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Scrubbers quiz

A vibrant image depicting a financial theme, featuring a mortgage application, calculator, and various documents like pay stubs and tax forms, all arranged in an engaging way.

Scrubber's Knowledge Quiz

Test your understanding of key concepts in mortgage and finance with our Scrubber's Knowledge Quiz! This quiz covers essential topics that will help you enhance your expertise in the field.

10 challenging questions
Multiple-choice and checkbox formats
Ideal for borrowers and loan officers

10 Questions2 MinutesCreated by MasteringFinance42

If a borrower is paid on the 1st and 15th what type of pay is it?

Semi monthly

Bi weekly

Bi monthly

Semi weekly

How do we calculate commissions income that decreased by 20%?

Use a 24 month average

We can not use it

Use a 12 month average

Get a employer lox and take 24 month average

What documentation do we need when a borrower has had a foreclosure?

Divorce decree

LOX

BK discharge paperwork

Voluntary petition

When does a paystub or bank statement become expired?

Older than 90 days

If its not the most recent one

3 weeks

30 days

How do we handle a schedule c loss on a conventional loan?

Disregard it

Treat it as negative income

Ask for an LOX

Answer B and C

What documents do we need when the borrower owns another property? (check all that apply)

Proof of home owners insurance

Promissory note

Mortgage statement

Tax bill

Purchase agreement

What is the seasoning requirement for a CH.7 BK on an FHA loan?

3 years

4 years

2 years

7 years

T/F we pull Flood cert, Tax bill, USPS, and Timios for refinances?

TRUE

FLASE

What percent do we use as a liability for USDA student loans that state no payment?

.5%

Do residual income calc. For a borrower who has worked 7 weeks and YTD for federal deductions is $4,879?

$3040.33

$3145.15

$3121.98

$3020.33

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