Course 9: Lesson 5: Automated Underwriting
Review the Fannie Mae Underwriting Findings for Joe Homeowner (located in your reference materials) then answer the following question: What is the proposed PITI?
Response: 1,989.56
Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What is the product type and interest rate?
Response: 30 year fixed rate, 3.875%
Review the Fannie Mae Underwriting Findings for Joe Homeowner (located in your reference materials) then answer the following question: What is Joe's base income?
Response: 6,565.87 per month
Review the Fannie Mae Underwriting Findings for Joe Homeowner (located in your reference materials) then answer the following question: How much funds do you need to verify?
Response: 77,958.00
Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What is the total funds to be verified?
Response: 9,681.59
Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in the reference materials) then answer the following question: What is the LTV/CLTV of this loan?
Response: 97%/97%
What are the various recommendations (levels of approval) DU will provide? (Select all that apply)
Response: Approve/Eligible Response: Approve/Ineligible Response: Out of Scope Response: Refer with Caution/Ineligible
Which AUS is used by Fannie Mae?
Response: DU
Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What is the Loan Product Advisor indicator credit score for this loan?
Response: Experian 694
Your Underwriter can approve a loan with an LPA feedback "Caution with A-Minus Offering/Accept."
Response: False
Review the Loan Product Advisor Full Feedback Certificate for Fred Seven (located in your reference materials) then answer the following question: What type of employment documentation is required? (Select all that apply)
Response: Most recent paystubs Response: Most recent years W-2's
Review the Fannie Mae Underwriting Findings for Joe Homeowner (located in your reference materials) then answer the following question: What is the purpose and loan type?
Response: Purchase, conventional
What are the Credit Risk Class designations (levels of approval) that LPA will provide? (Select all that apply)
Response: Refer Response: Accept Response: Caution
What does it mean if you receive an "Approve/Ineligible" on the DU findings?
Response: The credit profile of the borrower is approved, however, the loan is ineligible for delivery to Fannie Mae
