Credit Underwriting
Credit Underwriting Knowledge Quiz
Test your understanding of credit underwriting concepts with our comprehensive quiz. Designed for finance professionals, this quiz covers essential topics such as credit scores, debt-to-income ratios, and foreclosure guidelines.
- 11 thought-provoking questions
- Multiple choice format for easy answering
- Gain insights into credit underwriting practices
1. What is form 1003?
Uniform loan transmittal summary
Uniform loan residential application
2.Debt To Income Ratio is calculated by
Primary housing expenses + all other liabilities divided by total income
Subject mortgage piti + all other liabilities divide by total income
HOME EQUITY LINE OF CREDIT IS
A TYPE OF ACCOUNT WHICH IS SECURED BY PROPERTY
A TYPE OF ACCOUNT WHICH IS UNSECURED
Representative Credit Score is
When two credit scores are obtained, choose the lower score. When three credit scores are obtained, choose the middle score. (If two of the three scores are the same, choose the middle of the three scores.
When three credit scores are obtained, choose the highest score.
Inquiries Indicate Recent Attempts to Obtain New Credit
TRUE
FALSE
Credit report must reflect all inquiries that were made in the previous 90 days from the date of credit report.
FALSE
TRUE
Public Records information includes
EMPLOYMENT DETAILS, LIENS, TAXES, JUDGMENTS
JUDGMENT, TAX LIENS, FORECLOSURES, BANKRUPTCIES
Bankruptcy (Chapter 7 or Chapter 11)
A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.
A one-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.
Foreclosure
7 years waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.
5 years waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.
A deed-in-lieu of foreclosure is a transaction in which the deed to the real property is transferred back to the servicer.
True
False
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