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NMLO > SAFE MORTGAGE LOAN OFFICER QUESTIONS > Flashcards

SAFE MORTGAGE LOAN OFFICER QUESTIONS Flashcards

1
Q

WHAT IS THE PENLATY FOR VIOLATING ECOA

A

10 THOUSAND DOLLARS

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2
Q

WHAT IS THE PENALTY FOR VIOLATING RESPA

A

10 THOUSAND + 1 YEAR JAIL

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3
Q

WHAT IS THE PENALTY FOR VIOLATION DNC (DO NOT CALL LIST)

A

$43280

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4
Q

WHAT IS THE PENLATY FOR VIOLATING UNAUTHORIZED FAX

A

$500.00

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5
Q

WHAT IS THE PENLATY FOR VIOLATING FRCA

A

1 THOUSAND DOLLARS

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6
Q

WHAT IS THE PENALTY FOR VIOLATING FACTA

A

$5000 + JAIL

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7
Q

WHAT IS THE PENALTY FOR VIOLATING SAFE ACT

A

$38058

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8
Q

WHAT IS TH EPENALTY FOR VIOLATING SAFE ACT

A

$38058

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9
Q

WHAT IS THE PENLATY FOR VIOLATING TILA

A

$5000, $25000 AND 1 MILLION

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10
Q

WHAT IS THE PENLATY FOR VIOLATING TILA

A

$5000, $25000 AND 1 MILLION
A. PENALTIES: 5 THOUSAND PER DAY FOR SINGLE VIOLATION
B. 25 THOUSAND PER DAY FOR RECKLESS VIOLATION
C. 1 MILLION PER DAY FOR KNOWINGLY VIOLATING TRID

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11
Q

WHAT IS THE FOUR ELEMENTS OF A VALID CONTRACT

A

A. COMPETENT PARTIES
B. MUTAL AGREEMENT
C. LEGAL OBJECT
D. CONSIDERATION
E. ONE WAY TO THINK ABOUT IT IS THIS COMPENTENT PARTIES ARE CONSIDERING A MUTUAL AGREEMENT FOR A LEGAL OBJECT

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12
Q

WHAT IS THE FRONT END AND BACK-END RATIONS FOR CONVENTIONAL LOANS FRONT

A

A. 28 FRONT AND 36 BACK

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13
Q

WHAT IS THE FRONT END AND BACK-END RATIONS FOR A USDA LOAN

A

A. 29 FRONT AND 41 BACK

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14
Q

WHAT IS THE FRONT END AND BACK-END RATIONS FOR CONVENTIONAL LOANS FRONT

A

28 FRONT AND 36 BACK

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15
Q

WHAT IS THE FRONT END AND BACK-END RATIONS FOR A USDA LOAN

A

29 FRONT AND 41 BACK

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16
Q

WHAT IS THE FRONT END AND BACK-END RATIOS FOR A VA LOAN

A

THERE IS ONLY BACK-END RATIO AND ITS 41

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17
Q

WHAT IS THE FRONT END AND BACK-END RATIOS FOR A FHA LOAN

A

31 AND 43

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18
Q

APPLICANT CAN REQUEST A STATEMENT OF REASON WITHIN HOW MANY DAYS OF RECIVING THE ORIGINAL ADVERSE NOTICE?

A

60 DAYS

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19
Q

IF AN APPLICATION FOR CREDIT IS DENIED BASED ON THE APPRAISAL THE BORROWER HAS HOW MANY DAYS TO REQUEST A COPY AND THE LENDER HAS HOW MANY DAYS TO DELIVER IT?

A

90 DAYS TO REQUEST A COPY AND THE LENDER HAD 30 DAYS TO DELIVER IT

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20
Q

WHAT DOES ECOA DEAL WITH ?

A

ECOA HANDLES CREDIT APPLICATION

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21
Q

WHAT IS INCLUDED IN THE APR?

A

FEES THAT RELATE TO THE ACTUAL MORTGAGE

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22
Q

*WHAT IS NOT INCLUDED IN THE APR?

A

a. TENACTS
b. T FOR TITLE INSURANCE
c. E FOR ESCROW
d. N FOR NOTARY
e. A FOR APPRAISAL
f. C CREDIT REPORT
g. T FOR TERMITE INSPECTION
h. S FOR SELLER CREDIT

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23
Q

WHEN DO YOU GET THE SERVICING TRANSFER STATEMENT AND HOW MANY DAYS DOES A BORROWER HAVE TO GET THE PAYMENT TO THE RIGHT PLACE?

A

15 DAYS FOR THE SERVICE LETTER AND 60 DAYS GRACE PERIOD FOR THE PAYMENT

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24
Q

FANNIE MAE REQUIRES ONELY A _____________ YEAR HISTORY TO BE REVIEWED FOR ALL CREDIT AND PUBLIC INFORMATION?

A

7 YEARS

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25
Q

WHAT IS THE MINIMUM DOWN PAYMENT FOR AN FHA LOAN?

A

a. 3.5% IF CREDIT SCORE IS BETWEEN 580 OR HIGHER
b. 10% IF CREDIT SCORE IS BETWEEN 500 AND 579

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26
Q

WHAT IS THE MINIMUM DOWN PAYMENT FOR AN FHA LOAN?

A

a. 3.5% IF CREDIT SCORE IS BETWEEN 580 OR HIGHER
b. 10% IF CREDIT SCORE IS BETWEEN 500 AND 579

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27
Q
  1. WHAT CREDIT SCORE IS NOT ELIGIBLE FOR AN FHA LOAN?
A

CREDIT SCORE LESS THAN 500

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28
Q
  1. WHAT IS THE LATE FEE FOR AN FHA LOAN?
A

4%

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29
Q

WHAT IS THE LATE FEE FOR A USDA LOAN?

A
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30
Q

WHAT IS THE LATE FEE FOR AN FHA LOAN?

A

4%

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31
Q

WHAT CREDIT SCORE IS NOT ELIGIBLE FOR AN FHA LOAN?

A

CREDIT SCORE LESS THAN 500

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32
Q

WHAT IS THE LATE FEE FOR A USDA LOAN?

A

4%

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33
Q

WHAT IS THE LATE FEE FOR A VA LOAN?

A

4%

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34
Q

WHAT IS THE LATE FEE FOR A CONVENTIONAL LOAN?

A

5%

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35
Q

WHAT IS THE LATE FEE FOR A CONVENTIONAL LOAN?

A

5%

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36
Q

HOW MANY MONTHS OF PITI PAYMENTS MUST BE VERIFIED FOR A LOAN FOR A NON-OWNER-OCCUPIED PROPERTY?

A

6 MONTHS ON A NON-OWNER OCCUPIES PROPERTY

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37
Q

HOW MANY MONTHS OF PITI PAYMENTS MUST BE VERIFIED FOR A LOAN ON AN OWNER-OCCUPIED PROPERTY?

A

2 MONTHS

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38
Q

WHAT PERCENT OF OWNERSHIP DO YOU NEED TO BE ELFEMPLOYED?

A

25%

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39
Q

IF CREDIT REPORT DOESN’T SHOW A REQUIRED MINIMUM PAYMENT AMOUNT

A

LENDER SHOULD USE AN AMOUNT EQUAL TO THE PERCENT OF THE OUTSTANDING BALANCE-
5% OF THE OUTSTANDING BALANCE

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40
Q

COMMISION OVERTIME BONUS AND PART-TIME INCOME MUST BE AVERAGE OVER HOW MANY YEARS FOR CONSIDERING AS INCOME ?

A

2 YEARS AVERAGE

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41
Q

CONSUMER DEBTS THAT HAVE LESS THAN HOW MANY MONTHS OF PAYMENT REMAINING DO NOT NEED TO BE INCLUDED FOR THE PURPOSE OF POPULATING DEBT RATIOS?

A

10 MONTHS HOWEVER IF THERE IS A LEASE THE LEASE IS ALWAYS INCLUDED

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42
Q

WHAT IS A 203 B LOAN?

A

203B-B FOR BASIC REFERS TO THE FHA BASIC 30 YEAR FIXED RATE LOANS

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43
Q

WHAT IS A 203 K LOAN?

A

203 K IS A REHABILITATION LOAN, YOU CAN THINK ABOUT THAT FOR IT’S NEEDS THOUSADN (K) OF THE $$ FOR REHAB

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44
Q

WHAT IS A 203G LOAN?

A

G IS FOR GOOD, 203 G REFERS TO LOANS FOR TEAHCERS, FIREMEN POLICE ECT

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45
Q

WHAT IS IRS FORM 8821?

A

TAC INFORMTION AUTHORIZATION FORM

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46
Q

WHAT IS THE 4506 T FORM?

A

REQUEST FOR TRANSCRIPT OF A TAX RETURN

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47
Q

WHAT IS THE 1003?

A

THE 1003 IS THE URLA (UNIFORM RESIDENTIAL LOAN APPLICATION)

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48
Q

WHAT IS THE 1004?

A

APPRAISAL

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49
Q

WHAT IS THE 1005?

A

VOE – VERIFICATION OF EMPLOYMENT OR CORPORATE VERIFICATION PAYROLL/ELLIGIBILITY

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50
Q

WHAT IS THE 1005?

A

VOE – VERIFICATION OF EMPLOYMENT OR CORPORATE VERIFICATION PAYROLL/ELLIGIBILITY

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51
Q

WHAT IS 1006?

A

VOD (VERIFICATION OF DEPOSITS)

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52
Q

WHAT IS 1007?

A

RENT

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53
Q

WHAT IS 1008?

A

TRANSMITTAL SUMMARY

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54
Q

WHAT IS 1009?

A

REVERSE MORTGAGE

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55
Q

WHAT IS FORM 442?

A

RECERTIFICATION OF AN APPRAISAL

56
Q

WHAT ARE THE TYPES OF FREEHOLD ESTATES?

A

THERE ARE THREE TYPES OF FREEHOLD ESTATES OUT HERE
a. FEE SIMPLE ABSOLUTE
b. FEE SIMPLE DEFEASIBLE
c. LIFE ESTATE
THEY REPRESENT AN IMMOVABLE ASSET IN THE REAL ESTATE INDUSTRY THAT YOU HOLD INTREST IN.

57
Q

IF A CONSUMER REQUESTS CANCELLATION OF THEIR ESCROW ACCOUNT, THE LENDER MUST DELIVER AN ESCROW CLOSING NOTICE NO LATER THAN HOW MANY DAYS BEFORE THE CLOSURE OF THE ACCOUNT?

A

3 DAYS (KEEP IN MIND IF THE CONSUMER REQUESTED THE CLOSING THEN THIS NOTICE MUST BE RECEIVED AT LEAST THREE BUSINESS DAYS BEFORE THE CONSUMER’S ESCROW ACCOUNT CLOSED.

58
Q

IF IT IS CLOSED FOR ANY OTHER REASON WHEN MUST THE LENDER DELIVER AN ESCROW CLOSING NOTICE?

A

THE LENDER IS REUIRED TO PROVIDE THE NOTICE NOO LATER THAN 30 BUSINESS DAYS

59
Q

HOW LONG DO YOU HAVE TO RETAIN THE TILA DISCLOSURE

A

2 YEARS

60
Q

HOW LONG DO YOU HAVE TO RETAIN THE DNC (DO NOT CALL LIST)

A

2 YEARS

61
Q

HOW LONG DO YOU HAVE TO RETAIN THE MAP MORTGAGE ACTS AND PRACTICES DISCLOSURE?

A

2 YEARS

62
Q

HOW LONG DO YOU HAVE TO RETAIN THE LOAN ESTIMATE?

A

3 YEARS

63
Q

HOW LONG DO YOU HAVE TO RETAIN LAR LOAN APPLICATION REGISTRY?

A

3 YEARS

64
Q

HOW LONG DO YOU HAVE TO RETAIN THE LOC?

A

3 YEARS

65
Q

HOW LONG DO YOU HAVE TO RETAIN THE CLOSING DISCLOSURE?

A

5 YEARS

66
Q

HOW LONG DO YOU RETAIN THE SAR? (SUSPICIOUS ACTIVITY REPORT)

A

5 YEARS

67
Q

HOW LONG DO YOU HAVE TO RETAIN THE ECOA (EQUAL CREDIT OPPORTUNITY ACT)

A

25 MONTHS

68
Q

WHAT IS WAREHOUSE FUNDING?

A

WHEN THE LENDER FOR CLOSING GETS THE LINE OF CREDIT EXTENDED BY A COMMERCIAL BANK

69
Q

WHAT IS AN ESTOPPEL LETTER?

A

ESTOPPEL LETTER IS A LETTER SENT WHEN THE CLOSING AGENT SENDS A STOP LETTER YO YE SELLERS LENDER REQUESTING A PAYOFF AMOUNT. AN ESTOPPEL LETTER IS MOST COMMONLY USED WHEN ALANDLORD WANTS TO ASSURE CASH FLOW AND PREVENT A TENANT FROM BREAKING A PROMISE

70
Q

WHO MAINTIANS FLOOD MAPS?

A

FEMA

71
Q

WHAT IS THE MINIMUM AND MAXIMUM AMOUNT OF FLOOD INSURANCE NEEDED?

A

100K AND 250K

72
Q

WHAT IS DEED-IN-LIEU OF FORECLOSURE?

A

DEED-IN LIEU OF FORECLOSURE OCCURES IN THE MORTGAGE VOLUNTARILY CONVEYS THAT THE DEED TO THE LENDER IN EXCHANGE FOR SATISFACTION OF THE DEBT BUT STILL LOSES THE PROPERTY BUT BY CONVEYING TO FILE BEFORE THE COURT ACTION TO AVIOD FORECLOSURE ON CREDIT RECORD. HOWEVER, THE LENDERS ARE NOT OBLIGATED TO ACCEPT.

73
Q

WHAT ARE THE FOUR TYPES OF LEGAL DESCRIPTIONS FOR PROPERTIES?

A

a. MONUMENT METHOD
b. GOVERNMENT LAND AND SURVEY METHOD
c. LOTS AND BLOCKS METHOD
d. THE METES AND BOUNDS METHOD

74
Q

WHICH OF THESE FOUR IS THE MOST COMMON LEGAL DESCRIPTION METHOD?

A

LOTS AND BLOCKS METHOD (ALSO KNOWN AS THE RECORDED PLAT SURVEY SYSTEM OR RECORDED MAP SURVEY SYSTEM. A METHOD USED TO DESCRIBE AND IDENTIFY THE LOCATION OF A PARCEL OF LAND. THE LOT AND BLOCK SURVEY SYSTEM IF OFTEN USED IN DENSELY POPULATED METROPOLITAN AND SUBURBAN AREAS.

75
Q

WHICH IS THE MOST ACCURATE LEGAL DESCRIPTION METHOD?

A

METE AND BOUNDS METHOD

76
Q

WHAT IS A CTR?

A

CTR IS A CURRENCY TRANSACTION REPORT =. IT GOES TO THE IRD. BANKS SECRECY ACT (BSA) AND ANI-MONEY LUANDRY LAWS AML REUIRES COMPANIES TO FILE A CURRENCY TRANSACTION REPORT WITH THE IRS FOR CASH TRASNACTIONS EXCEEDING 10,000 IN ONE DAY. THE ACT REQUIRES FINANCIAL INSTITUTIONS TO KEEP DETAILS RECORDS OF CASH TRANSACTIONS EXCEEDING 10, 000 (WITHDRAWN/DEPOSITED/TRANSFERRED)

77
Q

WHO IS CTR UNDER?

A

THE BANK SECRECY ACT (BSA) AND ANTI-MONEY LAUDERING AML

78
Q

WHO IS THE BSA AND AML UNDER?

A

THEY ARE UNDER US-PA (US PATRIOT ACT)

79
Q

A COMPNAY WITH WHICH A CONCUMER HAS AN ESTABLISHED BUSINESS RELATIONSHIP (EBR) MAY CALL FOR UP TO HOW MANY MONTHS AND WHAT ABOUT IF THE CONSUMER ONLY INQUIRES OR SUBMITS AN APPLICATION?

A

IF THERE IS AN ESTABLISHED BUSINESS, THE TIME PERIOD IS 18 MONTHS AND IF IT’S AN INQUIRY, IT’S A MAXIMUM OF 3 MONTHS. A TRANSACTION NEED TO OCCUR FOR IT TO BE AN EBR (ESTABLISHED BUSINESS RELATIONSHIP)

80
Q

THE DNC LIST MUST BE UPDATED EVERY HOW MANY DAYS?

A

31 DAYS

81
Q

DNC MUST BE RETANED FOR HOW LONG?

A

2 YEARS

82
Q

WHAT IS THE PENALTY FOR SENDING UNAUTHORIZED FAXES?

A

$500

83
Q

WHAT IS MARS REGULATION 0?

A

MORTGAGE ASSISTANCE RELIEF SERVICES (MARO) AND MARS HELPS TO PROTECT DISTRESSED HOMEOWNERS FROM FORECLOSURE PREVENTION SCAMS

84
Q

MARS FORBIDS COLLECTING FEES UNLESS WHAT?

A

MARS FORBID FROM COLLECTING UPFRONT FEES UNLESS THERS A WRITTEN AGREEMENT LIKE WITH THE SERVICER

85
Q

WHAT DOES MARS PROHIBIT?

A

a. MARS PROHIBIT NEGOTIATING AND INTERFERING WITH COMMUNICATION BETWEEN THE BORROWER AND LENDER
b. SECONDLY, IT CANNOT TELL THE BORROWER TO STOP PAYING THEIR MORTGAGE

86
Q

THE LENDER HAVE HOW MANY DAYS AFTER CLOSING TO REFUND THE BORROWER A PORTION OF THE CHARGES THAT EXCEED THE ACCEPTABLE AMOUNT OF TOLERANCE LEVELS?

A

60 BUSINESS DAYS

87
Q

WHAT ABOUT IF THIS WAS CAUSED BECAUSE OF A CLERICAL ERROR?

A

60 CALENDER DAYS

88
Q

TILA WAS IMPLEMENTED BY WHO?

A

THE FEDERAL RESERVCE BOARD (US TREASURY AND FINCEN FINANCIAL CRIMES ENFORMENT NETWORK)

89
Q

WHO ADMINISTERS TILA?

A

FPB, CONSUMER FINANCIAL PROTECTION BUREAU

90
Q

WHAT IS LOAN FLOPPING?

A

LOAN FLOPPING IS AN ABUSIVE PRACTISE IN WHICH A LOAN IS REFINANCED WITHOUT ANY CHANGEABLE NEW BENEFIT TO THE BORROWEER, IT’S A FORM OF EUITY STRIPPING.

91
Q

A CREDITOR MUST RESPOND TO A PAYOFF REQUEST WITHIN HOW MANY DAYS?

A

7 DAYS

92
Q

WHO TOOK CONTROL IOF FANNIE AND FREDDIE MAC IN 2008?

A

FHFA (FEDERAL HOUSINF FINANCING AGENCY)

93
Q

WHO ALLOWED FHFA TO TAKE CONTROL OF FANNIE AND FREDDIE MAC?

A

HOUSING ECONIMIC RECOVERY ACT (HERA)

94
Q

Requires a guarantee fee?

A

USDA loans

95
Q

Requires PMI when the LTV is higher than 80%?

A

CONVENTIONAL LOANS

96
Q

DOES NOT CONFORM TO FANNIE AND FREDDIE MAC BUT DOES THE ATR (ABILITY TO REPAY) ?

A

NON-OM LOANS

97
Q

EXCEEDS THE CONVENTIONAL LOAN LIMIT?

A

JUMBO LOANS (MORE THAN 647K 2022 SINGLE FAMILY LOAN)

98
Q

HAS A FIXED INTEREST RATE?

A

FIXED RATE MORTGAGES

99
Q

HAS A MARGIN AND AN INDEX?

A

HYBRID ARM (ADJUSTABLE-RATE MORTGAGE)

100
Q

ADVERTISED AS A 3/1 OR 5/1?

A

ADJUSTABLE RATE MORTGAGE

101
Q

ARM THAT ALLOWS THE BORROWER TO CHOOSE SEVERAL PAYMENTS?

A

PAYMENT OPTION ARMS

102
Q

USED TO PROVIDE ADVANCES FOR THE CONSTRUCTION OF A HOME?

A

CONSTRUCTION LOAN

103
Q

USED BY BORROWERS TO GO FROM ONE HOUSE TO ANOTHER?

A

BRIDGE LOAN

104
Q

HAS A LARGE PAYMENT AT THE END OF THE TERM?

A

BALLOON MORTGAGE

105
Q

HAS PAYMENTS THAT INCREASE AS TIME GOES ON?

A

GRADUATED PAYMENT LOAN (INTRODUCED MID 2000 GMP LOW INITIAL PAYMENT, INCREASES OVER TIME AND NEGATIVE AMORTIZATION

106
Q

IF IT IS CLOSED FOR ANY OTHER REASON WHEN MUST THE LENDER DELIVER AN ESCROW CLOSING NOTICE?

A

THE LENDER IS REUIRED TO PROVIDE THE NOTICE NOO LATER THAN 30 BUSINESS DAYS

106
Q

WHAT IS 1006?

A

VOD (VERIFICATION OF DEPOSITS)

106
Q

HOW MANY MONTHS OF PITI PAYMENTS MUST BE VERIFIED FOR A LOAN ON AN OWNER-OCCUPIED PROPERTY?

A

2 MONTHS

106
Q

WHAT ARE THE TYPES OF FREEHOLD ESTATES?

A

THERE ARE THREE TYPES OF FREEHOLD ESTATES OUT HERE
a. FEE SIMPLE ABSOLUTE
b. FEE SIMPLE DEFEASIBLE
c. LIFE ESTATE
THEY REPRESENT AN IMMOVABLE ASSET IN THE REAL ESTATE INDUSTRY THAT YOU HOLD INTREST IN.

107
Q

WHAT PERCENT OF OWNERSHIP DO YOU NEED TO BE ELFEMPLOYED?

A

25%

107
Q

HOW LONG DO YOU HAVE TO RETAIN THE TILA DISCLOSURE

A

2 YEARS

107
Q

WHAT IS THE LATE FEE FOR AN FHA LOAN?

A

4%

107
Q

HOW MANY MONTHS OF PITI PAYMENTS MUST BE VERIFIED FOR A LOAN FOR A NON-OWNER-OCCUPIED PROPERTY?

A

6 MONTHS ON A NON-OWNER OCCUPIES PROPERTY

107
Q

WHAT IS THE LATE FEE FOR A CONVENTIONAL LOAN?

A

5%

107
Q

HOW LONG DO YOU HAVE TO RETAIN THE DNC (DO NOT CALL LIST)

A

2 YEARS

107
Q

WHAT IS FORM 442?

A

RECERTIFICATION OF AN APPRAISAL

107
Q

WHAT CREDIT SCORE IS NOT ELIGIBLE FOR AN FHA LOAN?

A

CREDIT SCORE LESS THAN 500

107
Q

TILA EXEMPTION?

A

CABO - EXTEMPT FROM TILA
a. COMMERCIAL
b. AGRICULTURAL BUSINESS
c. O-ORGANIZATIONAL CREDIT

107
Q

WHAT IS THE LATE FEE FOR A USDA LOAN?

A

4%

107
Q

APPLICANT CAN REQUEST A STATEMENT OF REASON WITHIN HOW MANY DAYS OF RECIVING THE ORIGINAL ADVERSE NOTICE?

A

60 DAYS

107
Q

WHAT IS THE LATE FEE FOR A VA LOAN?

A

4%

108
Q

WHAT IS THE PENLATY FOR VIOLATING TILA

A

$5000, $25000 AND 1 MILLION
A. PENALTIES: 5 THOUSAND PER DAY FOR SINGLE VIOLATION
B. 25 THOUSAND PER DAY FOR RECKLESS VIOLATION
C. 1 MILLION PER DAY FOR KNOWINGLY VIOLATING TRID

108
Q

WHAT IS 1008?

A

TRANSMITTAL SUMMARY

108
Q

WHAT IS THE FRONT END AND BACK-END RATIOS FOR A VA LOAN

A

THERE IS ONLY BACK-END RATIO AND ITS 41

108
Q

WHAT IS 1009?

A

REVERSE MORTGAGE

108
Q

IF A CONSUMER REQUESTS CANCELLATION OF THEIR ESCROW ACCOUNT, THE LENDER MUST DELIVER AN ESCROW CLOSING NOTICE NO LATER THAN HOW MANY DAYS BEFORE THE CLOSURE OF THE ACCOUNT?

A

3 DAYS (KEEP IN MIND IF THE CONSUMER REQUESTED THE CLOSING THEN THIS NOTICE MUST BE RECEIVED AT LEAST THREE BUSINESS DAYS BEFORE THE CONSUMER’S ESCROW ACCOUNT CLOSED.

108
Q

FANNIE MAE REQUIRES ONELY A _____________ YEAR HISTORY TO BE REVIEWED FOR ALL CREDIT AND PUBLIC INFORMATION?

A

7 YEARS

108
Q

WHAT IS 1007?

A

RENT

108
Q

WHAT IS INCLUDED IN THE APR?

A

FEES THAT RELATE TO THE ACTUAL MORTGAGE

108
Q

WHEN DO YOU GET THE SERVICING TRANSFER STATEMENT AND HOW MANY DAYS DOES A BORROWER HAVE TO GET THE PAYMENT TO THE RIGHT PLACE?

A

15 DAYS FOR THE SERVICE LETTER AND 60 DAYS GRACE PERIOD FOR THE PAYMENT

108
Q

WHAT DOES ECOA DEAL WITH ?

A

ECOA HANDLES CREDIT APPLICATION

108
Q

WHAT IS THE FRONT END AND BACK-END RATIONS FOR A USDA LOAN

A

29 FRONT AND 41 BACK

108
Q

WHAT IS THE FRONT END AND BACK-END RATIOS FOR A FHA LOAN

A

31 AND 43

108
Q

WHAT IS THE FOUR ELEMENTS OF A VALID CONTRACT

A

A. COMPETENT PARTIES
B. MUTAL AGREEMENT
C. LEGAL OBJECT
D. CONSIDERATION
E. ONE WAY TO THINK ABOUT IT IS THIS COMPENTENT PARTIES ARE CONSIDERING A MUTUAL AGREEMENT FOR A LEGAL OBJECT

108
Q

WHAT IS THE FRONT END AND BACK-END RATIONS FOR CONVENTIONAL LOANS FRONT

A

28 FRONT AND 36 BACK

108
Q

*WHAT IS NOT INCLUDED IN THE APR?

A

a. TENACTS
b. T FOR TITLE INSURANCE
c. E FOR ESCROW
d. N FOR NOTARY
e. A FOR APPRAISAL
f. C CREDIT REPORT
g. T FOR TERMITE INSPECTION
h. S FOR SELLER CREDIT

108
Q

IF AN APPLICATION FOR CREDIT IS DENIED BASED ON THE APPRAISAL THE BORROWER HAS HOW MANY DAYS TO REQUEST A COPY AND THE LENDER HAS HOW MANY DAYS TO DELIVER IT?

A

90 DAYS TO REQUEST A COPY AND THE LENDER HAD 30 DAYS TO DELIVER IT

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