P4-66 Quiz

Quiz Summary

0 of 6 Questions completed

Questions:

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 6 Questions answered correctly

Your time:

You have reached 0 of 0 point(s), (0)

Question 1 of 6

1. Question

How is Social Security retirement or long-term disability income treated when the borrower is drawing benefits from their own work record?

It is considered stable income with no defined expiration date and must be expected to continue
Correct Incorrect Correct answer

It must have at least three years remaining
Correct Incorrect Correct answer

It must be re-verified annually
Correct Incorrect Correct answer

It may only be used if supplemented by other income
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 6

2. Question

When may Social Security benefits paid on behalf of a family member be used as qualifying income?

When the borrower expects the benefits to continue indefinitely
Correct Incorrect Correct answer

When documentation confirms the remaining benefit term is at least three years from the mortgage application date
Correct Incorrect Correct answer

Only when the borrower is the legal guardian of the family member
Correct Incorrect Correct answer

Only if the benefits are paid directly to the borrower
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 6

3. Question

What documentation is required to verify long-term disability income that is not received from the Social Security Administration?

A verbal verification from the employer
Correct Incorrect Correct answer

Copies of the borrower’s last two years of tax returns only
Correct Incorrect Correct answer

A copy of the borrower’s disability policy or benefits statement from the benefits payer
Correct Incorrect Correct answer

A letter from the borrower explaining the disability
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 6

4. Question

Which of the following must be determined when verifying long-term disability income?

The borrower’s medical diagnosis
Correct Incorrect Correct answer

The borrower’s current eligibility, payment amount and frequency, and whether a termination or modification date exists
Correct Incorrect Correct answer

The borrower’s expected retirement date
Correct Incorrect Correct answer

The borrower’s prior employment income
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 6

5. Question

If a borrower is currently receiving short-term disability income that will convert to a lower long-term benefit within the next three years, which income amount must be used for qualifying?

The current short-term disability income
Correct Incorrect Correct answer

An average of short-term and long-term benefits
Correct Incorrect Correct answer

No disability income may be used
Correct Incorrect Correct answer

The projected long-term disability benefit amount
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 6

6. Question

What employment history requirements apply when there has been a gap in employment of more than three years?

A minimum of three years of continuous employment is required for all loan types
Correct Incorrect Correct answer

Employment gaps automatically disqualify the borrower
Correct Incorrect Correct answer

FHA loans do not require verification of employment prior to the gap
Correct Incorrect Correct answer

Shorter income histories may be acceptable with positive factors, and FHA requires six months of full employment before case number issuance plus verification of two years prior to the gap
Correct Incorrect Correct answer

Correct

Incorrect

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question