Create a quiz for mortgage loan processors using this info: Process Steps for Reading Paystubs: Is the paystub needed? If there is an AIV in ELF it may not be needed. Does the pays... Create a quiz for mortgage loan processors using this info: Process Steps for Reading Paystubs: Is the paystub needed? If there is an AIV in ELF it may not be needed. Does the paystub show a different borrower name or address for the borrower than the current information on the questionnaire? Does the employer name and address match what is provided on the questionnaire? Address may be the corporate office. Borrower may work remotely. Does the paystub show the current pay period, pay amount, and YTD income? If more than 1 paystub is provided, are they consecutive? Do we have at least 30 days of YTD income? Does the paystub show full time hours? If hours are sporadic, a WVOE will need to be obtained to verify average hours worked. Does the paystub show OT, Bonus, or Commission? If these additional incomes are not needed to qualify, disregard. If they are needed to qualify a WVOE will need to be obtained. If Commission income is needed to qualify and is greater than 25% of the borrower’s total income, tax returns will need to be requested. Determine how often the borrower is paid and calculate the income accordingly. Show your calculation to the underwriter in a text box in ELF. After completing full review of the paystub, update the income in Empower. Process Steps for Reading Asset Documents: Is the statement needed? If not, exclude from file and remove the asset from Empower. Is the account in our borrower’s name(s)? FHA loans will require a joint access letter for any account holders not on the loan. Have you received all pages of the statement? Make sure the pages are not cut off and that all the information is legible. Do the statements cover a 2-month timeframe? If it is a transaction history, is the URL or bank stamp present? After completing full review of the statement, update the asset balance in Empower. Input the current balance of the most recent statement and select the proper account type. Take the opportunity to engage in a discussion with the borrower to set expectations if you see a potential negative impact based on documents sent.
Understand the Problem
The question is requesting the creation of a quiz specifically designed for mortgage loan processors that focuses on processing paystubs and asset documents. The quiz should cover multiple steps in reviewing paystubs and asset documents based on the information provided, ensuring that loan processors have a clear understanding of what to check and verify.
Answer
Determine document necessity, verify information consistency, ensure timeframes and requirements, communicate issues, and update systems.
- Determine necessity of paystub or statement based on contextual prompts such as borrower information accuracy, participation in AIV, and completeness of documents.
- Verify consistency and legitimacy of borrower, employer, or account information.
- Check coverage of appropriate timeframes and legal requirements.
- Communicate potential issues to stakeholders.
- Update relevant systems with verified data.
Answer for screen readers
- Determine necessity of paystub or statement based on contextual prompts such as borrower information accuracy, participation in AIV, and completeness of documents.
- Verify consistency and legitimacy of borrower, employer, or account information.
- Check coverage of appropriate timeframes and legal requirements.
- Communicate potential issues to stakeholders.
- Update relevant systems with verified data.
More Information
Creating a quiz on these procedures can enhance understanding and aid in compliance with mortgage loan processing guidelines.
Tips
A common mistake is failing to check if multiple paystubs are consecutive, which can affect accurate income verification.
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