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- You have to answer 80% of the questions correctly.
- The exam contains 4 questions.
- You have unlimited time to complete the exam.
- You have as many attempts as you need.
- A score of 80% is required to pass the exam.
Of course, if you get stuck, you can email us at support@keyspire.com. Good luck!
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Question 1 of 4
1. Question
1 point(s)The higher your net worth the easier it is to get approved for a mortgage.
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Question 2 of 4
2. Question
1 point(s)Pre-qualification and pre-approval mean the same thing.
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Question 3 of 4
3. Question
1 point(s)Which of the following is not a duty of the underwriter in the mortgage qualification process?
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Question 4 of 4
4. Question
1 point(s)Categorize the components of gross debt service ratio (GDS) and total debt service ratio (TDS).
Sort elements
- Mortgage payments + property taxes + heating costs ÷ Gross annual income
- Ratio should be <35%
- If the borrower has a credit score greater than or equal to 680, the lender may allow 39% ratio
- Mortgage payments + property taxes + heating costs + all other debt obligations ÷ Gross annual income
- Ratio should be <42%
- If the borrower has a credit score of greater than or equal 680, the lender may allow 44% ratio
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Gross debt service ratio (GDS) 1:
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Gross debt service ratio (GDS) 2:
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Gross debt service ratio (GDS) 3:
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Total debt service ratio (TDS) 1:
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Total debt service ratio (TDS) 2:
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Total debt service ratio (TDS) 3: