Foreign / Foster Care Income
Foreign income needs to convert to ____ in order to be used as qualifying income
US Dollars
What do our trainers call the initial pay estimate provided by a borrower on the 1003 before future income is even considered/verified?
"Thats what she said" pay
Grossing Up
Charles makes $651,852 a year - what is his gross monthly income?
$54,321
The VOE must prove the borrower is still _______, but on leave for Short Term Disability
Employed
This building is located at ___ Corporate Office Dr
111
What requirement can Foster Care income help meet?
Residual Income
Jeff is tired of being a loan officer and quits early before his big move, he must start his new job within ____ days in order for his income to qualify?
60
Can I use my housing allowance that isn't a set amount and varies every month
YES. Just need a two year history and a likelihood to continue
TRUE or FALSE: You should ask the reason why someone is on short term disability leave in order to help determine how much income they can use to qualify?
FALSE
What month were Charles and Matthew born in?
April
Whitney is being relocated - she has ____ months after closing to start her new job in order for her income to be used to qualify
2
Military acronym for Housing allowance
BAH
An employer will send a ______ statement document (when requested) to show a borrowers current eligibility for earning long term disability
Benefits
In the Income Matrix, what does it mean when a guideline is underlined?
Are overlays placed by VU where an exception may be granted.
How many total months of tax returns are needed to qualify Foreign Income?
24 months
A letter proving caregiver income needs to verify which two things?
Start Date and Rate of Pay
Chris has 14 children and two wives, 6 kids are grown up and on their own. One wife lives elsewhere. How many dependents should Chris claim on the 1003 for a potential new mobile home in Affton, MO?
9