NAMU CMU Practice Questions - NAMU Certified Mortgage Underwriter (NAMU-CMU) Exam

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A salaried W-2 borrower earns $7,500/month base plus $1,200/month overtime. The overtime has been received for 14 months. How should the underwriter typically treat the overtime under Fannie Mae guidelines?

Exclude all overtime since it is variable Use a 24-month average if the underwriter documents likelihood of continuance Use the most recent month only Use 50% of the overtime

Correct Answer:

Use a 24-month average if the underwriter documents likelihood of continuance

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