Sec5-36*

A mortgage transaction involves a Power of Attorney. Which party is generally prohibited from serving as the borrower’s agent under the Power of Attorney?

A borrower wants an employee of the title company handling the closing to act as the agent under a Power of Attorney. Under the prohibited-agent rules, how should this generally be handled?

A real estate agent involved in the transaction has a financial interest in the sale and wants to serve as the borrower’s Power of Attorney agent. What is the general rule?

A loan originator is reviewing a Power of Attorney situation that may fall under an exception to the prohibited-agent rules. What should the MLO do?

A parent agrees to be a co-borrower to help a child qualify for a mortgage. What is generally true about co-borrowers in this type of transaction?

A borrower applies with a non-occupant co-borrower. How is the co-borrower’s income generally treated for qualifying purposes?

Under Fannie Mae guidance, a parent wants to help a child qualify as a non-occupant co-borrower. What must the occupying borrower generally be able to do?

A borrower applies for an FHA loan with a non-occupant co-borrower. How does FHA treat their income for purposes of the 43% qualifying ratio?

An MLO is about to ask an applicant about the source of income other than salary or wages. What notice must be given under ECOA before requesting the source of certain income?

A creditor is evaluating a borrower’s income and sees that part of the income comes from part-time employment. Under ECOA, how must this income be treated?

A borrower receives income from an annuity, pension, or other retirement benefit. Under ECOA, what may a creditor not do on a prohibited basis?

A borrower wants to use alimony, child support, or separate maintenance payments as qualifying income. What may the creditor consider when evaluating that income?