National and UST Mortgage Practice
Exam 1 2025 Update|Complete Exam
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Terms in this set (66)
,A borrower C. $750
received $1,000
per month in Generally, 75% of rental income may
rental income. be used to qualify a borrower for a
How much of the loan. This formula is based on an
income may be industry standard that taxes,
used to qualify insurance, and maintenance costs will
the borrower for equal about 25% of the income that a
a loan? property generates. In this case, 75% x
$1,000 = $750.
A. $1,000
B. $800
C. $750
D. $1,250
What is Freddie C. Loan Product Advisor
Mac's automated
underwriting Freddie Mac's automated
system called? underwriting system is called Loan
Product Advisor (formerly known as
A. Desktop Loan Prospector), while Fannie Mae's
Originator is called Desktop Underwriter.
B. Underwriter
Assistant
C. Loan Product
Advisor
D. AUS
,Which of the B. Car payment, boat payment, child
following support obligations
contains only
items which A debt-to-income ratio compares an
should be used in applicant's total monthly debt to his or
calculating a her total monthly income. Total
borrower's debt- monthly debt would include
to-income ratio? simultaneous loans, debt obligations,
alimony, and child support. Typical
A. Monthly rent living expenses (e.g., utilities, health
expense on and disability insurance, food, phone
current home, or cable bills, etc.) are not included
credit card when calculating DTI.
payment, car
insurance
B. Car payment,
boat payment,
child support
obligations
C. Property tax
payment, utility
payment, cable
bill
D. Mortgage
insurance
payment, average
, grocery costs,
electric bill
Exam 1 2025 Update|Complete Exam
Set Questions And Verified Answers |
Get It 100% Accurate!!| Already
Passed A+
Save
Terms in this set (66)
,A borrower C. $750
received $1,000
per month in Generally, 75% of rental income may
rental income. be used to qualify a borrower for a
How much of the loan. This formula is based on an
income may be industry standard that taxes,
used to qualify insurance, and maintenance costs will
the borrower for equal about 25% of the income that a
a loan? property generates. In this case, 75% x
$1,000 = $750.
A. $1,000
B. $800
C. $750
D. $1,250
What is Freddie C. Loan Product Advisor
Mac's automated
underwriting Freddie Mac's automated
system called? underwriting system is called Loan
Product Advisor (formerly known as
A. Desktop Loan Prospector), while Fannie Mae's
Originator is called Desktop Underwriter.
B. Underwriter
Assistant
C. Loan Product
Advisor
D. AUS
,Which of the B. Car payment, boat payment, child
following support obligations
contains only
items which A debt-to-income ratio compares an
should be used in applicant's total monthly debt to his or
calculating a her total monthly income. Total
borrower's debt- monthly debt would include
to-income ratio? simultaneous loans, debt obligations,
alimony, and child support. Typical
A. Monthly rent living expenses (e.g., utilities, health
expense on and disability insurance, food, phone
current home, or cable bills, etc.) are not included
credit card when calculating DTI.
payment, car
insurance
B. Car payment,
boat payment,
child support
obligations
C. Property tax
payment, utility
payment, cable
bill
D. Mortgage
insurance
payment, average
, grocery costs,
electric bill
