P4-66 Quiz

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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
- It must have at least three years remaining
- It must be re-verified annually
- It may only be used if supplemented by other income
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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
- When documentation confirms the remaining benefit term is at least three years from the mortgage application date
- Only when the borrower is the legal guardian of the family member
- Only if the benefits are paid directly to the borrower
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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
- Copies of the borrower’s last two years of tax returns only
- A copy of the borrower’s disability policy or benefits statement from the benefits payer
- A letter from the borrower explaining the disability
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Question 4 of 6

4. Question
Which of the following must be determined when verifying long-term disability income?
- The borrower’s medical diagnosis
- The borrower’s current eligibility, payment amount and frequency, and whether a termination or modification date exists
- The borrower’s expected retirement date
- The borrower’s prior employment income
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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
- An average of short-term and long-term benefits
- No disability income may be used
- The projected long-term disability benefit amount
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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
- Employment gaps automatically disqualify the borrower
- FHA loans do not require verification of employment prior to the gap
- 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
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