Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
A violation of Section 8 of RESPA come with a fine of up to how much? $10,000 $100,000 $50,000 $25,000 |
$10,000 |
|
|
On a 1 year ARM with a margin of 1.25% and at the time of adjustment it’s index is at .50%. What would be the fully indexed rate? 1.50% 1.75% 2.00% 1.25% |
1.75% |
|
|
Which part of an ARM fluctuates with the market? Margin Index Interest Rate Note Rate |
Index |
|
|
If a borrower does not receive the 2 Notices of a Right to Rescind required via TILA, what happens? The right to rescind then doesn't expire for 5 years. The right to rescind then doesn't expire for 3 years. The loan is automatically rescinded. Nothing happens. |
The right to rescind then doesn't expire for 3 years. |
|
|
If you have a borrower who is currently doing their residency at a local hospital and is going to be going into private practice within the next 3 years, what type of loan might you suggest to that borrower? A construction loan A bridge loan A hybrid ARM A graduated payment loan |
A graduated payment loan |
|
|
If a loan originator is in a face-to-face application with the applicant, and the applicant does not wish to answer the questions to Section 10 on the 1003, the loan officer must: Research and obtain the information End the process Check the “I do not wish to furnish this information” Fill out the information based on visual observation |
Fill out the information based on visual observation |
|
|
When we are talking about the Closing Disclosure, which of the following would NOT be considered a business day? Monday Saturday Tuesday Labor Day |
Labor Day |
|
|
HOEPA applies to all of the following except: Purchase-money loans Closed-end home equity loans Reverse mortgages Refinances |
Reverse mortgages |
|
|
Which of the following type of loan is assumable? VA loans Conventional loans USDA loans Subprime loans |
VA loans |
|
|
Upfront Mortgage Insurance Premiums are calculated at what percent of the base loan amount: 1.75% 1.5% 1% 2% |
1.75% |
|
|
APR is the acronym for: Average Percentage Rate. All-Inclusive Percentage Rate. Annual Percentage Rate. Amortized Percentage Rate |
Annual Percentage Rate. |
|
|
Examples of Red Flags include all of the following, EXCEPT: Fraud alert on credit reports Documentation which appears altered of forged Address discrepancies Credit Scores |
Credit Scores |
|
|
The AUS that Fannie Mae uses is called: Desktop Underwriter LP Loan Prospector Automated Underwriter Services |
Desktop Underwriter |
|
|
Which of the following is not a protected class under Regulation B? Race Color Disability National Origin |
Disability |
|
|
Which of the following documents can be used to verify a borrower’s income? W-2 VOM Credit Report VOD |
W-2 |
