Better.com Mortgage Underwriter Interview Questions and Answers

Q1. Tell about 4CS in underwriting
Ans. 
4CS in underwriting refers to Capacity, Character, Collateral, and Conditions.
• Capacity refers to the borrower's ability to repay the loan based on income and assets.

• Character assesses the borrower's credit history and reliability in repaying debts.

• Collateral is the property or assets that can be used as security for the loan.

• Conditions include the terms of the loan, interest rates, and economic factors.
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Q2. Community distance check in purchase file
Ans. 
Community distance check in purchase file is a process to verify the proximity of a property to community amenities.
• Verify distance to schools, hospitals, grocery stores, etc.

• Ensure property meets community requirements for distance to amenities.

• Check if property is within a certain radius of community facilities.

• Use mapping tools to confirm proximity to community resources.
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Q3. Appraisal form number for condominium property
Ans. 
The appraisal form number for a condominium property is typically the URAR form 1004.
• The appraisal form number for a condominium property is usually the URAR form 1004.

• The appraisal form number may vary depending on the specific requirements of the lender or appraisal management company.

• It is important to ensure that the appraisal form used is appropriate for condominium properties.
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Q4. Income calculations for business
Ans. 
Income calculations for business involve analyzing financial documents to determine the company's revenue and expenses.
• Review profit and loss statements to assess income and expenses

• Calculate gross income by subtracting cost of goods sold from total revenue

• Consider non-operating income such as investments or interest

• Evaluate cash flow to determine the company's ability to meet financial obligations
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Q5. Explain about live underwriting process
Ans. 
Live underwriting process involves real-time assessment of risk factors during the application process.
• Real-time evaluation of applicant's information

• Immediate decision-making based on risk factors

• Utilization of technology for quick analysis

• Direct interaction with applicants for additional information

• Examples: online insurance applications with instant approval or denial
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Q1. What is attribute of KYC
Ans. 
One attribute of KYC is verifying the identity of customers to prevent fraud and money laundering.
• Verifying customer identity through documents like ID cards, passports, and utility bills

• Conducting risk assessments to determine the level of due diligence required

• Monitoring customer transactions for suspicious activity

• Keeping accurate records of customer information and interactions
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Q2. What is your quality and productivity
Ans. 
I strive for high quality work while maintaining efficiency in my tasks.
• I prioritize accuracy and attention to detail in my work to ensure high quality output.

• I am proactive in identifying and resolving any issues or discrepancies in the data.

• I continuously seek ways to improve my processes and streamline workflows to increase productivity.

• I am able to meet deadlines and deliver results efficiently without compromising...read more
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About underwriting and us mortgage

Q1. Proof of income calculations
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Q1. Why are you looking for a change?
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Q2. Where do you see yourself in 5 years?
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Q3. Tell me about yourself.
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