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Credit Underwriting

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Credit Underwriting Knowledge Quiz

Test your understanding of credit underwriting concepts with our comprehensive quiz. Designed for finance professionals, this quiz covers essential topics such as credit scores, debt-to-income ratios, and foreclosure guidelines.

11 thought-provoking questions
Multiple choice format for easy answering
Gain insights into credit underwriting practices

11 Questions3 MinutesCreated by LearningFinance202

Name:

1. What is form 1003?

Uniform loan transmittal summary

Uniform loan residential application

2.Debt To Income Ratio is calculated by

Primary housing expenses + all other liabilities divided by total income

Subject mortgage piti + all other liabilities divide by total income

HOME EQUITY LINE OF CREDIT IS

A TYPE OF ACCOUNT WHICH IS SECURED BY PROPERTY

A TYPE OF ACCOUNT WHICH IS UNSECURED

Representative Credit Score is

When two credit scores are obtained, choose the lower score. When three credit scores are obtained, choose the middle score. (If two of the three scores are the same, choose the middle of the three scores.

When three credit scores are obtained, choose the highest score.

Inquiries Indicate Recent Attempts to Obtain New Credit

TRUE

FALSE

Credit report must reflect all inquiries that were made in the previous 90 days from the date of credit report.

FALSE

TRUE

Public Records information includes

EMPLOYMENT DETAILS, LIENS, TAXES, JUDGMENTS

JUDGMENT, TAX LIENS, FORECLOSURES, BANKRUPTCIES

Bankruptcy (Chapter 7 or Chapter 11)

A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

A one-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

Foreclosure

7 years waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

5 years waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

A deed-in-lieu of foreclosure is a transaction in which the deed to the real property is transferred back to the servicer.

True

False

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