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

On a 12-month personal bank statement loan (non-QM), how is qualifying income typically calculated?

Total deposits / 12 Eligible deposits (after exclusions for transfers, refunds, loans) / 12, often with an expense factor applied Tax return income Borrower-stated income

Correct Answer:

Eligible deposits (after exclusions for transfers, refunds, loans) / 12, often with an expense factor applied

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