General Underwriting
When would a VOR be necessary?
Manual UW or if trying to supplement credit (not enough tradelines)
Name one unallowable fee on a VA purchase transaction.
What is the minimum investment on an FHA loan?
What was the first credit union TruHome serviced (outside of CACU)?
In 1945 a man survived the atomic blast at Hiroshima, dragged himself to an air-raid shelter, spent the night, caught the morning train so he could arrive at his job in time where he survived another atomic blast. Where was his job?
A. Nagasaki
B. Hiroshima
C. TruHome Solutions
How long is an Appraisal good for?
What percentage do you use to calculate Funding Fee for subsequent loans?
When documenting a gift, what additional document do we need from the member that is not needed on conventional loans?
Mikayla has a daughter nick-named Jo-Jo. What is Jo-Jo’s first name?
There are three scenarios in which Tax Transcripts would be required. What are they?
• The loan is a government loan (FHA, VA, USDA)
• The borrower's monthly income includes 25% or more commission income.
• The file contains rental income (negative or positive)
If the Veteran is considered 100% mentally incompetent what does the VA have to do prior to closing?
Who is considered an acceptable gift donor, but NOT an acceptable Conventional gift donor?
Friend with an established long-standing relationship
When financing fees on a refi, if the member is bringing cash to close the LP must treat the amount due as a _____________ when itemizing financed fees.
In 2007, an American man named ________ tried to fake his own death in order to get out of his cell phone contract without paying a fee.
A. Corey Taylor
B. Miles Farmer
C. Cameron Thomas
A. Corey Taylor
What percentage of rental income can be used as income on a new investment property?
What document do we need prior to closing if the borrower is active duty and deployed?
What is the LTV limit on an FHA loan when there is an Identity of Interest on the property?
Brooke has three dogs. Name all three of them
15 Minutes of Laughter equals the benefit of ____ hours of sleep.
A. 2
B. 4
C. 1
What 4 items are needed to sufficiently document a sale of personal property when using the proceeds for funds to close?
a. Bill of sale
b. Proof of ownership
c. Receipt of funds
d. Determination of value (Kelly Blue Book)
If the DTI is ____% or more the borrower must meet 120% of the residual income guideline.
A loan cannot close as an FHA if the seller took ownership within _____ days.
Which of our credit unions has been in existence the longest?
When invited by a lady to spend a summer's night with her, ________ asked to postpone until winter when nights were longer.
A. George Washington
B. Benjamin Franklin
C. Henry Ford