Affinity Real Estate and Mortgage Services Practice Exam

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• The process of releasing a lien on a property is called?
• Items on the Loan Estimate with no tolerance restrictions for change include all the following EXCEPT:
• Does a mobile home not permanently affixed to the land meet the requirements to be considered a security for a residential mortgage loan?
• The generally accepted appraisal standards in the United States are known as?
• MIP is mandatory when a loan is...
• Which of the following is NOT a TILA required disclosure?
• Which factor is NOT considered in determining the eligibility for a qualified mortgage?
• Which loan type typically carries a higher interest rate due to increased risk?
• ECOA applies to the extension of credit for:
• The implementing regulations for the MAP rule are known as?
• The Home Owner Equity Protection Act is also known as?
• A lender has how many days to notify the borrower of an underwriting decision?
• What does a wraparound mortgage involve?
• Which type of loan application requires a residual income analysis to be performed?
• A limit on the amount of interest or loan fees a creditor may charge is imposed by which of the following?
• When is it acceptable for a loan originator to provide a consumer with their credit report?
• What is the maximum total debt to income ratio for borrowers with an FHA loan absent any compensating factors?
• Which type of loan typically has more lenient requirements for qualifying borrowers?
• Which regulatory body enforces the Equal Credit Opportunity Act (ECOA)?
• What is the most effective method to verify a borrower's rental income?
• XYZ mortgage company has mailed a closing disclosure to a consumer. When does the waiting period prior to closing officially begin?
• Who is responsible for determining the need for flood insurance?
• Which of the following statements regarding mortgage loan originators is accurate?
• According to the Fair Credit Reporting Act, what is the maximum length of time information can be reported on a credit report, with an exception for certain circumstances?
• You are refinancing a $200,000 mortgage with a pre-payment penalty of six months of interest at 6.5%. What is the pre-payment penalty?
• If a borrower's reserve account for taxes and insurance is found to be short by more than one month's worth of deposits, what can the lender require?
• Which ratio includes all debt obligations in its calculation?
• What is the maximum debt-to-income ratio commonly allowed for qualified mortgages?
• A loan estimate must be provided to a borrower within how many days of a loan application?
• The term "20 basis points" expressed as a percentage is:
• With respect to FHA loans, what does the FHA do?
• According to the Fair Credit Reporting Act, when is a consumer entitled to a free copy of his credit score assuming there has been no fraud?
• What is Freddie Mac's automated underwriting system called?
• The MDIA Act is part of which larger regulation?
• Which document specifies that a property is being used as security in the event of non-payment of a debt?
• A section 203K loan is a
• Under the Equal Credit Opportunity Act, which attribute is not considered illegal discrimination in granting credit?
• Which government program is designed to assist low-income households with purchasing homes?
• How many total hours of ethics are required at minimum for continuing education?
• Which option allows a borrower to switch from an ARM to a fixed-rate loan?
• A loan with a fixed rate at the start that will adjust regularly after a certain period is commonly referred to as a?
• Under the SAFE act, which requirement is NOT the responsibility of the state regulatory authority?
• What is the formula for the debt to income or back end ratio?
• Which of these is not included as a protected class by the federal fair housing act?
• What is the primary purpose of the Dodd-Frank Act?
• The most commonly used type of reverse mortgage is known as a?
• The intention of the safeguards rule is to?
• What change from the annual percentage rate is generally considered as accurate during disclosures?
• What is the condominium association required to do regarding property insurance?
• What does the term “seller concessions” refer to in a real estate transaction?
• What is true about interest rate buy downs on FHA loans?
• After completing a loan application with borrowers, what loan disclosure must you prepare and send them?
• What type of loans traditionally uses the cost of funds index to determine interest rates?
• If you remove a husband from a loan submission and the wife qualifies on her own, this action is?
• According to the TRID Rule, if the closing disclosure is emailed to borrowers, when are they deemed to have received it?
• What are loans that are not backed by government insurance or guarantees called?
• What is not included in the APR for a loan?
• What is it called when a seller provides financing to the borrower for a purchase transaction?
• Where should suspected loan fraud be reported?
• HOEPA Loans are part of which larger regulation?
• Which loan type requires the least amount of down payment from the borrower?
• The Browns have rescinded their loan transaction, informing their lender of their decision by mail, they are entitled to a full refund within?
• Yield spread premium is defined as:
• What type of mortgage allows personal property to be included in the property sale and financed together with the loan?
• Which charge would not be considered a finance charge and thus not part of the APR calculation?
• On the loan estimate, the limit for negative amortization is expressed as:
• What is the maximum household income percentage of the AMI allowed for a USDA 502 loan?
• Which of the following is primarily regulated under RESPA?
• The rate used to amortize the mortgage loan and determine the monthly loan payment is known as the?
• Which financial document is typically required to assess a borrower’s ability to repay?
• How is the rate on an adjustable-rate mortgage typically calculated at adjustment?
• What type of fraud scheme usually includes a get rich quick real estate seminar?
• What is an example of a program that is specifically designed to help first-time homebuyers?
• Intentionally targeting borrowers in poor or underserved areas with expensive high cost loans is considered illegal under:
• The closing disclosure is a uniform settlement disclosure created following the requirements of which act?
• Which of the following is a requirement for lenders under the Equal Credit Opportunity Act?
• A convertible ARM allows a borrower to change to which type of mortgage?
• When a consumer is preapproved for a line of credit and can use this line freely, making repeat transactions, what is this an example of?
• According to ECOA, a borrower can request a copy of the appraisal report within how many days of a credit decision?
• A mortgage that is amortized for a longer period than the actual term of the loan can best be described as what type of mortgage?
• The right to rescind a loan applies to which type of transaction?
• Which regulation is intended to ensure consumers are informed about the nature and costs of the settlement process?
• A borrower with a stable monthly income of $4,000 and recurring debts of $600 is seeking an FHA loan. What is the maximum monthly payment he would qualify for?
• What function does the Federal Housing Administration primarily serve?
• RESPA imposes requirements about or prohibits all of the following except which one?
• A reverse mortgage must be repaid if the home is unoccupied by the borrower for how long?
• Which document provides the final closing costs for a buyer and seller involved in a real estate transaction?
• If a first-time home buyer wishes to use his VA loan privilege for the first time and is not planning to make a down payment, what is the amount of his funding fee?
• In a reverse mortgage, what is the primary source of repayment?
• Which law allows a consumer who has had her credit card used by an identity thief to place a freeze on her credit report?
• Which document is not required at closing?
• Which of the following statements about VA loans is true?
• What does the HUD rule on equal access to housing prohibit?
• Which of the following is a characteristic of a fixed-rate mortgage?
• In which federal law would you find the definition of a nontraditional loan?
• According to the Homeowners Protection Act, when the loan to value falls below 78%, PMI is to be?
• If a judgment appears on the credit report, how will it be treated for an FHA loan?
• Which section of the URLA contains questions which, depending on the applicant's answer, could result in immediate rejection of the application?
• What does PMI stand for in relation to mortgage loans?
• What does the front ratio calculation represent in debt ratio calculations?
• After the Housing and Economic Recovery Act of 2008, Congress established which entity for oversight of the GSEs?
• During the application process, if an MLO asks if a borrower is widowed, which law is he violating?
• What does the acronym PMI stand for in mortgage lending?
• Which government entity oversees the Secondary Mortgage Market?
• According to the truth in lending act, a borrower on a refinance transaction to whom the APR has not been properly disclosed has the right to rest in the loan for:
• In order to meet the guidelines for a qualified mortgage, how much can total points and fees not exceed?
• What term describes the practice of targeting minority communities for predatory lending?
• The cost of funds index is traditionally used to determine interest rates on what type of loans?
• During the appraisal review, which situation might raise a red flag for an underwriter?
• What is the maximum fee a lender can charge for originating a VA loan?
• What is the primary purpose of mortgage insurance?
• The underwriting process aims to accomplish what task?
• What do lenders typically use to assess the risk of lending to a borrower?
• What is generally considered a disadvantage of taking an adjustable-rate mortgage (ARM)?
• A borrower reports an income of $40,000 from rental properties. How much of that should be considered for a mortgage loan application?
• What is the maximum loan-to-value ratio for a conventional mortgage without requiring private mortgage insurance?
• Which of the following is a function of FACTA?
• If a bank receives a change of address request from a consumer, what requires the bank to follow up to verify the validity of the request?
• The lender discloses the pre-payment penalty on which of the following documents?
• Which of the following factors is primarily used to determine a borrower's eligibility for an FHA loan?
• Which element of an ARM is used as a reliable indicator of change in the cost of money?
• Which entity oversees the MDIA?
• HOEPA is an addendum to which law?
• What term describes the total of principal, interest, taxes, and insurance in a mortgage payment?
• Rental income for an applicant can be documented using which of the following?
• Which question on a mortgage application is considered a prohibited basis under ECOA?
• When must the servicing disclosure be provided to the borrower?
• A note is the borrower's promise to repay a debt. Is this statement True or False?
• Which document does the VA use to determine the amount of a veteran's entitlement?
• In mortgage lending, what does LTV stand for?
• When is a loan not subject to RESPA?
• What is the term for the difference between the index and the interest rate charged to a borrower with an ARM?
• Combining stated income with a non-traditional mortgage product is an example of what?
• What is the primary role of a mortgage broker?
• A section 203K loan is a?
• Is it ethical for a mortgage broker to offer a loan at a rate higher than the best rate available to the borrower?
• How long must a borrower with a professional degree PhD, but no work history, wait to establish adequate employment history?
• The Federal Home Loan Bank system (FHLB) provides which of the following?
• One advantage of VA loans that is not commonly available in transactions for conventional mortgages is that they are:
• What law prohibits discrimination in the sale and rental of residential property on the basis of race, color, religion, handicap, sex, familial status or national origin?
• How many days must a suspicious activity report be filed within?
• While underwriting a loan file, what does the formula PITI divided by income determine?
• UFMIP is paid?
• What is the tolerance allowed for variances in the APR disclosure required by the Truth in Lending Act in a regular transaction?
• What term describes someone who performs unsupervised mortgage-related duties?
• Which of the following is true of the loan estimate?
• Which of the following is a valid reason for a lender to deny a mortgage application?
• Which of the following correctly describes entities that have obligations under the Fair Credit Reporting Act?
• According to the Truth in Lending Act, which of the following fees is excluded from the calculation of the annual percentage rate?
• According to TILA-RESPA rule, a member of a trust with liability for a mortgage loan?
• What is the minimum length of Mortgage Insurance Premium (MIP) for an FHA loan?
• Which of the following types of income will not require additional information to qualify the borrower?
• A balloon rider, a pre-payment penalty rider and a second home rider may all be part of:
• Which is the primary law that affects mortgage loan closings?
• In addition to meeting the debt to income ratio requirements, which test is also used to qualify a veteran for a VA loan?
• A second mortgage loan that allows the borrower to obtain multiple advances of funds up to an approved amount is known as a?
• To combat income related mortgage fraud, lenders require a review of the income provided to the IRS. What document authorizes the lender to obtain income transcript from the IRS?
• On which schedule are sole proprietorship income, expenses, and taxable profits reported?
• Which disclosures are required by RESPA?
• Which of the following would convey a property?
• The new loan estimate does not apply to all real estate loans. All of the following loan types are exempt from new disclosures except:
• What is the primary purpose of a property appraisal?
• Which document is typically used to confirm a borrower's income for a mortgage application?
• What is the primary purpose of a title insurance policy?
• Which practice violates the MLO compensation rule?
• According to HOEPA, what must be established for a higher-priced loan?
• An interest rate at PAR would be?
• Which regulation ensures that some borrowers have the right of rescission for three business days after a loan contract is signed?
• TILA requires creditors to maintain records of compliance with disclosure requirements for how many years?
• What was established in 1932 as a cooperative to finance housing in local communities?
• Which statement about loan origination fees on a loan estimate is false?
• A yield spread premium is disclosed on which document?
• What are the factors that allow for higher ratios on loans over 90% LTV?
• When is it generally advisable to disclose mortgage terms to the borrower?
• After a borrower allows the assumption of his or her VA loan, when may he or she use the VA loan privilege again?
• In an adjustable-rate mortgage with caps of 5/1/6, what does the "6" represent?
• What feature allows a consumer to only pay interest on a mortgage during a set period?
• The three business day waiting period requirement applies to a corrected closing disclosure when all of the following occur except?
• In order to avoid CFPB intervention, which of the following is not a required standard for an entity overseeing loan originators?
• Under what circumstance can a borrower be exempt from paying the upfront VA funding fee?
• What occurs during hypothecation in a loan closing?
• Is it acceptable for a seller to require the use of a specific title provider?
• Which type of mortgage allows for lower initial payments that increase over time?
• What documentation must lenders submit to provide data required by HMDA?
• What does the FHA do with respect to mortgage lending?
• The APR factors in the effects of all of the following expenses except which one?
• According to the Truth in Lending Act, which of the following fees is included in the calculation of the annual percentage rate?
• What is the primary purpose of the ECOA?
• What federal legislation requires the term equal housing lender to be used in any advertisement that is broadcast over the airwaves?
• Which of the following may be considered an appraisal red flag?
• Which law requires Mortgage Loan Originators to provide borrowers with a loan estimate of closing costs?
• What is the most common type of mortgage fraud?
• What type of loan allows a borrower to potentially avoid a balloon payment by refinancing?
• Which of the following is considered least likely to be non-public personal information?
• Which of the following is true with regard to TILA disclosures?
• What is the federal limitation on the shortest adjustment period allowed on an Adjustable Rate Mortgage (ARM)?
• The UFMIP is charged on what type of mortgage loans?
• ECOA is a law that ensures which of the following?
• The generally acceptable front and housing ratio for a USDA loan is?
• Which disclosure is mandated by TILA and itemizes potential closing costs for the borrower?
• What is the maximum LTV on a rural development loan?
• What is the purpose of a loan estimate document?
• What document must be provided at least seven business days prior to loan consummation for a 30-year fixed rate mortgage?
• What does TILA primarily aim to ensure for borrowers?
• How much can alimony payments be grossed up to apply for a loan?
• Which of the following is a class protected under ECOA but not under the fair housing act?
• At what equity position will PMI automatically cancel for a conforming loan, assuming the borrower has made all payments in a timely manner?
• A 203 (k) is a?
• What is one component considered in determining a borrower's debt-to-income ratio?
• For how long must loan originator compensation records be retained?
• Which would not be considered a RESPA violation?
• An MLO is required to provide how many loan options to a consumer at the time of inquiry for each type of transaction the consumer expresses interest in?
• Which of the following is not identified as a type of consumer protection law by the CFPB?
• A consumer with a loan for closed end credit may exercise his or her right to rescind until midnight on which day after signing the lending agreement?
• Which term describes the process of a lender reviewing a borrower's repayment ability?
• The term "fixed-rate mortgage" most commonly denotes a loan with?
• When can real estate taxes be disregarded for the purpose of determining debt ratios?
• Should a note be signed by the payee?
• The lender discloses the pre-payment penalty on which of the following documents?
• Under TRID rule, which of the following fees is considered a zero tolerance fee and cannot increase between the loan estimate and closing disclosure?
• What is the best description of a 2-1 loan?
• Total debt to income ratio is the relationship between the borrower's?
• How often does the privacy rule require financial institutions to provide a consumer privacy policy disclosure?
• What type of loan never requires monthly mortgage insurance?
• Which of the following is not a recognized index used for an ARM loan?
• What type of disclosure does RESPA require creditors to provide customers at the time of mortgage loan closing?
• If you enter application information into an automated underwriting system and lack the authority to approve a loan, you are considered to be a?
• If an advertisement includes trigger terms, what must be disclosed?
• Which is NOT a function of the secondary markets?
• Which of the following is NOT an advantage of VA loans?
• The closing disclosure disclosed all of the following except?
• Which federal law ensures that consumers receive clear information about mortgage terms?
• The Equal Credit Opportunity Act requires the lender to provide a borrower a reason for rejection of credit within how many days of loan application?
• FHA loan limits change from time to time and are based on the?
• Which of the following would be used in calculating APR?
• What is one of the main responsibilities of a loan originator?
• Safe harbor qualified mortgages offer protection from liability for which of the following?
• What is the primary purpose of the CRA?
• What does MIP stand for in mortgage contexts?
• Which of the following documents is typically required when applying for a mortgage loan?
• Which mortgage type prohibits the use of balloon payments?
• What is the penalty for noncompliance with red flags?
• The relationship between the cost of borrowing and the total amount financed, shown as a percentage, is known as what?
• Which of the following borrowers is best suited for a Home Equity Conversion Mortgage (HECM)?
• If a lender learns that a real estate agent encouraged an appraiser to hit a specific value for a property, what can the lender do?
• Which of the following is not a factor when calculating the VA funding fee?
• Which legislation prohibits predatory lending?
• What is the primary goal of the Truth in Lending Act (TILA)?
• When a loan is immediately sold onto the secondary market, who is responsible for funding?
• In the absence of cups, adjustments on an ARM loan would be determined solely by:
• Who provides the annual escrow account disclosure statement?
• Which federal law provides the definition of a nontraditional loan?
• If a borrower becomes delinquent with the mortgage payment, how many days does the mortgage servicer have to attempt to reestablish contact after a missed payment?
• Which of the following documents is recorded with the county to notify the public of the lender's security interest in the subject property?
• On which section of the application would a borrower disclose issues impacting repayment ability, like outstanding judgments?
• Which statement about FHA insured loans is false?
• A loan on which of the following properties would not be subject to the requirements of RESPA?
• Which act requires mortgage lenders to give consumers information about obtaining their credit report when they are turned down for a loan?
• Which of the following fraud schemes involves the seller's signature on the deed being forged while the real homeowner is unaware of the fraudulent transfer?
• When a loan estimate is revised, it must be delivered to the applicant no later than?
• In order to comply with HMDA, which is not a question a loan originator may ask a borrower?
• A balloon loan is defined as?
• What does a Loan Estimate provide to the borrower?
• Loan products that tempted consumers to misrepresent their qualifications included all but which of the following?
• If a home is purchased with an FHA owner occupied loan, which refinancing option can be used?
• Which of the following accurately describes the role of a mortgage broker?
• Which scenario best describes a land contract?
• Which of the following methods has not been used by borrowers to escape a bad mortgage condition?
• Which feature is allowed for a non-qualified mortgage but not for a qualified mortgage?
• What percentage is typically considered the threshold for consumers to avoid PMI when making a down payment?
• Which of the following is defined as any mortgage product other than a 30 year fixed rate mortgage?
• What type of insurance does FHA provide for the loans it insures?
• Which of the following is commonly associated with adjustable rate mortgages?
• For issuing a revised loan estimate, what percentage change in estimated settlement charges must occur to warrant a change?
• The VA states that loans made in compliance with VA standards and guaranteed or insured by the VA are classified as?
• Which feature would be classified as toxic under the qualified mortgage rule definition?
• Which of the following is NOT a TILA required disclosure?
• Which law promotes informed shopping by requiring the disclosure of settlement services to the borrower?
• What entity enforces the Fair Credit Reporting Act?
• According to the Fair Credit Reporting Act, which situation does not entitle someone to a free copy of their credit report?
• For a mortgage transaction subject to RESPA, when must a loan estimate be delivered after receiving a written application?
• Which type of loan is often used for the purchase of a primary residence?
• The amount of income left over after expenses are subtracted is called?
• The Federal Housing Administration:
• What is not required for a VA loan?
• Which of the following disclosures is NOT required under RESPA?
• Under the FCRA, which of the following rights do consumers NOT have?
• A for-profit MLO who claims to be a counselor in an ad about loan modification would be in violation of what law?
• Under RESPA, what is the maximum fine that can be imposed for each instance of a kickback?
• You are pre-qualifying a borrower for a purchase loan with monthly debts of $950 and a gross monthly income of $5,200. What is the maximum qualifying house payment on a conventional loan?
• A "jumbo" loan is also known as which type of loan?
• To address the problem of property flipping, appraisers must analyze the transfer history of a property for the previous?
• What could lead to a borrower being denied a mortgage application?
• Which legislation designates federal privacy protection and consumer identification requirements?
• How is equity defined in relation to real estate?
• Under federal law, which action on a loan application does not require a written notice to the applicant?
• If a consumer submits a complaint about a mortgage lender to the CFPB, the lender has how many days to respond before the CFPB publishes a complaint in its public complaint database?
• Which of the following pieces of personal information is a borrower asked to provide voluntarily on the loan application?
• What describes floating a rate initially disclosed as 5% and locking in at a lower rate of 4.75%?
• What is an essential requirement for borrowers applying for an FHA mortgage?
• A state licensed loan originator is:
• In a scenario where Borrower A has a $100,000 30-year loan at 5% and Borrower B has a $100,000 15-year loan at 5.5%, who will have paid more principal at the end of their respective loan terms?
• Which of the following types of mortgages typically carries two different types of mortgage insurance?
• In which scenario is a borrower most likely to need a jumbo loan?
• Delivering the closing disclosure to the seller is the responsibility of the?
• Which document outlines the rights of borrowers and specifies what must be disclosed about the mortgage?
• The total amount of interest a consumer will pay over the loan term as a percentage of the loan amount is referred to as the?
• Which federal law prohibits making a loan to a customer without verifying the customer's ability to repay the loan?
• When calculating the debt ratio, which calculation best represents the front ratio?
• A mortgage loan that has a predetermined maximum loan amount and can be paid off as needed is known as?
• What is the number one ethical problem reported by professionals and managers?
• A 189/360 loan is classified as which type of mortgage?
• Which of the following best describes the VA?
• When evaluating a borrower's income, which aspect should not be considered?
• Which type of loan would never have mortgage insurance?
• Which of the following defines the term negative amortization?
• How much can the seller contribute towards the closing costs of an FHA loan?
• What is the primary purpose of the Community Reinvestment Act?
• Which federal agency enforces mortgage-related consumer protection laws?
• How is a condominium typically classified in terms of property type?
• What is the primary purpose of the Home Mortgage Disclosure Act (HMDA)?
• Impersonating someone else to obtain their personal financial information is called?
• Which of the following is not included in the definition of a complete application?
• What is a primary purpose of HMDA and Regulation C?
• Of these settlement charges, which is allowed to show a 10% tolerance between the loan estimate and the actual charge at closing?
• Housing counselors must generally be approved by which organization?
• Which of the following terms can be used to describe a balloon loan?
• For a conventional conforming loan, what is the most that the seller can contribute?
• On the loan estimate, which data tells applicants how much they will pay in interest over the life of the loan as a percentage of the loan amount?
• The Consumer Financial Protection Bureau was created by which act?
• If any triggering terms are used in an ad, which of the following must be present?
• Which statement is true about interest rate buy downs on FHA loans?
• The borrower's IOU is referred to as the?
• Which governing entity primarily oversees regulations concerning FHA loans?
• The main purpose of the Fair Housing Act is to?
• An FHA insured loan is an example of which type of financing?
• Which of the following is not a characteristic that defines a subprime borrower based on subprime guidance?
• Which objective is NOT sought by the Nationwide Multi-State Licensing System and Registry?
• Morrison is assisting a borrower in obtaining a residential mortgage loan. Her assistance may include all of the following except?
• According to the SAFE act, which of the following defines a loan originator?
• What type of fraud scheme usually includes a get rich quick real estate seminar?
• What is the primary purpose of underwriting in the mortgage process?
• What should you consider if you realize paying for clients' meals may violate RESPA?
• In which scenario would a borrower be most likely to choose a 30-year fixed mortgage?
• A state might require a loan originator to obtain a surety bond in order to?
• Which of the following deals most specifically with representations made in mortgage advertising?
• Delivering the closing disclosure to the borrower is the responsibility of the?
• Which of the following types of loans are assumable?
• Statements in advertising that may lead consumers to inaccurately assume a mortgage product is endorsed by the government violate which law?
• What is the process of pooling together similar loans to create mortgage-backed securities called?
• A loan originator has not maintained a state loan originator license for five years. However, during the last three years of that five-year period, she was employed as a registered loan originator with a bank. Is she required to retake the licensing test when she decides to apply for a new state license?
• What information does the Mortgage Call Report (MCR) contain?
• Homeownership counseling is required for which type of loan?
• According to TILA, how should an interest rate be quoted to a consumer inquiring about a loan product?
• What must be included on page 1 of the loan estimate?
• Which loan type is specifically designed for veterans?
• The minimum standards for license renewal include all but which of the following?
• For the purposes of providing the borrower a loan estimate, which piece of information is not necessary to constitute an application?
• What does negative amortization indicate?
• Which regulation encourages financial institutions to help meet credit needs in communities, including low and moderate income neighborhoods?
• Income derived from a rental property would be entered in which section of the URLA?
• Which form is identified as form 1003?
• A revised loan estimate may be provided if an applicant waits more than how many days to indicate intent to proceed?
• Which law requires lenders to disclose consumer credit costs related to adjustable rate mortgages?
• What federal law created the idea of a qualified mortgage?
• What does TILA stand for?
• In the context of mortgage loans, what does LTV stand for?
• What does the lender's title policy primarily protect against?
• What is the primary function of a mortgage servicer?
• What document outlines the terms and conditions of a mortgage?
• What term describes a situation where a mortgage broker originates and closes a loan that is funded by a lender?
• HPA does not apply to which type of loan?
• A partially amortized mortgage requires a?
• Which of the following under RESPA could not provide settlement services for the loan and purchase of an owner-occupied property?
• If a realtor asks about a borrower's credit scores, what is the most appropriate course of action?
• Which of the following is true regarding the preparation and delivery of the closing disclosure?
• A higher priced loan is defined by which of the following criteria?
• Who prepared the CHARM booklet?
• Which factor is not taken into consideration when determining the mortgage amount for an HECM?
• Which of the following is not a requirement of the state regulatory authority?
• For how long must ECOA records be retained?
• What is a characteristic of an adjustable-rate mortgage (ARM)?
• Which law requires lenders to collect borrower information for first mortgages and home improvement loans?
• Which type of loan is likely to require mortgage insurance if the down payment is less than 20%?
• What action must a creditor take if it is discovered that the APR is outside of the range of tolerance?
• What does the Truth in Lending Act define as a business day for the right of rescission?
• Which type of mortgage strongly relies on the collateral value of the property?
• What is the primary purpose of an appraisal in the mortgage process?
• What type of loan is characterized by a borrower providing limited income documentation?
• Which is the largest secondary market participant?
• PUD stands for?
• Which two federal regulations have the most pertinent disclosure requirements related to loan terms?
• At closing, who issues a clear to close?
• The agency whose primary purpose is the prevention of discrimination and evaluating a credit application is?
• Which financial institution primarily focuses on mortgage lending?
• A first lien mortgage loan is covered under HOEPA if the loan's APR exceeds the average prime offer rate by how much?
• Which factor is NOT a risk mitigating factor for a simultaneous second loan?