Podcast
Questions and Answers
What is the best way to calculate annual income from commission?
What is the best way to calculate annual income from commission?
What is the purpose of the front-end ratio?
What is the purpose of the front-end ratio?
A borrower with 25% or more ownership in a business is considered:
A borrower with 25% or more ownership in a business is considered:
What is the minimum ownership percentage required for a borrower to be considered self-employed?
What is the minimum ownership percentage required for a borrower to be considered self-employed?
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What is the best way to calculate annual income for a borrower who earns commission?
What is the best way to calculate annual income for a borrower who earns commission?
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What is the purpose of the front-end ratio in mortgage underwriting?
What is the purpose of the front-end ratio in mortgage underwriting?
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What is the ownership threshold for a borrower to be considered self-employed?
What is the ownership threshold for a borrower to be considered self-employed?
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What is a requirement for using bank statements as proof of income?
What is a requirement for using bank statements as proof of income?
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What is the combined loan-to-value ratio (CLTV)?
What is the combined loan-to-value ratio (CLTV)?
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What is required to include alimony or child support as income for mortgage qualification?
What is required to include alimony or child support as income for mortgage qualification?
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What is the purpose of the front-end ratio in mortgage underwriting?
What is the purpose of the front-end ratio in mortgage underwriting?
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What is the minimum ownership percentage required for a borrower to be considered self-employed?
What is the minimum ownership percentage required for a borrower to be considered self-employed?
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What is the best way to calculate annual income from commission?
What is the best way to calculate annual income from commission?
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Which of the following is the most acceptable form of documentation for a borrower to qualify for a mortgage?
Which of the following is the most acceptable form of documentation for a borrower to qualify for a mortgage?
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To use income from notes receivable for mortgage qualification, a borrower must provide:
To use income from notes receivable for mortgage qualification, a borrower must provide:
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For interest and dividends to be considered as income, what is required?
For interest and dividends to be considered as income, what is required?
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Which of the following is NOT acceptable as rental income documentation?
Which of the following is NOT acceptable as rental income documentation?
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A self-employed borrower must provide what to use their income for mortgage qualification?
A self-employed borrower must provide what to use their income for mortgage qualification?
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Bank statements can be used as proof of income under what condition?
Bank statements can be used as proof of income under what condition?
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What does VOE stand for in mortgage processing?
What does VOE stand for in mortgage processing?
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How do you calculate gross monthly income for someone paid biweekly?
How do you calculate gross monthly income for someone paid biweekly?
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The front-end ratio in mortgage qualification measures:
The front-end ratio in mortgage qualification measures:
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LTV stands for:
LTV stands for:
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The back-end ratio includes:
The back-end ratio includes:
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Which income source cannot be used for qualification if it will discontinue within 3 years?
Which income source cannot be used for qualification if it will discontinue within 3 years?
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What documentation is typically required to verify income for mortgage qualification?
What documentation is typically required to verify income for mortgage qualification?
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What does the acronym VOE stand for in mortgage lending?
What does the acronym VOE stand for in mortgage lending?
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For someone paid biweekly, how is their gross monthly income calculated?
For someone paid biweekly, how is their gross monthly income calculated?
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What does the front-end ratio represent in mortgage qualification?
What does the front-end ratio represent in mortgage qualification?
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What does the acronym LTV stand for in mortgage lending?
What does the acronym LTV stand for in mortgage lending?
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How is the back-end ratio calculated for mortgage qualification?
How is the back-end ratio calculated for mortgage qualification?
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Which of the following statements about verifying commission income is true?
Which of the following statements about verifying commission income is true?
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What is the purpose of calculating the front-end ratio?
What is the purpose of calculating the front-end ratio?
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Which of the following statements about self-employment is true?
Which of the following statements about self-employment is true?
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What is the minimum ownership percentage required for a borrower to be considered self-employed?
What is the minimum ownership percentage required for a borrower to be considered self-employed?
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Which of the following is NOT a valid method for calculating annual income from commission?
Which of the following is NOT a valid method for calculating annual income from commission?
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How is rental income for mortgage qualification typically calculated?
How is rental income for mortgage qualification typically calculated?
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When considering bank statements as proof of income, what type of borrowers are typically targeted?
When considering bank statements as proof of income, what type of borrowers are typically targeted?
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What does CLTV ratio represent in mortgage qualification?
What does CLTV ratio represent in mortgage qualification?
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Why is a compensating factor important in mortgage qualification?
Why is a compensating factor important in mortgage qualification?
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How is monthly income calculated for someone paid on a weekly basis?
How is monthly income calculated for someone paid on a weekly basis?
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How can a borrower use income from notes receivable for mortgage qualification?
How can a borrower use income from notes receivable for mortgage qualification?
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What documentation is needed to use interest and dividends as income for mortgage qualification?
What documentation is needed to use interest and dividends as income for mortgage qualification?
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What is not acceptable as rental income documentation for mortgage qualification?
What is not acceptable as rental income documentation for mortgage qualification?
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What is required for a self-employed borrower to use their income for mortgage qualification?
What is required for a self-employed borrower to use their income for mortgage qualification?
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What can some loan programs use as proof of income?
What can some loan programs use as proof of income?
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What is required for a borrower to use income from notes receivable for mortgage qualification?
What is required for a borrower to use income from notes receivable for mortgage qualification?
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To qualify for a mortgage, what is needed for the borrower to use interest and dividends as income?
To qualify for a mortgage, what is needed for the borrower to use interest and dividends as income?
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Which of the following is NOT an acceptable form of rental income documentation for mortgage qualification?
Which of the following is NOT an acceptable form of rental income documentation for mortgage qualification?
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What is a requirement for a self-employed borrower to use their income for mortgage qualification?
What is a requirement for a self-employed borrower to use their income for mortgage qualification?
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Under what condition can bank statements be used as proof of income for loan programs?
Under what condition can bank statements be used as proof of income for loan programs?
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What documentation is required to use income from notes receivable for mortgage qualification?
What documentation is required to use income from notes receivable for mortgage qualification?
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What is required to include interest and dividends as income for mortgage qualification?
What is required to include interest and dividends as income for mortgage qualification?
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How is rental income for mortgage qualification typically calculated?
How is rental income for mortgage qualification typically calculated?
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What is a requirement for a self-employed borrower to use their income for mortgage qualification?
What is a requirement for a self-employed borrower to use their income for mortgage qualification?
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Under what condition can bank statements be used as proof of income for a mortgage loan?
Under what condition can bank statements be used as proof of income for a mortgage loan?
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For a borrower to use income from notes receivable for mortgage qualification, what documentation must be provided?
For a borrower to use income from notes receivable for mortgage qualification, what documentation must be provided?
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Which of the following is NOT acceptable documentation for using interest and dividends as qualifying income?
Which of the following is NOT acceptable documentation for using interest and dividends as qualifying income?
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Which of the following is acceptable documentation for using rental income to qualify for a mortgage?
Which of the following is acceptable documentation for using rental income to qualify for a mortgage?
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For a self-employed borrower to use their income to qualify for a mortgage, what is required?
For a self-employed borrower to use their income to qualify for a mortgage, what is required?
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How can a borrower use income from notes receivable for mortgage qualification?
How can a borrower use income from notes receivable for mortgage qualification?
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Under what condition can bank statements be used as acceptable proof of income for mortgage qualification?
Under what condition can bank statements be used as acceptable proof of income for mortgage qualification?
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What documentation is needed to use interest and dividends as income for mortgage qualification?
What documentation is needed to use interest and dividends as income for mortgage qualification?
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What is required for a self-employed borrower to use their income for mortgage qualification?
What is required for a self-employed borrower to use their income for mortgage qualification?
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What type of borrowers are typically targeted when using bank statements as proof of income?
What type of borrowers are typically targeted when using bank statements as proof of income?
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Which income source cannot be used for qualification if it will discontinue within 3 years?
Which income source cannot be used for qualification if it will discontinue within 3 years?
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To use income from notes receivable for mortgage qualification, a borrower must provide:
To use income from notes receivable for mortgage qualification, a borrower must provide:
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For interest and dividends to be considered as income, what is required?
For interest and dividends to be considered as income, what is required?
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Which of the following is NOT acceptable as rental income documentation?
Which of the following is NOT acceptable as rental income documentation?
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A self-employed borrower must provide what to use their income for mortgage qualification?
A self-employed borrower must provide what to use their income for mortgage qualification?
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What is a requirement for using bank statements as proof of income?
What is a requirement for using bank statements as proof of income?
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What documentation is required to use income from notes receivable for mortgage qualification?
What documentation is required to use income from notes receivable for mortgage qualification?
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What is required to include interest and dividends as income for mortgage qualification?
What is required to include interest and dividends as income for mortgage qualification?
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Which of the following is NOT acceptable as rental income documentation for mortgage qualification?
Which of the following is NOT acceptable as rental income documentation for mortgage qualification?
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What is required for a self-employed borrower to use their income for mortgage qualification?
What is required for a self-employed borrower to use their income for mortgage qualification?
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Which of the following loan programs can use bank statements as proof of income?
Which of the following loan programs can use bank statements as proof of income?
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What is the ownership threshold for a borrower to be considered self-employed?
What is the ownership threshold for a borrower to be considered self-employed?
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How can a borrower use income from notes receivable for mortgage qualification?
How can a borrower use income from notes receivable for mortgage qualification?
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What is the purpose of the front-end ratio in mortgage underwriting?
What is the purpose of the front-end ratio in mortgage underwriting?
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Which income source cannot be used for qualification if it will discontinue within 3 years?
Which income source cannot be used for qualification if it will discontinue within 3 years?
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What is the best way to calculate annual income from commission?
What is the best way to calculate annual income from commission?
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