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Appraisals
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580 Score? So, you're saying there's a chance...
100

What must you obtain if you notice the Borrower has worked 78 hours one paystub and 77 hours the next when they should be working 80 per pay period?

LOX from Borrower explaining why they are not working 80 hours AND full written VOE from the Employer

100

True or False: You must collect the final inspection fee in order for a Supervisor to release the hold.

True

100

When do you need to obtain a Master Policy?

If your loan is for an "attached" home
100

True or False: You must show proof of CD liquidation for a FNMA loan.

False.  For a FNMA loan, you can treat a CD account like a regular depository account.

100

What is the minimum credit score required by NVRM without going to ELOC?

620

200

True or False: The only type of variable income is bonus, tip, commission & OT income

False - income is also considered variable if Borrower is not working a set amount of hours.  In this case, the base income must be averaged.

200

How much money do we collect via Quick Pay for VA Appraisals?

$800

200

What effective date must be on your HOI?

Must be dated within the same month prior to our closing date

200

When using AccountChek, which balance will you input in the VOD screen?  The current balance or the available balance?

You will use whichever balance is lower. 

200

If you pull LQI/LQCC and there is a new derogatory account, what is your next step?

Reach out to LO to pull new credit

300
If your DTI is tight, how much can you gross up VA Disability income?

25%

300

When do you send out the AIR form to be signed for conventional/FHA/USDA loans?  For VA loans?

AFTER you send a copy of the appraisal for conventional/FHA/USDA loans

AFTER the LNOV has been issued and the UW has sent the appraisal for VA loans

300

True or False: You must delete the Initial 1003 placeholder during your eFolder clean up

FALSE.  You never delete the Initial 1003, only the 1003's pulled during processing for resubmissions. 

300

What is the minimum down payment for an FHA loan?

3.5%

300

In order to go above 50% DTI without ELOC, what is the minimum credit score? (FHA/VA Only)

680

400

FNMA: Your Borrower mentions to you that he has been working for his uncle for the last 7 years.  What else would you request in addition to paystubs & W-2?

2 years of complete tax returns

400

True or False: If an appraisal revision is required, you must relog your FHA appraisal after the revision is received.

True

400

What are the ONLY two companies we use to verify HOI rating?  And what day do you have to pull it?

AM Best or Demotech; must be pulled within 10 days of closing

400
What is the doc expiration date for bank statements for a VA loan?

180 days

400

What are two ways to verify rental payment to calculate payment shock?

Current lease agreement or VOR

500

How do you calculate commission income for an FHA loan?

Commission Income must be calculated using the lesser of:

  • The average Commission Income earned during the previous 24 month period, or the length of time Commission Income has been earned if less than 24 months; OR
  • The average Commission Income earned during the previous 12 month period
500

What is a "1007" and when would you need one?

Comparable Rent Schedule; needed if our subject property is an investment.  Also needed if Borrower is converting their property to an investment property and we do not have proof of two months' rent

500

What does ISAOA ATIMA stand for?

its successors and/or assigns as their interests may appear

500

What screen do you put the AccountChek Asset ID in?

Electronic Asset Tracking

500

What is the front-end ratio calculation for DTI?

Monthly housing expenses (PITIA) only divided by monthly income