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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?
6.5- 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?
6.12- 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”?
6.17- 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?
6.22- 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?
6.45- What limits are mandatory for flood coverage and how are they determined?
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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