NAMP Processing Exam Solved 100%
___ ________ must be knowledgeable in the market where the assignment is located. -
ANSWER-The appraiser
____ ______ is used for condo transactions. - ANSWER-Form 1073
_____ are used to report a borrowers share of income (or loss) on business tax return
1065 or 1120S - ANSWER-K-1's
_____ may permit one year of tax returns on self employment income. - ANSWER-AUS
______ _____ is used for 2-4 unit transactions. - ANSWER-Form 1025
______ distributions reported on schedule K1 may not be used as qualifying income. -
ANSWER-Cash
_______ _______ summarizes the loan characteristics that determined the loan
decision. - ANSWER-Form 1088
________ _____________ reported on Schedule K1 may not be used as qualifying
income. - ANSWER-Cash Distributions
_________ __________ are used to determine business liquidity. - ANSWER-Financial
Statements
_________ cannot use appraisals ordered or received by borrowers or other parties
with an interest in the transaction - ANSWER-Lenders
__________ is a method of recovering (deducting) certain capital costs over a fixed
period of time. - ANSWER-Amortization
__________ is a method of recovering (deducting) certain capital costs over a fixed
period of time. - ANSWER-Amortization
___________ can be added back in to the business cash flow - ANSWER-Depreciation
1. A large deposit is defined as a single deposit that exceeds ____ of the total monthly
qualifying income for the loan. - ANSWER-50%
1. A partner's ownership interest percentage must be - ANSWER-verified
1. If the net cash flow from Form 8825 is ____________, you may exclude the
property's PITIA from the borrowers debt ratio. - ANSWER-Positive
, 1. S Corporations and partnerships report each shareholder's or partner's share of QBI
on - ANSWER-Schedule K-1
1. Schedule C increasing income is average over ____ months. - ANSWER-24
1. Unlike S Corporations and Corporations, partners do not document any income from
the business on a __ _______ statement - ANSWER-W2 Income
1040 __ and 1040 ___ will no longer be utilized for tax filings - ANSWER-1040 A and
1040 EZ
1120S should be analyzed for a business's ability to generate sufficient - ANSWER-
income
A ______ originates a loan and pledges the loan to an investor and closes it in their
name. - ANSWER-broker
A _________ ____________ is an unincorporated business structure individually
owned and operated. - ANSWER-Sole Proprietorship
A __________ is a business arrangement between two or more individuals. - ANSWER-
partnership
A borrower is considered self employed when they own - ANSWER-25% of the
business.
A borrower who has an ownership interest of _____ or more in a business is considered
self employed. - ANSWER-25%
A borrower, on a Bi-Weekly (every 2 weeks) pay structure is paid __ times a year. -
ANSWER-26
A borrower, on a Semi Monthly (twice a month) pay structure is paid __ times a year. -
ANSWER-24
A case number can only be assigned after having - ANSWER-a SUBJECT PROPERTY
ADDRESS and ACTIVE LOAN APPLICATION.
A consumer must receive the CD at least ___ _________ _______ _____ to closing
date. - ANSWER-3 general business days
A copy of the ______ ________ accompanied by a newspaper stock list that is dated as
of or near the date of the loan application. - ANSWER-stock certificate
A minimum of ___ years of uninterrupted work history is needed for part time
employees. - ANSWER-2
___ ________ must be knowledgeable in the market where the assignment is located. -
ANSWER-The appraiser
____ ______ is used for condo transactions. - ANSWER-Form 1073
_____ are used to report a borrowers share of income (or loss) on business tax return
1065 or 1120S - ANSWER-K-1's
_____ may permit one year of tax returns on self employment income. - ANSWER-AUS
______ _____ is used for 2-4 unit transactions. - ANSWER-Form 1025
______ distributions reported on schedule K1 may not be used as qualifying income. -
ANSWER-Cash
_______ _______ summarizes the loan characteristics that determined the loan
decision. - ANSWER-Form 1088
________ _____________ reported on Schedule K1 may not be used as qualifying
income. - ANSWER-Cash Distributions
_________ __________ are used to determine business liquidity. - ANSWER-Financial
Statements
_________ cannot use appraisals ordered or received by borrowers or other parties
with an interest in the transaction - ANSWER-Lenders
__________ is a method of recovering (deducting) certain capital costs over a fixed
period of time. - ANSWER-Amortization
__________ is a method of recovering (deducting) certain capital costs over a fixed
period of time. - ANSWER-Amortization
___________ can be added back in to the business cash flow - ANSWER-Depreciation
1. A large deposit is defined as a single deposit that exceeds ____ of the total monthly
qualifying income for the loan. - ANSWER-50%
1. A partner's ownership interest percentage must be - ANSWER-verified
1. If the net cash flow from Form 8825 is ____________, you may exclude the
property's PITIA from the borrowers debt ratio. - ANSWER-Positive
, 1. S Corporations and partnerships report each shareholder's or partner's share of QBI
on - ANSWER-Schedule K-1
1. Schedule C increasing income is average over ____ months. - ANSWER-24
1. Unlike S Corporations and Corporations, partners do not document any income from
the business on a __ _______ statement - ANSWER-W2 Income
1040 __ and 1040 ___ will no longer be utilized for tax filings - ANSWER-1040 A and
1040 EZ
1120S should be analyzed for a business's ability to generate sufficient - ANSWER-
income
A ______ originates a loan and pledges the loan to an investor and closes it in their
name. - ANSWER-broker
A _________ ____________ is an unincorporated business structure individually
owned and operated. - ANSWER-Sole Proprietorship
A __________ is a business arrangement between two or more individuals. - ANSWER-
partnership
A borrower is considered self employed when they own - ANSWER-25% of the
business.
A borrower who has an ownership interest of _____ or more in a business is considered
self employed. - ANSWER-25%
A borrower, on a Bi-Weekly (every 2 weeks) pay structure is paid __ times a year. -
ANSWER-26
A borrower, on a Semi Monthly (twice a month) pay structure is paid __ times a year. -
ANSWER-24
A case number can only be assigned after having - ANSWER-a SUBJECT PROPERTY
ADDRESS and ACTIVE LOAN APPLICATION.
A consumer must receive the CD at least ___ _________ _______ _____ to closing
date. - ANSWER-3 general business days
A copy of the ______ ________ accompanied by a newspaper stock list that is dated as
of or near the date of the loan application. - ANSWER-stock certificate
A minimum of ___ years of uninterrupted work history is needed for part time
employees. - ANSWER-2
