Podcast
Questions and Answers
What type of loans are secured by a consumer's principal dwelling with an APR that exceeds the average prime offer rate by 1.5 percentage points?
What type of loans are secured by a consumer's principal dwelling with an APR that exceeds the average prime offer rate by 1.5 percentage points?
- Section 32 loans
- Higher-Cost loans (correct)
- Higher-Rate loans
- Higher-Priced loans
What is the name of the regulation implementing the Truth in Lending Act?
What is the name of the regulation implementing the Truth in Lending Act?
- Regulation B
- Regulation Z (correct)
- Regulation C
- Regulation X
What does the annual percentage rate (APR) represent?
What does the annual percentage rate (APR) represent?
- Sum of all costs required to obtain credit
- Cost of a borrower's credit calculated as an annual rate (correct)
- Ratio between the interest rate charged and the amount borrowed
- Nominal interest rate of the loan over the term of the loan
How many hours of continuing education must a state-licensed loan originator complete to meet the annual requirement?
How many hours of continuing education must a state-licensed loan originator complete to meet the annual requirement?
What type of mortgage loan has an interest rate that remains fixed for a certain period then changes over time based on a market index?
What type of mortgage loan has an interest rate that remains fixed for a certain period then changes over time based on a market index?
What is the date on which Mr. and Mrs. Smith are closing on a home?
What is the date on which Mr. and Mrs. Smith are closing on a home?
What is the percentage of LTV approved by the lender for the Smith's mortgage loan?
What is the percentage of LTV approved by the lender for the Smith's mortgage loan?
How much pre-paid interest must the Smith's pay at closing, assuming a 360-day calendar year?
How much pre-paid interest must the Smith's pay at closing, assuming a 360-day calendar year?
Within how many days of receiving a completed application must a mortgage loan originator notify an applicant of action taken on their request?
Within how many days of receiving a completed application must a mortgage loan originator notify an applicant of action taken on their request?
What type of mortgage provides an elderly borrower with a monthly check instead of the borrower paying a monthly payment?
What type of mortgage provides an elderly borrower with a monthly check instead of the borrower paying a monthly payment?
What is the name of FHLMC's automated underwriting system?
What is the name of FHLMC's automated underwriting system?
What does Section 8 of RESPA prohibit?
What does Section 8 of RESPA prohibit?
What is the maximum prison sentence for a violation of the SAFE Act?
What is the maximum prison sentence for a violation of the SAFE Act?
What type of deterioration refers to a loss in value caused by factors outside the property itself?
What type of deterioration refers to a loss in value caused by factors outside the property itself?
What is included in the housing expense to income ratio (Front End Ratio)?
What is included in the housing expense to income ratio (Front End Ratio)?
What type of mortgage product is not considered a nontraditional mortgage product?
What type of mortgage product is not considered a nontraditional mortgage product?
Who can provide gift funds for a down payment according to FHA underwriting guidelines?
Who can provide gift funds for a down payment according to FHA underwriting guidelines?
How many basis points is 3.5 discount points?
How many basis points is 3.5 discount points?
Mortgage loan originators who make cold calls must update their download of the National Do-Not-Call registry at least every:
Mortgage loan originators who make cold calls must update their download of the National Do-Not-Call registry at least every:
Which appraisal approach is used as the best indicator of value for existing properties?
Which appraisal approach is used as the best indicator of value for existing properties?
Which regulation implements the Equal Credit Opportunity Act?
Which regulation implements the Equal Credit Opportunity Act?
What is the maximum percentage of financing concessions that FHA sellers are permitted to provide?
What is the maximum percentage of financing concessions that FHA sellers are permitted to provide?
What is the allowable tolerance for the Final APR disclosed in a regular transaction?
What is the allowable tolerance for the Final APR disclosed in a regular transaction?
What minimum score is required to pass the NMLS-developed Mortgage Loan Originator Test?
What minimum score is required to pass the NMLS-developed Mortgage Loan Originator Test?
According to TRID, when must the Closing Disclosure be completed and made available for inspection?
According to TRID, when must the Closing Disclosure be completed and made available for inspection?
What is the maximum LTV allowed for VA loans?
What is the maximum LTV allowed for VA loans?
What is the primary factor considered in the VA's debt-to-income ratio?
What is the primary factor considered in the VA's debt-to-income ratio?
Which of the following is NOT prohibited by the Equal Credit Opportunity Act?
Which of the following is NOT prohibited by the Equal Credit Opportunity Act?
How often can an individual retake the SAFE Act qualified test?
How often can an individual retake the SAFE Act qualified test?
Which of the following loans is excluded from the Ability-to-Repay Rule requirements?
Which of the following loans is excluded from the Ability-to-Repay Rule requirements?
