- 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 firstname.lastname@example.org. Good luck!
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Question 1 of 4
1. Question1 point(s)
The higher your net worth the easier it is to get approved for a mortgage.
Question 2 of 4
2. Question1 point(s)
Pre-qualification and pre-approval mean the same thing.
Question 3 of 4
3. Question1 point(s)
Which of the following is not a duty of the underwriter in the mortgage qualification process?
Question 4 of 4
4. Question1 point(s)
Categorize the components of front-end and back-end debt to income ratio (DTI).
- Shows what percentage of your income would go toward housing expenses
- A good number is less than or equal to 28%
- Housing expenses ÷ Gross monthly income
- Shows how much of your income would be needed to cover all monthly debt obligations
- Mortgage Payments + Credit Card Payments + Auto Loan Payments + Other Loan Payments + Child Support ÷ Gross monthly income
- A target number for most lenders is less than or equal to 36%, however some lenders will accept ratios as high as 50% if the borrower has compensating factors
Front-End DTI 1:
Front-End DTI 2:
Front-End DTI 3:
Back-End DTI 1:
Back-End DTI 2:
Back-End DTI 3: