Hoạt động cấp khoản vayCâu 277 / 400
An underwriter must calculate qualifying income for a borrower paid $22/hour working a standard 40-hour week. What is the correct gross monthly income (using 2,080 hours annually)?
a.$1,760
b.$2,933
c.$3,813
d.$5,280
Giải thích
Annual income is $22 times 2,080 hours, or $45,760, and gross monthly income is $45,760 divided by 12, which equals about $3,813. Multiplying hourly pay by 40 gives only a weekly figure, so the annual-then-divide method yields the correct monthly income.
Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A borrower's DU findings return 'Refer/Eligible.' What does this typically mean for the file?
- During processing, the borrower opens a new credit card and finances furniture before closing. Why can this jeopardize the loan?
- A title commitment lists Schedule B exceptions. What are these exceptions?
- A lender orders a 'desktop' or 'hybrid' appraisal instead of a full appraisal on an eligible loan. What distinguishes these from a traditional appraisal?
- A borrower's assets include stocks in a brokerage account they plan to use for closing. How does an underwriter typically treat these funds?
- Between the Loan Estimate and Closing Disclosure, the recording fee (a zero-tolerance/limited-tolerance item) increases beyond the allowed tolerance. What must the lender generally do?
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