HECM Practice bundled exams 2023 with 100% complete solutions

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 ...

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...

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...

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 ...

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...

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...

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...

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 ...

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...

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...

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...

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...

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 ...

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...