多复习的问题 Flashcards
The generally-accepted appraisal standards in the United States are known as:
USPAP. The Uniform Standards of Professional Appraisal Practice (USPAP) are the recognized standards for appraisals in the United States.
Who is responsible for the preparation and delivery of the Closing Disclosure?
the creditor is ultimately responsible for ensuring that the borrower receives the Closing Disclosure. Creditors are responsible for the preparation and delivery of the Closing Disclosure to the borrower. While they may use settlement agents to provide the Closing Disclosure on their behalf, the creditor is ultimately responsible for ensuring that the borrower receives the document
What is considered liens
Judgment, attachment, mortgage. Judgments, attachments, and mortgages are all considered liens.
What federal legislation requires loan originators to collect demographic data to ensure that creditors are not engaging in discriminatory lending?
HMDA. The Home Mortgage Disclosure Act is a reporting law that helps the federal government, among other things, identify discriminatory lending practices.
An individual’s act is “for compensation or gain” only when that individual
receives anything of value
289 / 5000
Translation results
Under the SAFE Act, a state has all of the following authorities EXCEPT
Choose only ONE best answer.
A to deny, suspend, or revoke licenses. B to issue cease and desist orders C to waive the requirement for fingerprints for an initial license application D to write rules and regulations
C. Under teh SAFE Act, a state has all of the following authorities EXCEPT to waive the requirement for fingerprints for an initial license application
The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of residential mortgage loans, which would include:
Choose only ONE best answer.
A
Land to be used for agricultural purposes
B
An apartment building with 30 units
C
A dwelling secured by a mortgage, but not secured by a trust deed
D
A mobile home to be used as a residence, even if it is not attached to the land
Correct Answer is D. The S.A.F.E. Act defines a mortgage loan originator as an individual who takes residential mortgage loan applications or offers or negotiates terms of residential mortgage loans for compensation or gain. The S.A.F.E. Act’s definition of “residential mortgage loan” includes a loan secured by a consensual security interest on a dwelling and cross-references the definition of the term “dwelling” in the Truth-in-Lending Act (TILA). Regulation Z, which implements TILA, defines a dwelling as a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence.
In general, what must a borrower do to avoid having late payments reported to a credit bureau?
Payments must be made within 30 days of the due date
The purpose of the property appraisal is to:
Determine if the property value is adequate for the collateral of the loan
For purposes of delivering the Closing Disclosure, a “business day” is defined as:
Sunday and Federal holidays are not considered business days
What must condominium associations do with respect to property insurance?
Condos require a “blanket” policy
Is providing a gift to a “client” a violation of Section 8 of Regulation X?
No
95% is generally the maximum loan-to-value ratio on a purchase transaction would be considered what type of loan programs?
This would be considered a conforming loan.
A borrower has the following minimum payments due monthly: Mortgage PITI $1100, Auto loan with 12 payments remaining - $350, Auto lease with 3 payments remaining - $250, Electric bill - $110, Gas bill - $80, Student loan with 92 payments remaining - $60, Visa credit card - $50. Given this set of data, what amount would the underwriter use to calculate the borrower’s total debt ratio in a conventional conforming loan?
$1100 + $350 + $250 + $60 + $50 = $1,810.00 (gas and electric bill are not included).
Of the terms listed, which is the best description of a 2-1 loan?
This type of loan is considered a buydown (discounted) loan
According to which regulation can an escrow account have a cushion in an amount equal to 1/6 of the yearly taxes and property insurance cost?
According to RESPA (Regulation X) an escrow account should equal no more than two months (1/6 th) of the yearly taxes.
A real estate agent and mortgage loan originator can advertise their services jointly as long as
Each party must pay a portion of the cost
Under FEDERAL law, which of the following actions taken on an application would not require a written notice to the applicant?
If the application is approved, a written notice is NOT required, however, if it is denied, the creditor must provide written notice within 30 days 35.
Before a loan originator candidate is licensed, how many hours of pre-license ethics training must she or he complete?
Three (3) hours of ethics is required for pre-licensing
A “cap” is a feature of an adjustable-rate mortgage that:
The CAP is a feature that limits the amount the interest rate can increase or decrease in an adjustable rate mortgage
A loan originator feels that a property is undervalued and pays an appraiser $500 to change his or her opinion about the property’s value. When the activity is discovered, what might happen?
The penalty for violating the SAFE Act is $28,484 (effective 1/12/18) per offense
Under FEDERAL law, which of the following actions taken on an application would not require a written notice to the applicant?
If the application is approved, a written notice is NOT required, however, if it is denied, the creditor must provide written notice within 30 days
Before a loan originator candidate is licensed, how many hours of pre-license ethics training must she or he complete?
Three (3) hours of ethics is required for pre-licensing
In describing an ARM loan with caps of 5/1/6, which of the following statements is accurate?
In a 5/1/6 ARM, the payment would increase by 5% at the first adjustment period
Which of the following terms can be used to describe a balloon loan?
Another name for a balloon mortgage is a partially amortized loan
As a result of RESPA Section 6, what must lenders do in regard to insurance?
The lender must notify the borrower in writing prior to establishing forced-placed insurance
Which of the following documents/disclosures would NOT need to be provided to an applicant who is applying for a five-year ARM loan to refinance a primary residence?
The Home Loan Toolkit is only provided in purchase transactions
The Federal Home Loan Bank System (FHLB) provides:
FHLB provided advances to financial institutions for residential mortgages
In general, how many years of a borrower’s income must be verified?
Income is verified for a period of 2 years
Is Religion something that can be talked about on a loan application?
No
The rate that is used to amortize the mortgage loan and determine the monthly loan payments is known as the
The note rate is used to amortize mortgage loans
A buyer with a credit score of 703 makes an offer of $156,000 on a house that was appraised for $162,000. If the seller accepts his offer, how much will he have to pay down on an FHA loan?
$156,000 x 3.5% = $5,460 65.
The federal Truth in Lending Act deals with
TILA deals with credit, APR and advertising of consumer loans
How many days does a borrower have to occupy a home with an FHA loan?
Under FHA Guidelines, a borrower must occupy the property within 60 days of closing
A partially amortized mortgage requires
a Balloon payment is also known as partially amortized loans
the property owner and seller are not the same is a sign of
it could be a red flag, If the property owner and property seller are not the same, it is likely more questions should be asked about the deal
what are HECMs and its requirements
Home Equity Conversion Mortgage, is Federal Housing Administration’s. (FHA) reverse mortgage program which enables you to withdraw some of the equity. in your home. You choose how you want to withdraw your funds, whether in a fixed. monthly amount or a line of credit or a combination of both.
the applicant must not have an existing mortgage on the residence. HECMs include several requirements, including that the applicant must be at least 62 years old; the applicant must complete a consumer information session on reverse mortgage loans; and the loan must be secured by the borrower’s principal residence.
A mortgage and a lien are both examples of Answer:
Encumbrances. An encumbrance is a claim or liability on the title to a property, such as a lien or a mortgage.
A first-lien mortgage loan will exceed the HOEPA APR threshold and qualify as a high-cost mortgage if its APR is:
6.5 percentage points above the average prime offer rate for a comparable transaction. First-lien mortgage loan will exceed HOEPA’s APR threshold and qualify as a high-cost mortgage if its APR is 6.5 or more percentage points above the average prime offer rate for a comparable transaction.
The generally-accepted appraisal standards in the United States are known as:
The answer is USPAP. The Uniform Standards of Professional Appraisal Practice (USPAP) are the recognized standards for appraisals in the United States.
who is responsible for the preparation and delivery of the Closing Disclosure?
the creditor is ultimately responsible for ensuring that the borrower receives the Closing Disclosure. Creditors are responsible for the preparation and delivery of the Closing Disclosure to the borrower. While they may use settlement agents to provide the Closing Disclosure on their behalf, the creditor is ultimately responsible for ensuring that the borrower receives the document.
What federal legislation requires loan originators to collect demographic data to ensure that creditors are not engaging in discriminatory lending?
HMDA. The Home Mortgage Disclosure Act is a reporting law that helps the federal government, among other things, identify discriminatory lending practices.
what are characteristics of an HPML?
Section 35
1.5% for a first mortgage lien
– 2.5% for a first lien Jumbo loan (loan amount over
$510,400)
– 3.5% for a subordinate mortgage lien
An individual’s act is “for compensation or gain” only when that individual
receives anything of value
Does the State have the power to waive the requirement for fingerprints for an initial license application
No
What is the purpose of Safeguard rule
ensure the protection of personal information through an effective security program. The Safeguards Rule requires the creation, implementation, and maintenance of an effective security program that ensures the privacy of clients’ personal financial information. The program must include four key elements, including a program coordinator, identification of risks, regular testing, and oversight of third-party service providers
What is a Balloon Loan?
A loan that has a specific amortization period but matures prior to the time it fully amortizes
The Gramm-Leach-Bliley Act requires that a consumer be given an Initial Privacy Notice:
Only if nonpublic personal information is intended to be shared with nonaffiliated third parties
If a borrower rescinds a transaction, within how many days of the rescission, is he entitled to how of a refund from the lender?
20 days
