Course 9 Lesson 5 Automated Underwriting Questions and Answer

Course 9 Lesson 5 Automated Underwriting Questions and Answer Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What type of employment documentation is required? (Select all that apply) Response: Most recent paystubs Response: Most recent years W-2's Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What is the product type and interest rate? Response: 30 year fixed rate, 3.875% Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Review the Fannie Mae Underwriting Findings for Joe Homeowner (located in your reference materials) then answer the following question: How much funds do you need to verify? Response: 77,958.00 What does it mean if you receive an "Approve/Ineligible" on the DU findings? Response: The credit profile of the borrower is approved, however, the loan is ineligible for delivery to Fannie Mae Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What is the total funds to be verified? Response: 9,681.59 Review the Fannie Mae Underwriting Findings for Joe Homeowner (located in your reference materials) then answer the following question: What is the purpose and loan type? Response: Purchase, conventional Your Underwriter can approve a loan with an LPA feedback "Caution with A-Minus Offering/Accept." Response: False Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in the reference materials) then answer the following question: What is the LTV/CLTV of this loan? Response: 97%/97% What are the various recommendations (levels of approval) DU will provide? (Select all that apply) Response: Approve/Eligible Response: Approve/Ineligible Response: Out of Scope Response: Refer with Caution/Ineligible Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What is the Loan Product Advisor indicator credit score for this loan? Response: Experian 694 What are the Credit Risk Class designations (levels of approval) that LPA will provide? (Select all that apply) Response: Refer Response: Accept Response: Caution Review the Fannie Mae Underwriting Findings for Joe Homeowner (located in your reference materials) then answer the following question: What is Joe's base income? Response: 6,565.87 per month