Lrpu Combined Test On Daily Error Markdowns

The statement is true because regardless of whether the profit and loss (P&L) statement is positive or negative, a signature is still required if it is received in printed format. The signature serves as a confirmation that the individual has reviewed and acknowledged the contents of the P&L statement. This practice ensures accountability and helps to prevent any potential disputes or misunderstandings regarding the financial performance of the company.

The given scenario states that only a Non brw authorization letter has been received, but there is no mention of Non brw contribution in the HAMP form. In this scenario, the correct action to take would be to ignore the Non brw authorization. This means that the Non brw's income will not be considered for the loan condition and approval process. The focus will be on other relevant income proofs and documentation.

The correct answer is true because, as stated in the question, U/W's (presumably referring to landlords or property owners) can accept a "Month to Month" rental agreement even if the previous rental agreement has expired. This suggests that U/W's have the flexibility to continue renting out their property on a monthly basis without the need to sign a new long-term lease agreement.

The statement of intention is not mandatory on every loan. While it is common for lenders to require borrowers to provide a statement of intention outlining how they plan to use the loan funds, it is not a legal requirement for all loans. Some lenders may not require this statement, especially for smaller loans or certain types of loans where the purpose is already specified, such as a mortgage or car loan. Therefore, the statement of intention is not mandatory for every loan, making the answer "False".

U/W's (underwriters) cannot accept an SSI (Supplemental Security Income) award letter without the borrower's name and SSN (Social Security Number). This information is crucial for verifying the borrower's identity and eligibility for the SSI award. Without this information, the underwriters cannot accurately assess the borrower's financial situation and make informed decisions regarding the loan. Therefore, the statement is false.

The correct answer is true because U/W's (presumably referring to underwriters) should consider rental income from Schedule E for calculation, even if the amount does not match with the rental agreement, receipts, and financial form. This suggests that underwriters should take into account the rental income reported on Schedule E, regardless of any discrepancies in the supporting documentation.

The answer is false because underwriting guidelines typically require P&L (Profit and Loss) statements to be no more than 12 months old. This is because older statements may not accurately reflect the current financial situation of the borrower or the company. Lenders want to assess the borrower's current financial health and ability to repay the loan, which is why they prefer recent P&L statements.

The statement suggests that SAM denials are required for all loans that are denied for HAMP (Home Affordable Modification Program) and NONHAMP (non-Home Affordable Modification Program) purposes. This means that if a loan is denied for either of these programs, it is mandatory to have a SAM denial. Therefore, the correct answer is true.

U/W's refers to underwriters, who are responsible for assessing the risk of a loan application. The question is asking whether underwriters can accept an altered version of form 4506T, which is a request for a transcript of a tax return. The altered form would not accurately represent the borrower's true income if their only source of income is wage income. Therefore, the answer is false, as underwriters cannot accept an altered form in this scenario.

The given statement suggests that U/W's (underwriters) can refer to DPGDI (Directorate of Postal Grievances and DOPG Integration) comments for any clarification regarding income for borrowing companies. This means that DPGDI comments can provide information or guidance on income-related matters for borrowing companies. Therefore, the correct answer is True.

The correct answer is True. Even if there are sufficient income documents matching the property address in the CIS, it is still necessary for U/W (underwriter) to pull a credit report and check for occupancy if the investor rule states that the property should be owner-occupied. This is because the investor rule takes precedence over income documents and the underwriter needs to ensure that the property meets the specific requirements set by the investor.

The correct answer is False because U/W's (underwriters) should not request for 2014 tax returns if it is an ongoing application. This implies that the underwriters should not ask for tax returns from the year 2014, regardless of the status of the application.

If the Sec 15 (Acknowledgement page) has not been signed by the borrower or co-borrower, it indicates that the financial form is missing some pages. This suggests that the prime condition U/W should select is "Financial form missing some pages."

U/W's cannot accept Section 6 mentioned with only expenses information because Section 6 refers to the income information. Accepting it with only expenses information would not provide a complete picture of the financial situation.

The correct answer is to process the loan normally. This suggests that despite the borrower checking on hardship resolved and hardship reasons, there is no need for any additional action or intervention. The loan can proceed as per the regular process without any obstacles or delays.

U/W's can place a deny comment under MODQRS even though internal values are missing on the denial H2DNY4E (Second Home) because the absence of internal values does not prevent the U/W from providing a comment or explanation for the denial. The U/W can still indicate the reason for the denial or provide additional context, even if the internal values are not available.

In this scenario, the borrower has mentioned their income as zero and the reason for hardship as being unemployed. The correct action to take in this situation is to process the loan normally. This means that the loan application should be reviewed and assessed based on the borrower's other qualifications and financial information, excluding their income. The lender should consider factors such as credit history, assets, and any other relevant information to determine the borrower's eligibility for the loan.

U/W's cannot accept a P&L signed by a third party, even if it is received in printed format. The question implies that the printed format would make a difference in accepting the P&L, but this is incorrect. U/W's typically require the P&L to be signed by the party responsible for preparing it, not a third party.

The given answer is true because income calculation is indeed mandatory when applying for a loan. Lenders need to assess the borrower's ability to repay the loan, and income is a crucial factor in determining this. By calculating the borrower's income, lenders can determine if it meets the minimum requirements for the loan and if it is sufficient to cover the monthly payments. Without income calculation, lenders would not have a clear picture of the borrower's financial situation and may be more likely to deny the loan.

U/W's refers to underwriters, who are responsible for evaluating and accepting insurance applications. In this context, "Sch-E" likely refers to Schedule E, which is a tax form used to report rental income. The question is asking whether underwriters can accept Schedule E even if the tax return has not been signed. The correct answer is "True" because underwriters can accept the form even without a signature, as long as the necessary information is provided and the underwriters have assessed the application and determined it to be acceptable.

In this scenario, the borrower has provided SSI bank statements and an award letter for SS income, indicating that they receive income from Social Security. Although the same income is not mentioned under the financial form, it is important to consider the SS income for calculation. This means that the SS income should be included in the borrower's overall income assessment for the loan.

The correct answer is True. This means that 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 requirement to update the deny comment.

Based on the information provided, the borrower has mentioned wage income in the application and has provided proof for it. However, the 2013 tax returns reflect positive business income. In this scenario, the correct action would be to process the loan normally ignoring the business income. This means that the lender should consider only the wage income mentioned by the borrower for the loan application and not take into account the business income reflected in the tax returns.

Searching for a missing document by document type in CIS is not necessary or guaranteed to be effective. The document type may not accurately reflect the content or purpose of the missing document. It would be more efficient to search for the missing document using other relevant criteria such as keywords, dates, or specific document identifiers. Therefore, the statement is false.

The statement "Signature is not mandatory on 8879" is false. The 8879 form is an IRS e-file signature authorization form used by individuals to authorize their tax preparer to electronically file their tax return. It is mandatory for the taxpayer to sign this form in order to authorize the tax preparer to file their return electronically. Therefore, the correct answer is False.

The statement is false because if the loan is getting denied for H2DNY8H, U/W's (underwriters) are supposed to trigger MODPC (Mortgage Origination Default and Performance Comment) comment.

The statement is false because SSN (Social Security Number) is indeed mandatory on Estate Loans. The SSN is a unique identifier that is required for various purposes, including verifying the borrower's identity, conducting credit checks, and ensuring compliance with federal regulations. Therefore, it is necessary for the lender to collect the borrower's SSN when processing estate loans.

The statement is false because if the days due on a 2nd lien loan is less than 30, it does not necessarily mean that the underwriters should consider the 1st lien mortgage from a related loan. The decision to consider the 1st lien mortgage would depend on various factors such as the terms and conditions of the loans, the borrower's financial situation, and the lender's risk assessment.