Underwriter Quiz

Samwell Tarley has student loans on his credit report showing a monthly payment of $0, do we include these in his DTI ratios? If no, how do we document the file? If yes, how do we document the file?

Khal Drogo is purchasing a house. He will be the only borrower on the note. What all documents will Khaleesi (his wife) need to be on?

Theon Greyjoy is purchasing a investment property in Winterfell. His primary residence in the Iron Islands has a monthly expense of $450 in Taxes and $200 in Insurance. What will be the reserve requirements for this loan?

Cersei Lannister applied for a mortgage loan on June 1, 2022. She received her Loan Estimate on June 8, 2022. Her rate was locked on June 13, 2022 and a new Loan Estimate was disclosed on June 16, 2022. Cersei received her Closing Disclosure on June 28, 2022 and closed her loan on July 1, 2022. Have our disclosures fallen within TRID timelines?

Ned Stark needed all new furniture for his new home in King's Landing. After he had the clear to close on his mortgage, he opened a new credit card, spent $3,000 on furniture, and has a new minimum monthly payment of $75. He also decided it was time for a new horse. He sold his horse and paid off the associated note. Lord Baelish gifted him a company horse since he was the new Hand of the King. Both the new credit card and the paid off loan are showing on the LQ Report. What updates need to be done to our URLA?

Robert Baratheon is killed by a boar. He did not have a will and so his estate is passed on to his heirs. Joffrey Baratheon wants to sell Robert's primary residence in Storm's End because he feels he has no need for this. Joffrey believes that since he is the King he has full right to sell this house. What would need to be done before Joffrey could sell this house?

Bronn is a self employed Sell Sword. After his income is spread on the SAM Worksheet, we have 2020 income of $150,000 and 2021 income of $160,000, averaging a qualifying monthly income of $12,916.67. What documentation will we need to clear the income?

Arya Stark is purchasing a new home in Bravos. Her house has 10 acres along with a training facility, a barn, a guest house, and three storage buildings. The value of these improvements comes to about 45% of the total value of the property. What are some things that would need to be included on our appraisal to support our appraiser's opinion of value?

Jon Snow's lock had to be extended because he is going out of town - north of the wall - for a few days. What all documents have to be updated and why?

An online application is submit on 06/01/2022. The LO qualifies the loan and sends it to the borrower to sign on 06/03. The borrower signs it with the other disclosures on 06/06. The credit report is run on 06/03. The LO signs on 06/06 when the signed URLA is received by the borrower. What is the application date?

With the initial application for Sansa Stark, what will we need to verify each piece of information? What are some things on the URLA that will need to be updated?