CRU Exam 1 2024

CRU Exam 1 2024 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.