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MRT 1 · Evaluating Applicant Income
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Evaluating Applicant Income
How different income types are assessed, and why self-employed applicants are harder to assess.
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Evaluating Applicant Income
Lenders must verify that the borrower has sufficient income to afford the mortgage. MCOB 11 sets out responsible lending requirements.
Question 3
True or false?
Lenders must verify that the borrower has sufficient income to afford the mortgage
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Key points
Question 5
Which term matches: "Basic salary is core income; some lenders include guaranteed overtime/bonus"
Question 6
What does "Self-employed" mean?
Question 7
Type the term that means: "Basic salary is core income; some lenders include guaranteed overtime/bonus"
Question 8
Match each term in "Key points" to its meaning
Tap a term, then tap its matching definition.
Question 9
Fill in the blank
______ — Some lenders use daily rate × 46 weeks; others require accounts
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What the exam tests
How different income types are assessed, and why self-employed applicants are harder to assess.
Question 11
True or false?
How different income types are assessed, and why self-employed applicants are harder to assess