Compliance
ATR should be known as the __________ as it relates to compliance.
What is umbrella?
The only self-employment type for which vehicle mileage depreciation may be added into the borrower’s qualifying income (assuming requirements to do so are met).
What is a Sole Proprietorship (or, also acceptable is What is a Schedule-C borrower).
This could be a disadvantage of an FHA loan.
What is upfront MIP, annual MIP, or enhanced stability requirements?
The Governments response to the 2008 Recession and Housing Collapse.
What is the Safe Act (will accept HERA as well)?
Under the general rule for eligibility, the veteran must serve at least __________ days or more , any part which occurred during wartime.
What is 90?
This is the APR vs. APOR threshold to qualify as a price-based General QM.
What is 2.25%?
This self-employment type discussed today is the only likely type to include W2 income.
What is an S-Corporation? (or, also acceptable is What is 1120S).
__________ results when an MLO directs a borrower toward a product which results in greater compensation.
What is steering?
This follows you wherever you go as an Originator.
What is your NMLS number?
This Act clarified entitlement and guaranty calculations for loans closed on or after January 1, 2020.
What is the Blue Water Navy Vietnam Veterans Act of 2019?
__________ presumption of compliance applies to all non higher-priced mortgages.
What is conclusive?
This self-employment income type reflects Guaranteed Payments on its K-1.
What is Partnership income? (or, also acceptable is What is 1065 income).
This is one of the community property states in which Centennial is licensed to lend.
What is AZ, ID, or NM?
Fingerprints, background check, 20 hours of education.
What are Pre-Licensing requirements?
There are __________ regions for residual income calculations and Colorado is located in the __________ region.
What is four and West?
A __________ home is not covered by the HPML Appraisal Rule.
What is second?
This document is required to test the business’ liquidity.
What is a Balance Sheet? (or, also acceptable is What is Schedule L of a business return).
When a payment is not available, student loans are qualified at __________ of the outstanding balance.
What is .5%?
The purpose of stated personal and financial information.
What is a pre-qualification?
This unique line item is added to the monthly shelter expense for VA loans.
What is maintenance & utilities?
This tolerance category applies if the borrower is permitted to shop and selects a provider shown on the SSPL.
What is the 10% tolerance category?
This self-employment income type exhibits the highest risk for a lender.
What is a Sole Proprietorship (or, also acceptable is What is a Schedule-C borrower).
This must be provided from self-employed borrowers if more than a calendar quarter has elapsed since the date of the most recent calendar or fiscal year-end.
What is profit & loss statements and balance sheets?
Structuring a loan, having conversations, asking questions, sending early disclosures, and collecting documentation.
What is Origination?
It is the responsibility of the __________ to send a copy of the appraisal and NOV to the veteran.
What is Staff Appraisal Reviewer (SAR)?