Affinity

Question 1

What law states that married spouses can keep separate bureau files, if requested?

Answer 1

ECOA

Question 2

To be approved as a Loan Originator, a licensee must not have been foun guilty for…

Answer 2

7 years

Question 3

What is the penalty for violating the SAFE Act?

Answer 3

$28,474

Question 4

When must the borrower receive the Initial Escrow Account Disclosure?

Answer 4

Within 45 days after the closing date (

Question 5

What is the name of the of the form that the IRS uses to retrieve past tax returns, W-2, an 1099 transcripts that are on file with the IRS?

Answer 5

4506-T Form

Question 6

Interest earned but not yet paid ic called what?

Answer 6

Accrued interest

Question 7

What is included in Acquisition Costs ?

Answer 7

Purchase price, plus closing cost, minus seller credits

Question 8

The date that the interest rate changes on an adjustable rate mortgage is known as what?

Answer 8

Adjustment date

Question 9

What is a conveyance?

Answer 9

The transfer of a deed or possibly a lease or mortgage

Question 10

When should an ARM disclosure be provided to the borrower?

Answer 10

Three days after application

Question 11

What is an Assessment

Answer 11

A local tax: such as a sewer or street light

Question 12

Certificate of Occupancy:

Answer 12

Document, issued by local government agency, stating that a property meets the requirements of health and building codes