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P4-43 Quiz

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Question 1 of 6

1. Question

Which of the following is an acceptable way for a lender to verify that a borrower has sufficient funds available to close on a loan?

A. A verbal statement from the borrower confirming available funds
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B. Two months of current bank statements or verified earnest money that has cleared the borrower’s account
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C. A sales contract showing an earnest money deposit without bank verification
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D. A future paycheck expected prior to closing
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Question 2 of 6

2. Question

Under which loan-to-value (LTV) scenario may the full amount required for down payment, closing costs, and prepaids be provided entirely as a gift?

A. When the LTV is 95%
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B. When the LTV is 90%
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C. When the LTV is 85%
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D. When the LTV is 80% or less
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Question 3 of 6

3. Question

When may a gift from a relative be pooled with the borrower’s funds to meet the minimum cash down payment requirement?

A. When the relative providing the gift has lived with the borrower for the last 12 months and will continue to do so
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B. When the gift is deposited after settlement
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C. When the borrower is purchasing a primary residence (regardless of living arrangements)
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D. When the relative provides a notarized gift letter only
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Question 4 of 6

4. Question

Which of the following must be included in a gift letter provided by a relative?

A. The donor’s credit report and proof of income
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B. The borrower’s loan amount and interest rate
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C. The amount of the gift and transfer date, donor’s name/address/telephone, relationship to the borrower, and a statement that no repayment is expected
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D. A copy of the donor’s tax returns
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Question 5 of 6

5. Question

How must a lender verify that sufficient gift funds are available from a relative?

A. By accepting the borrower’s written explanation
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B. By documenting the donor’s funds in the donor’s account or the transfer to the borrower (e.g., donor withdrawal slip and borrower deposit slip, or a canceled donor check)
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C. By confirming the donor’s employment
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D. By reviewing the donor’s credit score
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Question 6 of 6

6. Question

If gift funds are not transferred prior to settlement, what documentation is sufficient?

A. A verbal confirmation from the closing agent
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B. A handwritten note from the donor
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C. A post-closing bank statement
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D. A certified check from the donor provided to the closing agent, plus a copy of the check or a settlement statement showing receipt
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