Practice Question

Front 1

According to ECOO if inquiring about a borrower's marital status which of the following terms may be used?

Back 1

Unmarried

Front 2

A credit report will contain which of the following

Back 2

Date an account was opened

Front 3

Typically if the borrower has minimal down payment mortgage insurance is required for most loans what is considered the least amount down payment to avoid mortgage insurance

Back 3

20%

Front 4

If requested by the borrower and available to the closing agent the borrower must be provided with the following at least one day prior to closing

Back 4

Settlement statement

Front 5

The minimum amount of hazard insurance required on a property being financed and sold to Fannie Mae is the lesser of the unpaid principal of the mortgage or

Back 5

100% of the replacement cost of the dwelling

Front 6

Fair lending helps identify lenders that may be discriminating which regulation helps in this process by requiring the collection of loan application data

Back 6

HMDA

Front 7

Which of the following describes the time frame requirement for the delivery of an affiliated business disclosure under the RESPA

Back 7

At the time the referral is made

Front 8

Which of the following meets the definition of a qualified mortgage

Back 8

15 year fixed rate mortgage

Front 9

A buyer obtaining an FHA loan can not sign a purchase contract on a property until

Back 9

91 days have passed from the recording date if the previous sale of the property

Front 10

The potential patterns practice or specific activities indicating the possibilities of identity theft are considered to be

Back 10

Red flags

Front 11

Which of the following discloses a lot of the consumer to opt-out of future solicitations from the owner of the consumers mortgage and the owners of affiliates

Back 11

Private policy disclosure

Front 12

Which clause found in the security instrument prevents the borrower from selling at home without lender approval or pay off

Back 12

Alienation clause