing Disclosure Final

    • D. 

      Application Final

  • 13. 
    "Recession date" will be available on Primary Purchase loans
    • A. 

      True

    • B. 

      False

  • 14. 
    Private Mortgage insurance is required for ?
    • A. 

      Conventional Purchase loans only

    • B. 

      All Loans with more than 80% LTV

    • C. 

      Conventional Loan with more than 80% LTV

    • D. 

      Option 4

  • 15. 
    CU Score will be there on FHA loans
    • A. 

      Yes

    • B. 

      No

  • 16. 
    Neighborhood Name will be available in 
    • A. 

      Note

    • B. 

      Underwriting Findings

    • C. 

      Appraisal

    • D. 

      Closing Disclosure

  • 17. 
    For Manufactured home property, Structure type will be updated in 
    • A. 

      Corr Tracking Tab

    • B. 

      Legal Tab

    • C. 

      Property Address Tab

    • D. 

      Appraisal Tab

  • 18. 
    Which are the assets need to be excluded from destiny
    • A. 

      Automobile

    • B. 

      Cash Deposit

    • C. 

      Checking /Saving

    • D. 

      Gift Fund

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