(6) Loan Qualification Requirements, Processing, and Underwriting - Z-Mortgage (www.ZMortgageOnline.com)

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(1) Overview of Mortgage Lending in United States
(2) Regulatory Authorities Overseeing the Mortgage Industry
(3) Federal Mortgage-Related Laws
(4) Loan Origination Activities
(5) Loan Inquiry and Application Process Requirements (1003)
(6) Loan Qualification Requirements, Processing, and Underwriting
(7) Closing
(8) Financial Calculations/Mortgage Math/APR
(9) Traditional and Non-Traditional Mortgage Products
(10) Mortgage loan products
(11) Ethical issues and behavior related to loan origination activities
(12) SAFE Act and CSBS/ARRMR Model State Law

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Uniform Residential Loan Application
Continuation Sheet
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Unmarried Addendum

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(6) Loan Qualification Requirements, Processing, and Underwriting

6.1- During Borrower analysis, what are Acceptable assets that may be used for a down payment?

6.2- During Borrower Analysis, how are Assets Classified (Types of asset classifications)?

6.3- During Borrower Analysis, what Assets are permissible to be used toward reserve funds?

6.4- During Borrower analysis, what Actions are not permitted with respect to Verification of Deposits?

6.5- What type and how are Liabilities listed on a loan application?

6.6- Explain Types of liabilities

6.7- For verification of Income, what Documentation is required for a self-employed applicant?

6.8- How is Capital Gains Income Utilized on a loan application?

6.9- What Types of income are acceptable and applicable for qualification of a loan?

6.10- Can Social security and/or disability income be applied toward a loan analysis or as qualifying income?

6.11- What Documentation is required for work history and income when there has been an absence in employment over 3 years?

6.12- How is monthly income Calculated?

6.13- What Information is included on a credit report?

6.14- What Factors are used in determining a credit score?

6.15- What are Qualifying ratios? What is the Definition of “capacity”?

6.16- What Factors are considered when calculating the expense-to-income ratio and how is it calculated?

6.17- What factors are considered when calculating Loan to value ratios and how is it calculated?

6.18- How is the debt-to-income ratio Calculated?

6.19- How is the housing to income ratio Calculated?

6.20- How is the total debt ratio calculated?

6.21- What are the Factors taken into consideration when reviewing an applicant’s ability to repay a loan?

6.22- What are the Methods of verifying income/assets?

6.23- How is a borrower’s ability to repay the loan determined?

6.24- What is the Allowable debt to income ratio at loan consummation?

6.25- What are Safe harbor provisions and scenarios?

6.26- Explain Ability to repay scenarios

6.27- Explain Tangible net benefit

6.28- What are different occupancy types?

6.29- Explain Verification of Deposit scenarios

6.30- What is the Purpose of appraisals?

6.31- What is "Market approach"?

6.32- What is "Income approach"?

6.33- What is "Cost approach"?

6.34- What is "Market data approach"?

6.35- How is comparable information used to establish values?

6.36- What is the Requirement/timeline to inform applicant of the right to receive an appraisal?

6.37- Explain Facts on appraisals?

6.38- What is the Definition of “appraisal”?

6.39- What is Appraisal requirement with a high-risk mortgage?

6.40- What is the Definition of “appraiser”?

6.41- What is a Title report and how are title reports obtained?

6.42- What are the Timings of title reports and its commitments

6.43- What is the Preliminary Title Reports Cost approach?

6.44- What is the significance of Flood Zone and explain the requirements of Flood Insurance for specific properties in the flood zone?

6.45- What limits are mandatory for flood coverage and how are they determined?

6.46- What is Private Mortgage Insurance and the Purpose? What are the Benefits of private mortgage insurance? Explain Facts on private mortgage insurance and ratios?

6.47- What are Requirement guidelines to ending private mortgage insurance?

6.48- What is Loan to value ratio that triggers private mortgage insurance ?

6.49- What is Hazard/Homeowner Insurance? What is Forced-placed insurance?

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