41-60 Flashcards
A Chapter 7 bankruptcy could show on a credit report for a maximum of:
10 years.
What is the required down payment on a Rural Development loan?
0%
Mortgage Call Reports must be submitted to the NMLS:
Quarterly.
A HELOC is a type of mortgage:
that allows a borrower to obtain cash against the equity of a home, up to a predetermined amount.
Which is not a triggering term according to TILA, requiring additional disclosing in advertising?
“Terms to fit your budget.”
Which is not a requirement of the Safeguard Rule of the Gramm-Leach-Bliley Act (GLBA)?
Allow consumers to add their phone numbers to a list that prohibits unauthorized calls.
Under which federal legislation does the consumer have the right to receive a copy of the appraisal report on a dwelling that is to be used as collateral for a loan?
ECOA
Which of the following is not exempt from SAFE Licensing?
A non-depository mortgage loan originator who offers or negotiates terms of a residential mortgage loan for compensation or gain.
A loan originator refers her customer to XYZ Title Company, which is owned by her family. According to RESPA, she must:
Give full disclosure to the customer at or prior to the time of referral.
A loan that results in negative amortization is illegal under what law?
HOEPA
What clause gives a lender the right to declare the entire loan balance due immediately because of borrower default or for violation of other contract provisions?
Acceleration clause
What is the maximum interested third party contribution seller and/or third party may contribute to an FHA transaction?
6%
Under what Federal Law can convictions for mortgage fraud carry a 30-year maximum prison sentence or a maximum $ 1 million dollar fine, or both?
Fraud Enforcement and Recovery Act
Qualifying income ratio guidelines on an FHA loan are:
31% housing ratio and 43% total debt ratio.
The definition of “business day” for providing a Closing Disclosure in the TRID regulations is?
All calendar days except Sundays and the legal public holidays
