6184589
Descrição
Quiz por Tim Mergler, atualizado more than 1 year ago
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Criado por Tim Mergler
aproximadamente 8 anos atrás
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Questão 1
Questão
Under the Homeowners Protection Act, borrowers can request that lenders cancel PMI when their loan balance is less than ____, or a lender may collect PMI until ____ loan-to-value is reached.
Responda
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65%; 50%
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78%; 62%
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80%; 65%
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80%; 78%
Questão 2
Questão
What is the purpose of Regulation B?
Responda
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To prohibit discriminatory treatment of credit applicants
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To require disclosure of settlement costs
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To regulate referral fees
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To prohibit misleading advertisements for mortgage loans
Questão 3
Questão
The Real Estate Settlement Procedures Act (RESPA) applies to:
Responda
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Residential loans
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Residential lot loans
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Commercial loans
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Residential investment properties such as condos and duplexes
Questão 4
Questão
A(n) __________ is a loan with an interest rate that is adjustable and also offers a borrower a number of payment choices, such as 30- or 15- year P&I, interest-only, or a 1% minimum payment, which may result in negative amortization.
Responda
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Adjustable- rate mortgage
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3/1 ARM
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Payment Option ARM
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Reverse mortgage
Questão 5
Questão
What does the acronym “APR” mean?
Responda
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Appraised property ratio
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Adjusted pricing ratio
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Annual percentage rate
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Annual percentage ratio
Questão 6
Questão
MIP would be used for which of the following?
Responda
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A conventional loan with a down payment of less than 20%
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A non-conforming loan
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An FHA loan with a 3.5% down payment
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VA loan with a 10% down payment
Questão 7
Questão
Which of the following loan programs does not require credit or income documentation and does not require repayment as long as the owner lives in the home?
Responda
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NINA
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Reverse mortgage
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Option-ARM
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HELOC
Questão 8
Questão
Increasing loan balances resulting from the application of periodic payments that are not sufficient to cover the interest that is due will result in:
Responda
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Negative equity
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Negative amortization
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Lower credit scores
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Amortizing payments
Questão 9
Questão
Concerning ARMs, margin is best defined as:
Responda
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The amount of compensation earned by a mortgage professional for originating an ARM
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The range of flexibility an interest rate has between caps on traditional ARMs
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The maximum – up or down – that an interest rate can ever adjust on an ARM
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A number, expressed as a percentage, that represents a lender’s operating costs and profit margin
Questão 10
Questão
Which of the following best describes the LTV ratio?
Responda
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It is the ratio of the borrower’s total debt to monthly income
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It is the ratio of the borrower’s principal loan balance to the appraised value of the property
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It is the ratio of the borrower’s monthly loan payment to the principal loan balance
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It is the ratio of the borrower’s monthly housing expense to monthly income
Questão 11
Questão
Which of the following best describes what is considered in the calculation of a borrower’s back-end ratio?
Responda
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Principal and interest payments
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The cost of credit in relation to the value of the loan
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All consumer debt such as credit card payments and auto loan
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The total amount of monthly payments on long-term debt carried by the consumer
Questão 12
Questão
Which of the following does a lender use to analyze a borrower’s financial capacity to determine if he/she is able to afford a loan?
Responda
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LTV
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CCPA
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CIP
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DTI
Questão 13
Questão
Comparable properties used in the market approach to appraisal should be located within ____________ of the subject property.
Responda
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One mile
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Five miles
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The same zip code
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The same county, city or township
Questão 14
Questão
According to conforming guidelines, an appraiser may make net adjustments to comparables of up to _____ in a residential appraisal.
Responda
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25%
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20%
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15%
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10%
Questão 15
Questão
Property flipping occurs when:
Responda
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The title of a property is passed to a family member
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Someone accepts a fee to falsely claim ownership of a property
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Someone secures a loan with fictitious property
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A property is bought and resold within a very short period of time
Questão 16
Questão
A borrower in a mortgage transaction is called:
Responda
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A lendee.
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A mortgagee
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A mortgagor
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A beneficiary
Questão 17
Questão
A clause in the note that requires the borrower to pay an additional charge if he prepays the loan is:
Responda
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The prepayment penalty.
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The due-on-sale clause.
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The late payment penalty.
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The prepayment privilege.
Questão 18
Questão
Which IRS form authorizes the lender to obtain income tax information?
Responda
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8821 or 4506-T
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W-2
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1099
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Schedule C
Questão 19
Questão
For a sole proprietorship, the income, expenses and taxable profits are reported on:
Responda
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IRS form 1065
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Schedule E attached to IRS form 1040
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IRS form 1120
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Schedule C attached to IRS form 1040
Questão 20
Questão
In the calculation of an applicant's income, a capital gain can be considered if:
Responda
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It is a one-time occurrence
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The borrower has occasionally sold capital assets
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The borrower owns additional capital assets
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It occurred no earlier than six months prior to the application
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