21-40 Flashcards
Which of the following is NOT included as a protected class by the Equal Credit Opportunity Act?
Immigration Status
Who must receive a Notice of Right to Rescind in a refinance transaction?
Anyone with an ownership interest in the property
Under what circumstances is a creditor permitted to provide a consumer with an updated Loan Estimate?
Revisions to the credit terms or the settlement are requested by the consumer
A subordination clause in a mortgage:
allows a lender to move to or take a lower lien position.
Where do the funds for FHA loans come from?
Approved lenders
An applicant for a mortgage has recurring monthly debt of $425 and a gross monthly income of $3,850. For a conforming loan, what is the maximum house payment—including principal, interest, taxes, and insurance—for which she qualifies?
$961.00
The term “registered loan originator,” as defined under the SAFE Act, means any individual who meets the definition of loan originator and is an employee of:
A depository institution regulated by a federal banking agency.
Ralph has applied for a residential mortgage loan. His application indicates that he has worked for his mother’s corporation for the past 15 years as a W-2 employee. Ralph recently received and holds 20% of the corporation’s stock. What documentation should be used to verify his employment?
Two years personal tax returns since he is employed by a family member
To comply with the FACTA, a Residential mortgage loan originator should:
Implement a written Identity Theft Prevention Program.
The SAFE Act requires all MLOs seeking state licensure to pass the NMLS-developed Mortgage Loan Originator Test with a score of:
75% or better.
VA loans allow for a maximum LTV of what percent?
100%
A buyer makes an offer of $156,000 on a house that was appraised for $162,000. If the seller accepts his offer, what is the minimum down payment required from the buyer for an FHA loan?
$5,460
A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless such independent contractor loan processor or underwriter:
obtains and maintains a license by the NMLS as an independent contractor processor or underwriter.
For an individual to be eligible for a loan originator license, a state must require and find, at a minimum, that an individual:
Has never had a loan originator license revoked in any governmental jurisdiction.
John has purchased a home for a sales price of $300,000. He has been approved for a mortgage with an 85% LTV and a loan amount of $255,000. What is the maximum amount the real estate agent may contribute toward the borrower’s settlement costs per FNMA guidelines?
$18,000
