Origination ActivitiesQuestion 265 of 400
An underwriter needs to confirm a borrower's outstanding debts and payment history. Which document is the primary source?
a.The purchase contract
b.The appraisal report
c.The tri-merge credit report
d.The flood determination certificate
Explanation
A tri-merge credit report combines data from the three major bureaus and is the primary source for a borrower's outstanding debts, balances, and payment history used to calculate ratios and assess credit. The contract, appraisal, and flood certificate serve other purposes.
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