81-100 Flashcards
Fannie Mae’s conforming guidelines permit, for the purposes of qualification, non-taxable income such as social security and disability benefits to be grossed up by:
25%
Mortgage originators must provide the borrower with a copy of the Special Information Booklet (Your Home Loan Tool Kit) either at the time of application is or no later than:
Three business days after the application is received.
If a mortgage being delivered to Fannie Mae is secured by an investment property, the borrower may own or be obligated on up to:
Ten financed properties, including his or her principal residence.
A legal instrument that pledges real property to secure repayment of a debt is known as:
A mortgage.
Which government agency provides section 502 loans to assist low-income households in purchasing homes in rural areas?
United States Department of Agriculture
What is the most common appraisal approach used in appraising existing single-family housing?
Market comparison approach
While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application?
Home Mortgage Disclosure Act
NMLS&R is the official system for companies and individuals seeking to apply for, amend, renew, and surrender license authorities managed through NMLS&R:
By 64 state or territorial governmental agencies.
What is the minimum number of comps required by most secondary lenders to ensure an accurate estimate of value when performing the sales comparison approach?
3
The TRID rule requires creditors to provide a corrected Closing Disclosure containing all changed terms and a new 3-business-day waiting period before consummation when which of the following occurs?
Changes related to the APR, loan product, or the addition of a prepayment penalty
Stable income is defined as being the borrower’s gross monthly income from all verifiable sources that can reasonably be expected:
To continue for at least the next three years.
A lender has how many days to notify the borrower of an underwriting decision?
30
If the ratios required to qualify a borrower were expressed as 28/36, this would indicate:
The borrower’s monthly PITIA must not exceed 28% of their gross monthly income, and the sum of the PITIA plus the long-term debt should not exceed 36% of their gross monthly income.
The sales contract in the borrower’s file states the agreed purchase price is $162,000. The closing costs are $3,700. The seller is paying $1,200 in closing costs on a $153,900 loan amount. What is the acquisition cost?
$164,500
Per RESPA, a servicer may require a borrower to put into an escrow account funds for purposes of paying taxes, hazard insurance, and other charges related to the property. In addition, the lender may require a cushion, not to exceed an amount equal to:
1/6 of the total disbursements for the year.
