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WorksheetsBest Compliance Practices
Total questions: 24
Worksheet time: 14mins
Missing or incomplete information on a verification can be phone clarified.
True
False
Unclear information on a verification can be phone clarified.
True
False
It is acceptable for an EV to be sent/received via:
Fax
All 3 options
If the employer's name is not shown in the fax strip of an EV:
Nothing is needed
A phone clarification can be completed
An official cover sheet must be included
If the employer uses a generic email address, best compliance practice is to:
Have them fax or mail the EV
Accept the EV
Complete a phone clarification with the employer
Script-style fonts are always acceptable on an EV.
True
False
If the applicant works for family:
An EV will be sufficient proof of income
We require paystubs to back up the EV
We require a phone clarification completed with the employer
Typically, overtime is only paid when over ___ hours per week are worked.
35
40
50
A self-declaration or management clarification confirming the applicant's hire date is never acceptable.
True
False
Regulation requires _____ paystubs to document income from wages.
4
3-5
2
Which of the following is not needed when one of the paystubs provided is lower than the others due to a one-time occurrence?
A clarification from the employer explaining why the stub is low
A management clarification addressing the second calc sheet
A self-declaration from the applicant explaining why the stub is low
Offer letters can only be accepted if the applicant has not started working yet.
True
False
For school employees, if the applicant is not a year-round employee, documentation showing how many pay periods they receive per year is required.
True
False
A 12-month average is required to document checking accounts.
True
False
Any deposits reflected on the applicant's bank statements ___ must be addressed.
Greater that $50
That fall outside any of the income sources verified in the file
When a child support court order is over ___ months old, a payment history is required.
3
12
6
When using a payment history to document child support, ____ must be shown.
3-6 months
6-12 months
4-6 months
If a birth certificate cannot be provided and the child is needed to income qualify, we will never accept one of the following as proof of guardianship:
A letter from the minor's parent or legal guardian
A letter from clergy
School records
If marital status was marked as "Separated" on the move-in application:
No additional documentation is needed
Divorce documents must be provided
An Estranged Spouse form must be completed
Divorce documents must be reviewed to look for additional income sources and assets awarded.
True
False
First preference to document income from self-employment is:
A Profit & Loss Statement
A detailed payment history
Last year's tax return
When determining asset income from an investment account, we will never count:
Capital gains, personal rate of return, earnings, and performance
Dividends, accrued interest, and distributions
Return on investment, change in value, and true interest
For real property disposed of more than 2 years ago, we will need:
Proof of sale
A self-declaration confirming when and how the home was disposed of
Current value of the asset disposed of (as of the date of sale)
What is your favorite compliance topic?
