Lrpu Combined Test On Daily Error Markdowns
28 Questions
| Total Attempts: 124
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Questions and Answers
- 1.U/W’s are not supposed to trigger MODPC comment if loan is getting denied for H2DNY8H?
- A.
True
- B.
False
- 2.U/W’s needs to pull a credit report and check for Occupancy if investor rule states “Property Should be Owner Occupied” even though we have sufficient income documents matching property address in CIS?
- A.
True
- B.
False
- 3.U/W’s can place a deny comment under MODQRS even though internal values are missing on the denial H2DNY4E (Second Home)?
- A.
True
- B.
False
- 4.U/W’s can accept SSI award letter without borrower name and SSN?
- A.
True
- B.
False
- 5.Borrower has provided SSI bank statements and award letter for SS income, however the same income is not mentioned under financial form. What action needs to be taken in this scenario?
- A.
Ignore SS income
- B.
Consider SS income for calculation
- C.
Refer the loan for fraud
- D.
Condition for clarification
- 6.Signature is not mandatory on 8879?
- A.
True
- B.
False
- 7.SAM denials are mandatory on all the loans which are getting denied for HAMP and NONHAMP?
- A.
True
- B.
False
- 8.U/W’s can accept 4506T which is altered if brw only source of income is wage income?
- A.
True
- B.
False
- 9.U/W’s can consider DPGDI comment for any sort of income clarification for brw/Co brw?
- A.
True
- B.
False
- 10.U/W’s should request for 2014 tax returns even it is an ongoing application?
- A.
True
- B.
False
- 11.U/W’s can accept Sch-E even if tax return has not signed?
- A.
True
- B.
False
- 12.Signature is mandatory on P&L even if it is negative if P&L is received in the printed format?
- A.
True
- B.
False
- 13.SSN on Sec 2 is not mandatory on Estate Loans?
- A.
True
- B.
False
- 14.Received application on 05/15/2015 in which 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
- 15.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
- 16.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
- 17.U/W’s can accept “Month to Month” rental agreement even the rental agreements has expired?
- A.
True
- B.
False
- 18.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
- 19.If any document is missing in CIS we should search the document by Document type in CIS?
- A.
True
- B.
False
- 20.Statement of intension is mandatory on every loan?
- A.
True
- B.
False
- 21.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
- 22.U/W’s should consider rental income from Sch –E for calculation even the amount is not matching with rental agreement, receipts and financial form?
- A.
True
- B.
False
- 23.U/W’s can accept P&L statement which is more than 12months?
- A.
True
- B.
False
- 24.U/W’s can accept Sec 6 mentioned with only expenses information?
- A.
True
- B.
False
- 25.U/W’s can accept P&L signed by third party, if P&L is received in the printed format?
- A.
True
- B.
False
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