CRU Exam 1 Questions With 100% Correct Answers
Select all that apply. Which of the following fields can be used to search for a loan in
LPA? -Answer-Property Address
-AUS Transaction Number
-Borrower Last name
-Fannie Mae ID
All
The chance to get the streamlined appraisal is lost if the lender fails to upload a valid
address for the subject property to DU. -Answer False*
What is the main function for GSEs, Fannie Mae and Freddie Mac? - Answer Purchase
mortgages and package mortgage-backed securities
Cash proceeds from a cash out refinance transaction are an acceptable source of liquid
reserves. - Answer False
A borrower has three years of overtime as documented by W-2s and VOE. The overtime
income has increased slightly within the past three years. The rest of the file is solid;
there is adequate credit score and all the other eligibility issues have been resolved.
How would you determine the overtime income unless the AUS findings provide an
alternate method? - Answer Average overtime from last two years
A profit and loss statement does which of the following? - Answer Shows the income and
disbursements of a business for a calendar or fiscal year.
Select two. Unless otherwise specified by the automated underwriting findings report,
which of the following documents should be obtained to document salaried income? -
, Answer A verification of employment (VOE)
W-2s for the previous 2 years
Which of the following groups in a mortgage banking operation is responsible for
insuring that the investor gets all the documentation necessary when a loan is sold? -
Answer Shipping
The document published by Fannie Mae that provides comprehensive LTV, CLTV and
HCLTV ratio requirements for manually underwritten loans is called the: - Answer
Eligibility Matrix
Select all that apply. An Excessive Value with Valuation Risk message from Desktop
Underwriter alerts the lender that there is risk of: - Answer -Inflated value
-Unsuitable comparables used
-The appraiser not being qualified to project appraisal values accurately
-Excessive value for the local market
1,4*
Select three. Schedule E includes income from: - Answer Partnerships
Rental properties
Trusts
If a borrower's payment matches the coupon amount the payment is applied to: -
Answer
Choose the best answer. An underwriter is working on a borrower's credit report.
According to the report, all accounts have been paid in full recently. The underwriter is
suspicious of this because it could mean that the borrower has recently: - Answer
Opened a new, undisclosed consolidation loan
Select all that apply. Which of the following fields can be used to search for a loan in
LPA? -Answer-Property Address
-AUS Transaction Number
-Borrower Last name
-Fannie Mae ID
All
The chance to get the streamlined appraisal is lost if the lender fails to upload a valid
address for the subject property to DU. -Answer False*
What is the main function for GSEs, Fannie Mae and Freddie Mac? - Answer Purchase
mortgages and package mortgage-backed securities
Cash proceeds from a cash out refinance transaction are an acceptable source of liquid
reserves. - Answer False
A borrower has three years of overtime as documented by W-2s and VOE. The overtime
income has increased slightly within the past three years. The rest of the file is solid;
there is adequate credit score and all the other eligibility issues have been resolved.
How would you determine the overtime income unless the AUS findings provide an
alternate method? - Answer Average overtime from last two years
A profit and loss statement does which of the following? - Answer Shows the income and
disbursements of a business for a calendar or fiscal year.
Select two. Unless otherwise specified by the automated underwriting findings report,
which of the following documents should be obtained to document salaried income? -
, Answer A verification of employment (VOE)
W-2s for the previous 2 years
Which of the following groups in a mortgage banking operation is responsible for
insuring that the investor gets all the documentation necessary when a loan is sold? -
Answer Shipping
The document published by Fannie Mae that provides comprehensive LTV, CLTV and
HCLTV ratio requirements for manually underwritten loans is called the: - Answer
Eligibility Matrix
Select all that apply. An Excessive Value with Valuation Risk message from Desktop
Underwriter alerts the lender that there is risk of: - Answer -Inflated value
-Unsuitable comparables used
-The appraiser not being qualified to project appraisal values accurately
-Excessive value for the local market
1,4*
Select three. Schedule E includes income from: - Answer Partnerships
Rental properties
Trusts
If a borrower's payment matches the coupon amount the payment is applied to: -
Answer
Choose the best answer. An underwriter is working on a borrower's credit report.
According to the report, all accounts have been paid in full recently. The underwriter is
suspicious of this because it could mean that the borrower has recently: - Answer
Opened a new, undisclosed consolidation loan
