David Saks: September 2010

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 819

                                                      #819

Once the underwriter has been able to verify the amount of a borrower's stable monthly income, the underwriter will then use a process which will employ gross multipliers to determine whether or not the income is adequate enough to repay the loan that the applicant is seeking.

Is this fact true or false ?

Remember to take your time. The solution is posted below the wildlife photo.

wildlife

A. False

Once the income has been verified the underwriter will use debt to income ratios to make a determination as to whether or not the applicants income is sufficient to repay the loan.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • September 13 2010 05:33AM
Real Estate Practice : Lesson 819
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#819 Once the underwriter has been able to verify the amount of a borrower's stable monthly income, the underwriter will then use a process which will employ gross multipliers to determine… more
Real Estate Practice : Lesson 818
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#818 The quality of a loan applicant's income generally depends on whether or not it's taxable income in the decision making process for the underwriter, and not as much the dependability… more
Real Estate Practice : Lesson 817
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#817 Stacy is a college student that is buying her first home. She doesn't have enough money for the closing table so her parents have graciously offered to give her 4000… more
Real Estate Practice : Lesson 816
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#816 When the underwriter aquires the credit report of the applicant it will usually contain information pertaining to the applicants debt and payment history for the last ten years… more
Real Estate Practice : Lesson 815
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#815 Frederick and Marlene Silverman have a monthly housing expenditure of 1500 dollars, their monthly credit card payments equal 200 dollars, and they have a car note of 225 dollars… more
Real Estate Practice : Lesson 814
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#814 A rule of thumb for a lender when considering a loan application is that the borrower should have been continuously employed on the same job for a minimum of five years … more
Real Estate Practice : Lesson 813
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#813 When a lender issues a letter stating the maximum loan amount that the lender will authorize this is know as preconclusion of process Is this fact true or false Please… more
Real Estate Practice : Lesson 812
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#812 When we talk about loan discount points we're talking about payment for costs which are typically associated with a loan origination fee Is this fact true or false … more
Real Estate Practice : Lesson 811
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#811 The charges which are payable to or by any parties to a real estate transaction always show up on the lender disclosure statement Is this fact true or false Take your… more
Real Estate Practice : Lesson 810
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#810 Credit report fees, loan origination fees and appraisal fees are all costs that show up in the loan's APR. Is this fact true or false Take your time. The solution is… more