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Chapter 6 Loan Application

Terms in this set (32)

How many years of home addresses are required on the typical loan application?
2 years
How many years of employment history may be required on the loan application?
2 years
Which of the following is NOT usually required by a loan applicant
Personal references
Commission bonus or dividend income is usually averaged over:
2 years
In order to be counted as income, retirement income must continue for how long after the loan application is signed?
3 years
In order to be counted as income, alimony must continue for how long after the loan application is signed?
3 years
If there is no minimum monthly credit card payment what percent of the balance is used in the calculation of monthly debt?
5%
How many months must be left on a car lease payments in order to eb included as a debt?
Automobile lease payments are always included.
How many months must be left on an installment charge in order to be included a debt?
More than 10 months
The Fannie Mae Total Obligations Ratio is:
36%
Payment for alimony must continue for how long after the application date in order to be included as a debt?
10 months
A lock - in Agreement does NOT include:
APR
Which IRS form does a lender use ti verify ab application income?
4506- T / 4506 -C
Fannie Mae requires how many years of credit and public records review?
7 years
Bankruptcies can be kept on the credit report for a maximum of:
10 years
Credit reports for new contraction cannot be older than:
120 days
FICO stands for:
Fair Issac Corporation
If two credit scores are obtained for a single borrower the representative score that is usually used is:
the lower score
If the three credit scores are obtained for a single borrower the representative score that usually used is:
The middle score
The maximum age limit for a borrower is:
There is no maximum age limit
A guarantor or co-signer signs the:
Note
Which of the following is NOT a national credit repository?
Fannie Mae
What minimum percentage of ownership of a business is required for an individual to be considered self- employed?
25%
What of the following is NOT an escrow impound?
Title Insurance
Fannie Mae generally wants how many months of liquid financial reserves after closing?
2 months
Fannie Mae requires a non-qualifying spouse whose income is not used in qualifying to sign the:
Mortgage
A co-borrower whose income is used to qualify must sign the:
Mortgage and the note
If a mortgage is secured by the primary residence, Fannie Mae allows how many total properties to be financed?
No limit
Which form is used to summarize the information ion the loan package?
Fannie Mae 1008 - Transmittal Summary
Which form is used to verify Employment information?
Fannie Mae 1005 - Verification of employment
Which form is used to verify bank accounts?
Fannie Mae 1006 Verification of Deposit
Which piece of information is NOT required in oder to have a legal loan application?
Consumer signature
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