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Question 1 of 11
1. Question
A loan officer asks a borrower if she plans to become pregnant because the loan term is 30 years.
How should this situation be handled?
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Question 2 of 11
2. Question
A borrower applies for a first-time homebuyer program. The lender asks about marital status and dependents.
Why is this allowed?
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Question 3 of 11
3. Question
A borrower mentions missing work due to a medical condition. The lender considers asking follow-up questions.
How should the lender proceed?
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Question 4 of 11
4. Question
A borrower worked 18 months and was a full-time student before that.
How may the lender document the employment history?
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Question 5 of 11
5. Question
A borrower’s income decreased due to reduced commissions.
How may the lender handle this?
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Question 6 of 11
6. Question
A borrower wants to use child support as qualifying income.
What is required?
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Question 7 of 11
7. Question
A lender reviews a borrower’s bank statements for the down payment.
Why is this required?
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Question 8 of 11
8. Question
A borrower disputes a debt listed on the credit report.
What must occur before loan approval?
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Question 9 of 11
9. Question
A borrower’s credit report shows several recent credit inquiries.
Why may this concern the lender?
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Question 10 of 11
10. Question
A borrower is obtaining a conventional loan with a 95% loan-to-value ratio.
How much must come from the borrower’s own funds?
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Question 11 of 11
11. Question
Which of the following is an acceptable source of gift funds for a conventional loan?
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