NAMU CMMU Practice Questions - NAMU Certified Master Mortgage Underwriter (NAMU-CMMU) Exam

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For a borrower with 25% K-1 distributive share from an S-corporation, what documents does FNMA require for income analysis?

W-2 only Personal returns (2 years), business returns (2 years including K-1, Form 1120-S, Schedule K-1), YTD P&L, and analysis Just K-1 Verbal statement

Correct Answer:

Personal returns (2 years), business returns (2 years including K-1, Form 1120-S, Schedule K-1), YTD P&L, and analysis

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