APPRAISAL
What rule prevents MLOs from pressuring appraisers?
A: What is the Appraiser Independence Requirement (AIR)?
How many hours are in a 40-hour work week annually?
A: What is 2,080 hours?
What derogatory credit event requires a 7-year waiting period for conventional loans with no extenuating circumstances?
A: What is foreclosure?
How much is a one-time FHA MIP?
A: What is 1.75% for a 30-year loan?
How much is the VA funding fee for a first-time eligible veteran?
A: What is 2.15%?
What are the three valuation approaches an appraiser may use?
What are the Sales Comparison Approach, Cost Approach, and Income Approach?
How many pay periods are in a bi-weekly pay schedule?
A: What is 26?
What FICO factor makes up the largest percentage of a borrower’s credit score?
A: What is payment history?
How much is the monthly FHA MIP?
A: What is 0.55% for a 30-year loan?
Name two conditions under which a VA spouse can get a VA loan.
A: What are:
What must the appraiser include in the appraisal when the subject is in a declining market?
A: What is a market condition adjustment or commentary?
How long must income be verified to be used in qualification?
A: What is 2 years?
What public record item remains for 7 years and is considered derogatory but less severe than bankruptcy?
A: What is a collection?
What is the minimum down payment for an FHA loan?
A: What is 3.5%?
What document shows how much VA entitlement a borrower has?
A: What is the Certificate of Eligibility?
What does the Sales Comparison Approach rely on when determining value?
A: What is comparing the subject property to recently sold comparable homes?
What ownership percentage requires tax returns for self-employed borrowers?
A: What is more than 25%?
What’s the acceptable maximum age of a credit report at the time of loan closing?
A: What is 120 days?
What are the industry guideline ratios for FHA loans?
A: What are 31% front-end and 43% back-end DTI?
How much is the basic VA entitlement?
A: What is $36,000?
What is the effective age of a property?
A: What is the appraiser's estimate of a structure’s physical condition relative to its actual age?
What documentation is required to use dividend income for qualification?
A: What are:
What credit behavior typically has the most impact on a borrower’s FICO score?
A: What is payment history?
What is the maximum allowable seller concession on an FHA loan?
A: What is 6% of the lesser of the sales price or appraised value?
How long must a National Guard or Reservist serve to be eligible for a VA loan?
A: What is 6 years?