Test On Daily Error Markdowns

Explanation
The statement suggests that a signature is mandatory on form 8879. In the context of tax forms, form 8879 is used to authorize an electronic filing of tax returns. The IRS requires a signature on form 8879 as it serves as a valid consent from the taxpayer to submit the return electronically. Therefore, the correct answer is False, indicating that a signature is indeed mandatory on form 8879.

Explanation
The statement suggests that SAM denials are mandatory for all loans that are denied for HAMP/NONHAMP. This means that if a loan is denied for either of these programs, it is required to have a SAM denial. Therefore, the correct answer is true.

Explanation
U/W's stands for underwriters, who are responsible for evaluating the risk of a loan. The question is asking whether underwriters can accept an altered 4506T form if the borrower's only source of income is wage income. The correct answer is False because underwriters cannot accept an altered 4506T form. The 4506T form is used to request a transcript of a borrower's tax return directly from the IRS, and altering this form would be considered fraudulent. Underwriters rely on accurate and unaltered financial information to assess the borrower's ability to repay the loan.

Explanation
The correct answer is [email protected]. This email address is most likely the designated link to send credit reports to at the company Ocwen. The other email addresses provided do not mention credit reports or indicate that they are the appropriate link for sending credit reports.

Explanation
The given statement suggests that U/W's (unknown individuals or entities) can consider DPGDI comment for any clarification regarding brw/Co brw. The answer "True" implies that the statement is correct, meaning that U/W's can indeed consider DPGDI comment for clarification.

Explanation
The correct answer is False because requesting for 2014 tax returns for an ongoing application would not be necessary. The question implies that U/W's (presumably underwriters) should ask for tax returns from 2014, even if the application process is still ongoing. However, this is not a common practice as tax returns are typically requested for completed applications to assess the applicant's financial situation. In an ongoing application, it would be more appropriate to request more recent tax returns or other relevant financial documents.

Explanation
U/W's refers to underwriters. The question is asking whether underwriters can accept Schedule E, which is a form used to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs. The answer is true, meaning that underwriters can accept Schedule E even if the tax return has not been signed. This suggests that underwriters may still consider the income or loss reported on Schedule E for their evaluation, regardless of whether it has been signed.

Explanation
A P&L (Profit and Loss) statement is a financial statement that shows the revenues, expenses, and net income or loss of a company for a specific period. Regardless of whether the net income is positive or negative, it is important to have a signature on the P&L statement. The signature signifies that the statement has been reviewed and approved by the responsible person, ensuring accountability and accuracy of the financial information presented.

Explanation
The statement "SSN on Sec 2 is not mandatory on Estate Loans" is false. This means that it is mandatory to provide a Social Security Number (SSN) on Section 2 of Estate Loans.

Explanation
Passive income refers to earnings derived from rental properties, investments, or other ventures in which the individual is not actively involved. In this context, "U/W's" likely refers to underwriters, who assess and evaluate risks for insurance companies. The statement suggests that underwriters can consider passive income as part of a 20% buffer. This means that underwriters can take into account a certain percentage of passive income when determining the risk and financial stability of an individual or entity. Therefore, the correct answer is True.