prep XL test questions, Exam Review Questions and answers, VERIFIED/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
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Course
Prep xL
Institution
Prep XL
prep XL test questions, Exam Review
Questions and answers, VERIFIED/
The advertisement of mortgage products that Edna is planning to use indicates the number of payments
required to pay off a specific loan. This statement is a:
Prohibited statement
Trigger term
Permissible representation if...
prep XL test question s, Exam Review Questions and answers, VERIFIED/ The advertisement of mortgage products that Edna is planning to use indicates the number of payments required to pay off a specific loan. This statement is a: Prohibited statement Trigger term Permissible representa tion if it is accurate Hypothetical only - ✅✅ -Trigger term In an adjustable -rate mortgage loan, recast: Is the time in the loan term where periodic payments must be of sufficient amount to fully amortize the loan within the remaining term Occurs when the terms of a mortgage loan are modified Is the time during which interest -only payments may be made on a loan Is a provision allowing the borrower to change the amount of principal owing each month - ✅✅ -Is the time in the loan term where p eriodic payments must be of sufficient amount to fully amortize the loan within the remaining term Each of the following would be considered a form of mortgage fraud for housing, except: The borrower overstating assets necessary for a down payment or col lateral for the loan Submission of a fraudulent gift letter Appraisal fraud Including sporadic bonuses in with regular income - ✅✅ -Appraisal fraud Which of the following best describes the Safeguards Rule? A part of the FCRA which requires protection o f customer information A rule allowing financial institutions to escape liability arising from security breaches A disclosure rule found in the Real Estate Settlement Procedures Act A provision of the GLB Act which contains security plan requirements - ✅✅ -A provision of the GLB Act which contains security plan requirements Which of the following would be the most influential factor in determining the hazard insurance premium on a home? Value of the lot Flood zone determination Replacement cost of the home Appraised value of the home - ✅✅ -Replacement cost of the home Which of the following best describes the tolerance applicable to the escrow account? Tolerance depends on certain factors Zero tolerance No tolerance requireme nt 10% tolerance - ✅✅ -No tolerance requirement Which of the following would most likely be found on a mortgage or trust deed? A defeasance clause The due date for the periodic payment Annual percentage rate Parameters for imposition of late payments - ✅✅ -A defeasance clause A HECM is repaid: Monthly, with interest -only payments Monthly, with fully -amortizing payments Monthly, with negatively -amortizing payments and a balloon payment Upon the borrower's death or sale of the property - ✅✅ -Upon the borrower's death or sale of the property
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