Newrez Correspondent - Knowledge Test. Nov 2019

19 Questions | By Dheeraj.u | Last updated: Nov 20, 2019 | Total Attempts: 81

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Newrez Correspondent - Knowledge Test. Nov 2019 - Quiz

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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