Hoạt động cấp khoản vayCâu 247 / 400
A borrower earns a $3,000 monthly bonus that has been consistent for three years and is likely to continue. How may an underwriter treat this bonus income?
a.It may be counted as qualifying income if documented as stable and likely to continue
b.It can never be used because bonuses are variable
c.It doubles the borrower's qualifying income automatically
d.It only counts toward assets, not income
Giải thích
Variable income such as bonuses, overtime, or commissions can be counted as qualifying income when it is documented over an adequate history (commonly about two years) and shown to be stable and likely to continue. It is not automatically excluded or double-counted.
Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- During underwriting, a DU finding lists 'Approve/Eligible' but includes verification messages. What do these messages require?
- A survey ordered during closing reveals that the neighbor's fence extends three feet onto the subject property. This is an example of:
- At funding, the settlement agent disburses loan proceeds. In a typical purchase, funds are primarily disbursed to:
- An appraiser uses the sales comparison approach on a single-family home. This approach primarily estimates value by:
- A loan is 'cleared to close.' What does this status indicate?
- Under RESPA Section 8, a title company offers a loan originator a cash payment for each referral of settlement business. This arrangement is:
Cập nhật gần nhất: · quy trình kiểm tra
Đội Ngũ Biên Tập PrepPass · Đối chiếu với NMLS SAFE Mortgage Loan Originator National Test · Quy trình kiểm tra