1003 Affinity 2025

Pre-qualification for a loan does not guarantee approval and is not binding.

• True

• False

Pre-approval is only done by the lender and may be binding.

• True

• False

What is the maximum federal prison sentence for mortgage fraud as investigated by the FBI?

• 10 years

• 20 years

• 30 years

• 40 years

It is illegal for a person to make any false statement regarding income, assets, debt, or matters of identification on a loan application.

• True

• False

The core job of a Mortgage Loan Originator (MLO) is to obtain a complete and accurate ________ supported by documentation from the borrower.

• 1003

• W-2

• 1040

• 4506-T

Who is responsible for verifying information such as check stubs, W2 forms, and bank statements?

• Loan Originator

• Loan Processor

• Underwriter

• Borrower

The underwriter evaluates the documentation, borrower information, and various risk factors to make a decision.

• True

• False

Which of the following is NOT an automated underwriting system (AUS) mentioned in the document?

• Fannie Mae's Desktop Underwriter

• Freddie Mac's Loan Product Advisor

• FHA - Total Scorecard

• Manual

What is Section I of the Uniform Residential Loan Application (URLA)?

• Borrower's Personal Information

• Property Appraisal Details

• Loan Underwriting Summary

• Closing Disclosure Information

What is Section II of the Uniform Residential Loan Application (URLA)?

• Borrower's Financial Information

• Property Information and Purpose of Loan

• Declarations

• Acknowledgments and Agreements