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Question 1 of 12
1. Question
Why do most lenders review a borrower’s credit report before submitting the loan to an automated underwriting system?
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Question 2 of 12
2. Question
What is a Three-Merged Credit Report?
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Question 3 of 12
3. Question
Which three credit repositories are typically included in a Three-Merged Credit Report?
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Question 4 of 12
4. Question
When may a lender request a Residential Mortgage Credit Report instead of a Three-Merged Credit Report?
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Question 5 of 12
5. Question
Why is a Residential Mortgage Credit Report used less frequently than a Three-Merged Credit Report?
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Question 6 of 12
6. Question
What option does a lender have if derogatory credit is likely to result in a refer from automated underwriting?
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Question 7 of 12
7. Question
What potential issue may arise if automated underwriting denies a loan?
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Question 8 of 12
8. Question
What may occur when derogatory credit information is found to have been reported in error?
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Question 9 of 12
9. Question
Why must borrowers still contact credit repositories after erroneous information is corrected for mortgage purposes?
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Question 10 of 12
10. Question
Why are automated underwriting systems closely tied to a borrower’s credit score?
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Question 11 of 12
11. Question
Which automated underwriting systems are referenced for conventional loans?
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Question 12 of 12
12. Question
What is meant by the term “repository” or “credit bureau”?
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