Assets
Title/Taxes
Insurance
Appraisal
Miscellaneous
100

Something someone gives you with no obligation to give it back

What is a gift?

100

The exemption we always give

What is a homestead exemption?

100

The UW can go here to check to see if the insurance company has an acceptable rating if it was not found on UWM's Excel sheet

100

T/F The appraiser must state that the property meets 4000.1 minimum requirements on a 1004D.

What is false?

100

Joe Exotic's first husband

What/who is Brian Rhyne?

200

Sally makes $5,000 a month and has a $1,500 deposit showing on her bank statement

What is a large deposit?

200

A non-transferrable exemption in New York purchase transactions

What is a STAR exemption?

200

This is an acceptable insurance rating for USDA

What is B+?

200

The developer/builder is in control of the HOA

What is New?

200

Joe Exotic's first song ever recorded

What is "I Saw A Tiger"?

300

There is a deduction for $100 from JPMCB. There is no liability in EDGE for Chase. What is the underwriter's next step?

What is check the credit report?

300

Title has a special assessment for a sewer charge that is being included in the annual tax amount

What is do not include or escrow the sewer charge?

300

Calculates approximate reconstruction costs for properties

What is a replacement cost estimator?

300

The appraiser needs to comment on the marketability and value impact on all property types.

What is legal nonconforming zoning?

300

There is a collection account on the borrowers credit for $2,500. What is the exclusion reason?

The debt cannot be excluded.

400

This account never requires terms of withdrawal

IRA

400

California purchase price of $300,000

Taxes on title are $5,000.

What is the underwriters next step?

What is condition for a breakdown of property taxes as property taxes last paid exceeds 20% of calculated amount

400

There are two options to determine if dwelling coverage is sufficient.

1. Policy states the property is insured to "full" or "guaranteed" replacement cost

2.Dwelling coverage => the lesser of replacement cost or total loan amount

400

In the sales comparison approach, the appraiser must typically include a negative adjustment to the comps in the amount of the cost-to-cure.

What is deferred maintenacne?

400

Student loan payments are calculated this way.

The greater of the amount reporting on credit or 5% of the outstanding balance

500

Assets over $50,000

What are "income producing" assets?

500

This is the process for judgments on title for refinances and purchases

Refinances: all liens need to be paid in full and released (by the title company), or subordinated at closing. If it is paid, the source of funds used must be obtained.

Purchase: seller is responsible to ensure all liens are paid and released at closing

500

The 2 ways we can determine replacement cost.

Appraisal-cost approach

RCE provided by same company who issued binder

500

The location of the subject property and comparable sales and/or rentals

What is the neighborhood map?

500

There are 6 overvaluation flags on an appraisal

1. Collateral Underwriter Risk score above 4

2. FNM0797

3. Appraised value is the same as the purchase price

4. Excessive adjustments (line 10%, net 15%, gross 25%)

5. Across the board adjustments

6. Poorly bracketed adjusted/adjusted sales price

M
e
n
u