WorksheetsRelocating Clients
Total questions: 6
Worksheet time: 15mins
What is a relocation letter?
A letter from the employer detailing the employee's new terms of employment and salary information.
A confirmation of an employee's year to date salary information.
A written statement from the client to Quicken Loans pledging to continue employment with their employer for 12 months after the loan closes.
A letter from a client's co-worker confirming their employment.
Tarah is relocating with a new company, and will be moving from Detroit to New York City. She starts her job 75 days after closing on her new home in NYC. Which statement below is true?
A pay stub from her new employer is required prior to closing.
An offer letter for her new employer is required prior to closing.
Tarah should only be qualified using the income from her current employer, not her future employer.
6 months in reserves will be required for Tarah's transaction.
Ken is being relocated by his employer from his current office in Boise to St Louis approximately 1 week after closing. Which statement below is true?
A relocation letter is required to confirm his rate of pay and position within the company will be the same.
A relocation letter is not needed.
3 months of reserves for all properties Ken owns is required.
An exact start date in Boise is required.
Stacy is a receptionist for a doctor's office in San Diego. She will be moving to Sacramento and will continue to report to the San Diego office as a remote (WFH) receptionist making appointments. Which statement is true?
The loan should be suspended.
A relocation letter is not required.
3 months of reserves is required for each property Stacy owns.
A relocation letter is required.
Review Catherine's offer letter and select the next course of action. Catherine will begin her new employment prior to the closing of the loan.
To see the offer letter, copy and paste this link into a new browser window: https://myskillo.com/#course-9703--topics-535172
No further documentation is needed.
A copy of the client's work contract is needed.
A WVOE should be ordered to support this letter.
Written confirmation that the probationary period has concluded is required.
Grace has owned American Coney Island restaurant in Detroit since 2007 and is looking to relocate to Viera, Florida. She is selling American Coney and is starting up a new restaurant in Viera. Which statement below is true?
As long as Rocket approves the self-employment income, no further documentation is necessary.
Obtain a profit and loss statement from Grace, to ensure her current income with American Coney is increasing from 2017. Nothing further is needed.
This is not a viable transaction.
Condition for confirmation letters from prospective patrons of the restaurant in Viera, Florida stating how often they plan on dining there. Enter an UW Comment for income and keep the loan moving.
