CRU Exam 1 Comprehensive
Study Guide + Exam Questions &
Solutions Graded A+
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,Select all that apply. Which of the following fields can be used
to search for a loan in Loan Product Advisor (LPA)? - Answer: -
Property Address
-AUS Transaction Number
-Borrower Last name
-Fannie Mae ID
All
The opportunity to utilize streamlined appraisal is lost if the
lender fails to submit an accurate address for the subject
property to Desktop Underwriter (DU). - Answer: False*
What is the primary role of the GSEs, Fannie Mae and Freddie
Mac? - Answer: Buy mortgages and create mortgage-backed
securities
Cash proceeds from a cash out refinance transaction are an
acceptable source of liquid reserves. - Answer: False
A borrower has a three-year history of overtime, verified by W-
2s and a VOE. The overtime income has risen slightly over the
, last three years. The remainder of the file is strong, with a good
credit score and all other eligibility issues met. How would you
calculate the overtime income, unless otherwise stipulated by
the AUS findings? - Answer: Average the last two years'
overtime
A profit and loss statement does which of the following? -
Answer: Provides a snapshot of the income and expenses of a
business during a calendar or fiscal year.
Select two. Unless otherwise indicated by the automated
underwriting findings report, which of the following documents
are used to verify salaried income? - Answer: A verification of
employment (VOE)
W-2s covering the most recent 2-year period
Which team in a mortgage banking operation is primarily
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
Study Guide + Exam Questions &
Solutions Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic
Support
Helping Students Achieve Academic Excellence
,Select all that apply. Which of the following fields can be used
to search for a loan in Loan Product Advisor (LPA)? - Answer: -
Property Address
-AUS Transaction Number
-Borrower Last name
-Fannie Mae ID
All
The opportunity to utilize streamlined appraisal is lost if the
lender fails to submit an accurate address for the subject
property to Desktop Underwriter (DU). - Answer: False*
What is the primary role of the GSEs, Fannie Mae and Freddie
Mac? - Answer: Buy mortgages and create mortgage-backed
securities
Cash proceeds from a cash out refinance transaction are an
acceptable source of liquid reserves. - Answer: False
A borrower has a three-year history of overtime, verified by W-
2s and a VOE. The overtime income has risen slightly over the
, last three years. The remainder of the file is strong, with a good
credit score and all other eligibility issues met. How would you
calculate the overtime income, unless otherwise stipulated by
the AUS findings? - Answer: Average the last two years'
overtime
A profit and loss statement does which of the following? -
Answer: Provides a snapshot of the income and expenses of a
business during a calendar or fiscal year.
Select two. Unless otherwise indicated by the automated
underwriting findings report, which of the following documents
are used to verify salaried income? - Answer: A verification of
employment (VOE)
W-2s covering the most recent 2-year period
Which team in a mortgage banking operation is primarily
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
