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Prepxl Bundled Exams;Everything you need to pass is here!!!
Prepxl Bundled Exams;Everything you need to pass is here!!!
[Show more]Prepxl Bundled Exams;Everything you need to pass is here!!!
[Show more]According to the Truth-in-Lending Act, a variation up to what amount is permitted for the annual 
percentage rate in a regular fixed-rate mortgage transaction as quoted in the Loan Estimate? 
1% 
.5% 
.125% 
.25% - Answer-.125% 
The term "subordination" refers to: 
The process of releasing a lien ...
Preview 3 out of 21 pages
Add to cartAccording to the Truth-in-Lending Act, a variation up to what amount is permitted for the annual 
percentage rate in a regular fixed-rate mortgage transaction as quoted in the Loan Estimate? 
1% 
.5% 
.125% 
.25% - Answer-.125% 
The term "subordination" refers to: 
The process of releasing a lien ...
f a borrower is required to pay alimony or child support, it must be included as a(n): 
- Asset 
- Liability 
- Qualifier 
- Mitigating circumstance - Answer-Liability. 
Alimony and child support must be included in a borrower's liabilities if they are required to pay. 
A lender who refuses to orig...
Preview 3 out of 17 pages
Add to cartf a borrower is required to pay alimony or child support, it must be included as a(n): 
- Asset 
- Liability 
- Qualifier 
- Mitigating circumstance - Answer-Liability. 
Alimony and child support must be included in a borrower's liabilities if they are required to pay. 
A lender who refuses to orig...
ACME Home Loans is a private lender with a strict policy of limiting originations to conventional qualified 
mortgages with minimum loan amounts of $300,000. To ensure compliance with this policy, loan 
originators are instructed to refuse to accept applications from consumers who want loan amounts ...
Preview 3 out of 23 pages
Add to cartACME Home Loans is a private lender with a strict policy of limiting originations to conventional qualified 
mortgages with minimum loan amounts of $300,000. To ensure compliance with this policy, loan 
originators are instructed to refuse to accept applications from consumers who want loan amounts ...
In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They 
would like to hold onto as much of their savings as they can, but they have chosen to make a down 
payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they 
can...
Preview 3 out of 24 pages
Add to cartIn January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They 
would like to hold onto as much of their savings as they can, but they have chosen to make a down 
payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they 
can...
Cindy bought a home and closed on a 6.0% rate for 30 years. The loan includes a payment feature that 
allows Cindy to make a $1,400/month payment for the first five years, and a $1,800/month payment for 
the remainder of the loan. What type of loan is this? 
- Variable 
- ARM 
- Option ARM 
- Fixed ...
Preview 3 out of 22 pages
Add to cartCindy bought a home and closed on a 6.0% rate for 30 years. The loan includes a payment feature that 
allows Cindy to make a $1,400/month payment for the first five years, and a $1,800/month payment for 
the remainder of the loan. What type of loan is this? 
- Variable 
- ARM 
- Option ARM 
- Fixed ...
Which of the following is responsible for determining whether to issue a license approval? 
- The NMLS 
- The Governor 
- The Legislature 
- The Commissioner - The Commissioner. 
The Commissioner or state regulator for financial institutions determines licensing eligibility. 
A subordinate lien that...
Preview 3 out of 16 pages
Add to cartWhich of the following is responsible for determining whether to issue a license approval? 
- The NMLS 
- The Governor 
- The Legislature 
- The Commissioner - The Commissioner. 
The Commissioner or state regulator for financial institutions determines licensing eligibility. 
A subordinate lien that...
Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements 
that are unanticipated or disbursements made before the borrower's monthly payments are available in 
the account, a cushion or reserve that must be no greater than _____ of the estimated total an...
Preview 3 out of 28 pages
Add to cartUnder RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements 
that are unanticipated or disbursements made before the borrower's monthly payments are available in 
the account, a cushion or reserve that must be no greater than _____ of the estimated total an...
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 pa...
Preview 3 out of 30 pages
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 pa...
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