Lane receives conflicting instructions about asset verification. Which instruction should control?
Correct Answer
A) Obtain acceptable gift documentation when needed
Asset verification confirms funds to close, reserves, large deposits, and gift documentation. The best answer is "Obtain acceptable gift documentation when needed".
Why This Is the Correct Answer
Asset verification confirms funds to close, reserves, large deposits, and gift documentation. The best answer is "Obtain acceptable gift documentation when needed".
More Origination Questions
A branch manager asks about a loan file because a processor wants to omit known monthly obligations from underwriting. What should happen?
In a mortgage origination file, the person preparing the valuation would be paid more if the value is higher. Which action should be taken?
An MLO is reviewing procedures for a case where the person preparing the valuation would be paid more if the value is higher. What is the proper handling?
A quality-control reviewer flags a case because the person preparing the valuation would be paid more if the value is higher. What correction is appropriate?
Before closing, the team discovers that a processor wants to omit known monthly obligations from underwriting. What is the safest compliant answer?
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