Scrubbers quiz
Scrubber's Knowledge Quiz
Test your understanding of key concepts in mortgage and finance with our Scrubber's Knowledge Quiz! This quiz covers essential topics that will help you enhance your expertise in the field.
- 10 challenging questions
- Multiple-choice and checkbox formats
- Ideal for borrowers and loan officers
If a borrower is paid on the 1st and 15th what type of pay is it?
Semi monthly
Bi weekly
Bi monthly
Semi weekly
How do we calculate commissions income that decreased by 20%?
Use a 24 month average
We can not use it
Use a 12 month average
Get a employer lox and take 24 month average
What documentation do we need when a borrower has had a foreclosure?
Divorce decree
LOX
BK discharge paperwork
Voluntary petition
When does a paystub or bank statement become expired?
Older than 90 days
If its not the most recent one
3 weeks
30 days
How do we handle a schedule c loss on a conventional loan?
Disregard it
Treat it as negative income
Ask for an LOX
Answer B and C
What documents do we need when the borrower owns another property? (check all that apply)
Proof of home owners insurance
Promissory note
Mortgage statement
Tax bill
Purchase agreement
What is the seasoning requirement for a CH.7 BK on an FHA loan?
3 years
4 years
2 years
7 years
T/F we pull Flood cert, Tax bill, USPS, and Timios for refinances?
TRUE
FLASE
What percent do we use as a liability for USDA student loans that state no payment?
1%
5%
0%
.5%
Do residual income calc. For a borrower who has worked 7 weeks and YTD for federal deductions is $4,879?
$3040.33
$3145.15
$3121.98
$3020.33
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