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CRU Exam 1 | 120 Questions | 100% Correct Answers

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Select all that apply. Which of the following fields can be used to search for a loan in Loan Product Advisor (LPA)? - ✔✔-Property Address -AUS Transaction Number -Borrower Last name -Fannie M... ae ID All The opportunity to utilize streamlined appraisal is lost if the lender fails to submit an accurate address for the subject property to Desktop Underwriter (DU). - ✔✔False* What is the primary role of the GSEs, Fannie Mae and Freddie Mac? - ✔✔Buy mortgages and create mortgage-backed securities Cash proceeds from a cash out refinance transaction are an acceptable source of liquid reserves. - ✔✔False A borrower has a three-year history of overtime, verified by W-2s and a VOE. The overtime income has risen slightly over the last three years. The remainder of the file is strong, with a good credit score and all other eligibility issues met. How would you calculate the overtime income, unless otherwise stipulated by the AUS findings? - ✔✔Average the last two years' overtime A profit and loss statement does which of the following? - ✔✔Provides a snapshot of the income and expenses of a business during a calendar or fiscal year. Select two. Unless otherwise indicated by the automated underwriting findings report, which of the following documents are used to verify salaried income? - ✔✔A verification of employment (VOE) W-2s covering the most recent 2-year period Which team in a mortgage banking operation is primarily responsible for insuring that the investor gets all the documentation necessary when a loan is sold? - ✔✔Shipping The document published by Fannie Mae that provides comprehensive LTV, CLTV, and HCLTV ratio requirements for manually underwritten loans is called the: - ✔✔Eligibility Matrix Select all that apply. An Excessive Value with Valuation Risk message from Desktop Underwriter (DU) alerts the lender that there is a risk of [Show More]

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