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HECM Practice bundled exams 2023 with 100% complete solutions
HECM Practice exam 2023 with 100% complete solutions Reverse Mortgages exam 2023 with 100% complete answers
[Show more]HECM Practice exam 2023 with 100% complete solutions Reverse Mortgages exam 2023 with 100% complete answers
[Show more]A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: 
A. Termination of agency's HUD approval 
B. Suspension of agency's HUD approval 
C. Forfeiture of remaining federal grant funds 
D. Fines and or imprisonment 
E. a , b , and c 
...
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Add to cartA Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: 
A. Termination of agency's HUD approval 
B. Suspension of agency's HUD approval 
C. Forfeiture of remaining federal grant funds 
D. Fines and or imprisonment 
E. a , b , and c 
...
The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: 
a. 0. 
b. 0.01% of the Maximum Claim Amount. 
c. 1% of the Maximum Claim Amount. 
d. 1.25% of the Maximum Claim Amount. correct answersb 
 
If repairs are required ...
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Add to cartThe HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: 
a. 0. 
b. 0.01% of the Maximum Claim Amount. 
c. 1% of the Maximum Claim Amount. 
d. 1.25% of the Maximum Claim Amount. correct answersb 
 
If repairs are required ...
The objective of reverse mortgage counseling is to educate clients on correct answershow reverse mortgages work and their implications 
· the appropriateness of a reverse mortgage for their personal and financial 
situations, and 
· possible financial alternatives to reverse mortgages 
 
The follo...
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Add to cartThe objective of reverse mortgage counseling is to educate clients on correct answershow reverse mortgages work and their implications 
· the appropriateness of a reverse mortgage for their personal and financial 
situations, and 
· possible financial alternatives to reverse mortgages 
 
The follo...
List three items of information or materials that you need for an assignment? correct answersline pack 
ppe 
irpg 
 
list 3 items on a resource order? correct answersincident name 
reporting location 
charge code 
 
what are the two most important parts of the check-in process? correct answerslocate...
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Add to cartList three items of information or materials that you need for an assignment? correct answersline pack 
ppe 
irpg 
 
list 3 items on a resource order? correct answersincident name 
reporting location 
charge code 
 
what are the two most important parts of the check-in process? correct answerslocate...
Reverse Mortgages correct answersA loan used by qualified homeowners age 62 or older, who have equity in their homes, but little to no income 
 
This loan allows the elderly to use the equity in their homes to meet the expenses of living, or tp help pay for home improvements 
 
T or F? Borrowers do ...
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Add to cartReverse Mortgages correct answersA loan used by qualified homeowners age 62 or older, who have equity in their homes, but little to no income 
 
This loan allows the elderly to use the equity in their homes to meet the expenses of living, or tp help pay for home improvements 
 
T or F? Borrowers do ...
All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: 
 
A. The counselor explains the cost of the loan and the financial implications of obtaining it. 
B. The counselor is paid only if the borrower goes through with the reverse m...
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Add to cartAll of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: 
 
A. The counselor explains the cost of the loan and the financial implications of obtaining it. 
B. The counselor is paid only if the borrower goes through with the reverse m...
Who are reverse mortgages popular products for and why? correct answersPopular for older homeowners who have equity in their homes and little or no income. 
 
What do reverse mortgages allow people to do? correct answersAllow older homeowners to use equity in their homes to meet expenses of living o...
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Add to cartWho are reverse mortgages popular products for and why? correct answersPopular for older homeowners who have equity in their homes and little or no income. 
 
What do reverse mortgages allow people to do? correct answersAllow older homeowners to use equity in their homes to meet expenses of living o...
Popular for older homeowners who have equity in their homes and little or no income correct answersWhat are reverse Mortgages popular for and why? 
 
Allow older homeowners to use equity in their homes to meet expenses of living or home improvements. correct answersWhat do reverse mortgages allow pe...
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Add to cartPopular for older homeowners who have equity in their homes and little or no income correct answersWhat are reverse Mortgages popular for and why? 
 
Allow older homeowners to use equity in their homes to meet expenses of living or home improvements. correct answersWhat do reverse mortgages allow pe...
The preferred debt-to-income ratio for applicants for VA loans is: 
35% 
43% 
50% 
41% correct answers41 
 
In order for a small creditor to originate a balloon payment qualified mortgage, the small creditor must hold the loan in its portfolio for: 
Twelve months 
Three years 
Two years 
Five years ...
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Add to cartThe preferred debt-to-income ratio for applicants for VA loans is: 
35% 
43% 
50% 
41% correct answers41 
 
In order for a small creditor to originate a balloon payment qualified mortgage, the small creditor must hold the loan in its portfolio for: 
Twelve months 
Three years 
Two years 
Five years ...
For households struggling to pay all their bills, where one of the homeowners is at least 62, what is one option to consider? correct answersA reverse mortgage 
 
A reverse mortgage differs from a traditional mortgage how? correct answersBecause the borrower receives a lump sum or a stream of paymen...
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Add to cartFor households struggling to pay all their bills, where one of the homeowners is at least 62, what is one option to consider? correct answersA reverse mortgage 
 
A reverse mortgage differs from a traditional mortgage how? correct answersBecause the borrower receives a lump sum or a stream of paymen...
Qualified Mortgage (QM) correct answersA closed-end mortgage loan secured by a dwelling that meets certain specific underwriting requirements set forth by law under the Qualified Mortgage Rule (QM Rule). There are several different categories of qualified mortgages under the rules, and each category...
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Add to cartQualified Mortgage (QM) correct answersA closed-end mortgage loan secured by a dwelling that meets certain specific underwriting requirements set forth by law under the Qualified Mortgage Rule (QM Rule). There are several different categories of qualified mortgages under the rules, and each category...
the submission of a consumer's financial information for the purposes of obtaining an extension of credit correct answersApplication 
 
A complete application includes 6 criteria correct answers1. Consumer's name 
2. SSN 
3. Income 
4. Address of property to secure loan 
5. Estimate of the value o...
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Add to cartthe submission of a consumer's financial information for the purposes of obtaining an extension of credit correct answersApplication 
 
A complete application includes 6 criteria correct answers1. Consumer's name 
2. SSN 
3. Income 
4. Address of property to secure loan 
5. Estimate of the value o...
Which fee can be collected/imposed prior to delivery of a Loan Estimate and Closing Disclosure? correct answersThe only fee that a consumer may be charged prior to the loan estimate is for the credit report 
 
The APR on an initial Loan Estimate for a 30-year fixed rate loan is 5.99%, and the APR on...
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Add to cartWhich fee can be collected/imposed prior to delivery of a Loan Estimate and Closing Disclosure? correct answersThe only fee that a consumer may be charged prior to the loan estimate is for the credit report 
 
The APR on an initial Loan Estimate for a 30-year fixed rate loan is 5.99%, and the APR on...
The administrative authority of the Commissioner includes all but which of the following? correct answersThe answer is sentencing violators of the S.A.F.E. Act to appropriate prison terms. State regulators, such as a Commissioner, are not responsible for determining criminal sentences for violators ...
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Add to cartThe administrative authority of the Commissioner includes all but which of the following? correct answersThe answer is sentencing violators of the S.A.F.E. Act to appropriate prison terms. State regulators, such as a Commissioner, are not responsible for determining criminal sentences for violators ...
Homes for All considers itself a nonprofit organization. In order for its employees to be exempt from the licensing requirements of the S.A.F.E. Act, each of the following must be true about Homes, except: 
 
A) It has tax-exempt status under the Internal Revenue Code 
B) Its employee compensation p...
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Add to cartHomes for All considers itself a nonprofit organization. In order for its employees to be exempt from the licensing requirements of the S.A.F.E. Act, each of the following must be true about Homes, except: 
 
A) It has tax-exempt status under the Internal Revenue Code 
B) Its employee compensation p...
Which of the following transactions is not governed by the new TRID Rules? 
 
A. A purchase money transaction 
B. A closed-end second mortgage 
C. A reverse mortgage 
D. A refinance transaction correct answersC. A reverse mortgage 
 
HELOCs and Reverse Mortgages are not required to follow TRID requi...
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Add to cartWhich of the following transactions is not governed by the new TRID Rules? 
 
A. A purchase money transaction 
B. A closed-end second mortgage 
C. A reverse mortgage 
D. A refinance transaction correct answersC. A reverse mortgage 
 
HELOCs and Reverse Mortgages are not required to follow TRID requi...
Primary Mortgage Market 
Where credit institutions originate loans 
 
 
 
C. The maximum the rate can increase over the life of the loan 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum ...
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Add to cartPrimary Mortgage Market 
Where credit institutions originate loans 
 
 
 
C. The maximum the rate can increase over the life of the loan 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum ...
GLBA correct answersGramm-Leah-Bliley Act 
 
FTC correct answersFederal Trade Commission 
 
FCC correct answersFederal Communications Commission 
 
NPI correct answersNon-public Personal Information 
 
Consumer correct answersIndividual who obtains financial services for personal use 
 
Customer cor...
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Add to cartGLBA correct answersGramm-Leah-Bliley Act 
 
FTC correct answersFederal Trade Commission 
 
FCC correct answersFederal Communications Commission 
 
NPI correct answersNon-public Personal Information 
 
Consumer correct answersIndividual who obtains financial services for personal use 
 
Customer cor...
Traditional Mortgage 
30 year fixed rate (mortgage) 
 
 
 
Balloon Payment 
A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized. 
 
 
 
Federal Deposit Insurance Corporation 
Created to protect borrowers d...
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Add to cartTraditional Mortgage 
30 year fixed rate (mortgage) 
 
 
 
Balloon Payment 
A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized. 
 
 
 
Federal Deposit Insurance Corporation 
Created to protect borrowers d...
Which of the following is not one of the new disclosures required under TRID? 
The LE 
The Adverse Action Notice 
The CD 
The home loan toolkit correct answersThe Adverse Action Notice 
 
Agatha wants to purchase two discount points, and there are two origination points on her loan. The sales price ...
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Add to cartWhich of the following is not one of the new disclosures required under TRID? 
The LE 
The Adverse Action Notice 
The CD 
The home loan toolkit correct answersThe Adverse Action Notice 
 
Agatha wants to purchase two discount points, and there are two origination points on her loan. The sales price ...
An Approve/Eligible determination: 
1. Is an indication that a property appraised for its sales price 
2. Authorization to release funds in a refinance transaction 
3. An automated loan approval from the Fannie Mae Du system 
4. A recommendation that is received by the Freddie Mac loan prospector a...
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Add to cartAn Approve/Eligible determination: 
1. Is an indication that a property appraised for its sales price 
2. Authorization to release funds in a refinance transaction 
3. An automated loan approval from the Fannie Mae Du system 
4. A recommendation that is received by the Freddie Mac loan prospector a...
A mortgage the allows multiple withdrawals of varying amounts with a fluctuating balance, usually requiring interest only payments for a specified term according to the amount used correct answersHome equity line of Credit (HELOC) 
(Typically a second mortgage and can be used and paid off repeatedl...
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Add to cartA mortgage the allows multiple withdrawals of varying amounts with a fluctuating balance, usually requiring interest only payments for a specified term according to the amount used correct answersHome equity line of Credit (HELOC) 
(Typically a second mortgage and can be used and paid off repeatedl...
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