Wipro Senior Underwriter Interview Questions, Process, and Tips

Tax return schedules are detailed forms that show specific line items of income, deductions, and credits.

• Tax return schedules are used to report specific types of income or deductions, such as rental income or self-employment tax.

• They are attached to the main tax return form, such as Form 1040, and provide additional detail.

• Examples of tax return schedules include Schedule C for self-employment income, Schedule E for r...read more

Fannie and Freddie have implemented flexible guidelines due to Co-vid.

• Fannie and Freddie have allowed for alternative appraisals and employment verifications.

• Borrowers can now defer payments for up to 12 months.

• There are also options for forbearance and loan modifications.

• These guidelines are subject to change as the situation with Co-vid evolves.

The 4 Cs refer to the key factors that lenders consider when evaluating a borrower's creditworthiness.

• The 4 Cs are Character, Capacity, Capital, and Collateral.

• Character refers to the borrower's reputation and credit history.

• Capacity refers to the borrower's ability to repay the loan.

• Capital refers to the borrower's financial resources and assets.

• Collateral refers to the borrower's assets that can be used as security f...read more

Appraisal form numbers for property types

• Single Family Residence: Form 1004

• Condominium: Form 1073

• Multi-Family: Form 1025

• Vacant Land: Form 1004

• Commercial: Form 1007

• Industrial: Form 1007

• Mixed-Use: Form 1025

• Special Purpose: Form 1007

Assets are considered differently based on their liquidity and volatility.

• IRA assets are considered less liquid and more stable, hence 60% is considered

• Stocks are more volatile and hence only 70% is considered

• Large deposit definition varies based on the bank's policy

• This approach helps in assessing the risk associated with different types of assets