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Number specific Flashcards

1
Q

How many days to you have to wait to retake the NMLS National test after failing once, and 3 times

A

You have to wait 30 days before you test again after failing once.
If you fail again, wait another 30 days
If you fail 3 times, 6 month wait before retaking.

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2
Q

Continuing Education (CE)

A 
3 hours of federal law	
2 hours of ethics
2 hours of Nontraditional Mortgages
1 hour random class
Every year must be done by Dec. 31st
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3
Q

How many years must you wait after being convicted of a felony before you can get your license.

A

No felony can apply if it was within 7 years.

Or ever if it had to do with fraud

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4
Q

Conventional Loan Front and Back end ratios

A

Front 28%

Back 36%

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5
Q

Down payment for USDA and VA loans

A

No down payment needed

VA does have a service fee

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6
Q

Down payment for FHA loan

A

3.5%

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7
Q

Down payment for Fannie and Freddie

A

3%

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8
Q

For a Conventional loan what are the requirements for reserves on residential housing and commercial housing

A

2 months of payments in bank for residential housing

6 months of payments in bank for commercial.

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9
Q

For a Conventional loan, how long must a borrower wait to be eligible after a chapter 13 bankruptcy?

A

1 year

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10
Q

For a Conventional loan, how long must a borrower wait to be eligible after a chapter 7 bankruptcy?

A

4 years

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11
Q

For a Conventional loan, how long must a borrower wait to be eligible after a foreclosure?

A

4 years from the credit report date.

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12
Q

How long does it take for a discharged bankruptcy to be removed from a credit report?

A

10 years

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13
Q

On a conventional loan, What percentage of the properties worth can you cash out?

A

85%

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14
Q

Under HOPA what percentage of LTV is required before the borrower can request to remove Private Mortgage Insurance (PMI).
When does PMI automatically cancel?

A

80%

automatically cancels at 78%

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15
Q

FHA Loan Front and Back end ratios

A

Front 31%

Back End 43%

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16
Q

Down payment on a FHA Loan

A

3.5%

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17
Q

What is the maximum percentage in seller concessions for a FHA loan?

A

6%

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18
Q

For a FHA loan how long does the borrower have to occupy the property after closing?
How long must they live at the property for?

A

6 Days after closing

They must live on the property for at least 1 year.

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19
Q

The FHA Flipping rule states that a seller must own the home for what amount of time before reselling?

A

The borrower must own the property for at least 91 days before reselling

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20
Q

How old do you have to be to get approved for a Reverse Mortgage

A

62 years old

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21
Q

What is the Funding Fee on a loan that has less than 5% down payment?

A

1.75%

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22
Q

What is the front end and back end ratio for a VA loan

A

There is only one ratio which it 41%

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23
Q

How long must a borrower who had a chapter 13 bankruptcy wait before being eligible for a VA loan?

A

1 year after being paid off (case by case)

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24
Q

How long must a borrower who had a foreclosure wait before being eligible for a VA loan?

A

2 years after foreclosure.

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25
What is the maximum percentage in seller concessions for a VA loan?
4%
26
What are the Front end and Back end ratios for a USDA loan?
Front end 29% | Back end 41%
27
What section of TILA goes over high priced loans?
Section 35
28
How much money in reserves must a borrower have to approve for an investment property loan?
6 months
29
How many years of work experience must be gathered for the 1003 application
at least 2 years
30
How is income calculated for a commission base job?
Averaging the past 2 years of income.
31
What percentage of income from rental properties can be considered as income?
75%
32
How many days after the 1003 application do you have before sending out a Loan Esimate?
From the time of the application this must be sent out within 3 business days
33
Whats considered a business day?
Monday-Saturday and no federal holidays
34
When can the last revision of a loan estimate be made?
The last revision and disclosure of a loan estimate can be made 4 days before Consummation
35
When must a closing disclosure be provided to the borrower?
The Closing Disclosure must be provided at least 3 business days prior to consummation
36
If a transaction is canceled how long do you have to return all money to borrower?
20 days since the rescission notice.
37
How long does the borrower have to request to rescind if there's something wrong with the closing disclosure?
3 years
38
When is the servicer required to disclose an escrow estimate statement
45 days before consummation.
39
When is a goodbye letter sent from the old servicer to the new servicer during a transferring of services?
15 days before the transfer
40
How long are late fees waived after a transfer of servicing?
60 days
41
What is the repercussion of accepting a kickback or a referral fee?
Fines of $10,000 1 year of jail time per violation
42
Under TILA how long must lenders keep documentation that they have complied with TILA? How about other disclosures like the Closing disclosure?
2 years of compliance with TILA and 5 years for disclosures like the closing disclosure.
43
When is the soonest a loan can close after the waiting period for initial disclosure is over?
7 days
44
After consummation, how long does the borrower have to change their mind?
3 days
45
How many notices of the ability to rescind does each borrower receive?
2
46
For high priced mortgage loans HOEPA requires additional disclosures to be given to the borrower how many days before connsumation?
3 business days
47
What intrest rate triggers a high prived loan
an interest rate that is 1.5% over APOR
48
A DTI for a QM loan cant exceed what percentage?
43%
49
Points and fees cant exceed what percentage for a QM loan
3%
50
How many days before consummation does the front end loan estimate need to be sent to the borrower?
7 days before they sign
51
Any amount that exceeds the amount disclosed on the Loan Estimate must be paid back in how many days after consumation?
within 60 days after consummation
52
How long do you have to let the borrwer know of any changes made to the LE?
3 days after any change
53
When is the last time you can make changes to a LE
4 days before consummation
54
When must the borrower receive the closing disclosure
3 days before consummation
55
When is the Special Information Booklet given to a borrower?
No later than 3 days after consummation
56
How long after a 1003 application is completed do you have to accept or deny the loan?
30 days after application is completed
57
When is the HMDA report due?
March 1st every year
58
When does the FCRA consider credit information obsolete? | How about bankruptcy information
after 7 years, 10 years for bankruptcies
59
How many years of history are reviewed for a Fannie Mae loan
7 years are reviewed for credit and public record information
60
When must personal credit information be deleted? | When must public information be deleted?
7 years for personal, 10 years for public
61
What is the penalty for a Red Flag non-compliance
$3,500
62
How long must a Suspicious Activity Report (SAR) be kept for?
SAR's must be kept for 5 years
63
Whats the penalty for calling someone of the do not call list
$16,000 per call
64
How long do you have to place someone of the do not call list if they request you do so?
30 days
65
According to the Bank Secrecy Act Anti Money Laundering What cash transaction amount must be reported?
Any transaction over $5,000
66
The Patriots Act requires how many forms of ID from each borrower?
2 forms
67
According to MAP how long must you keep records of commercial communications for?
for 2 years from when communication happened with consumers
68
An active duty service person, or a veteran obtaining his/her second VA loan would pay what amount for the VA funding fee if they have less than a 5% down payment (2019)
3.30

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