Income
What is the history requirement for secondary employment for DU with NO positive factors?
24 Months
To document a 1031 exchange account what documentation is required beside the 1031 agreement?
Final CD
Revolving debt has $0 payment and $500 balance on a DU file. What should the underwriter put in as the monthly payment?
$25 - 5% of the balance
We can apply the 4% Florida taxes discount regardless of if it's listed on the tax bill or not. T/F
False, it must be listed on tax bill
What 2 documents are required for an REO that is Vacant land?
Tax bill and proof of free & clear
Is future hourly income available to LP on an escalation basis?
NO, LP does not allow future hourly income. DU does allow on an escalation basis.
Large deposits that are not debt or borrowed funds AND are seasoned for 60 days or more as of the deposited date do NOT need to be questioned. T/F
True
Frozen credit: If one bureau is frozen the other 2 must report a score. T/F
False, if one bureau is frozen only one bureau must report a score.
Landscaping , Club House, Pool, Fitness Center
Landscaping (minimal value)
What is the Gross monthly rent?
Lease agreement: $2,400
1007: $2,5000
$1,800 (75% vacancy factor)
How long of a history of receipt is required for Child Support income?
6 Months
What is required to source an EMD via wire transfer besides bank statements?
Wire receipt or acknowledgment of receipt from title company
Subject property is a detached PUD and borrower has collection accounts totaling a balance of $2,600. If this amount required to be paid off?
NO, Borrowers are not required to pay off outstanding collections or nonmortgage charge-offs – regardless of the amount for 1-unit principal residences
Calculate the dolllar amount of the DTI mismatch:
AUS DTI: 45% ; EDGE DTI: 40% ; Monthly income: $4,000
$200
4000/100 = 40
45 - 40 = 5
40 x 5 = $200
Can a borrower use positive rental income on an REO primary conversion without a 12 month rental history for DU?
YES, LP it is not allowed
Where do we enter an additional CPA's information?
Fraud Guard
For LP business assets (using business to qualify) as long as the most recent month's ending balance is more than the previous month's beginning balance the liquidity test has been past. T/F
False, liquidity must be proved from the oldest month to the middle month as well,
False, Provide either (1) a new tri-merge credit report to show disputed accounts removed or (2) evidence that the account does not belong to the borrower or (3) evidence that the account information reported in error
Do we need an addendum for a change in the EMD?
NO
HOI policy is uploaded for REO, but it is expired. Are we okay to proceed as is without obtaining a current policy since it's not the subject?
NO, we must have a current REO PITIA docs
Military income is being used and the file has an estimated closing date 8/30/2023. The ETS date is is 10/1/2023. Are we able to proceed as is?
NO, ETS date must be more than 12 months from the note date,
Brad Beisiegel POD Pierce Hamburg
Who as access to these funds?
Brad has access
What is required for a debt paid by the borrowers self employed business?
12 month's paid by the business & documentation to support liability is claimed on business tax returns
What type(s) of insurance documentation is required for a Detached PUD?
HO-3
Name the main qualifying exceptions to use rental income.
Primary conversion, purchase during or after most recent tax filing year, or the rental property was out of service for an extended period for major repairs/remodeling