End lender in mortgage b - Study guides, Class notes & Summaries

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for,...

HECM Test Exam Questions And Revised Correct Answers 2024 A borrower got her HECM loan many years ago when the lending limit for her county was $600,000. Her home is appraised for $800,000. What is the most her repayment of the loan could be? A. $600,000 B. $800,000 C. 75% of appraised value D. Net proceeds from selling the home - ANSWERS D A borrower has a $200,000 home value. What is the likely upfront cost added to the loan balance at closing? (Revisit. Where is the formula?) A...

1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 3.How many d...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER 50% Which is the maximum recommended housing ratio for renting an apartment? - ANSWER 30% Eligibility requirements for down-payment assistance programs include which factors? - ANSWER Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - ANSWER 1.75% ...

HUD Housing Exam Questions and Answers 100% Pass Which document should the counselor review with the client to identify spending habits and track expenses: - Correct Answer ️️ -Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - Correct Answer ️️ -Net income Which item in the client's budget is a fixed expense? - Correct Answer ️️ -Car lease payment What is the maximum percent of area medium income allo...

Practice NMLS test - 20 Hour Safe, Exam Review Questions and answers, VERIFIED/ An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO - -d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for,...

Xinnix Ground School Questions and Answers Already Graded A first-time homebuyer - Answer ️️ -Someone who has never owned a home Move-up homebuyer - Answer ️️ -Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer - Answer ️️ -Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer - Answer ️️ -Well seasoned in home buying process. Knowledgeable, fin...

"Barriers Free" Addition to ADA in 1991 - -any building built from 1991 onward had to be built barrier free -must make accommodations for tenants of single family residential homes at the tenants expense -landlords can require money up front, as well as monies for restorations (apartments must also comply) 1866 Civil Rights Act - -prohibits discrimination on the basis of race only -has no exceptions/exemptions to the rule 1968 Federal Fair Housing Act - -shall not discriminate on the bas...

HUD Housing Counselor Certification Practice Verified Answers What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? ️50% Which is the maximum recommended housing ratio for renting an apartment? ️30% Eligibility requirements for down-payment assistance programs include which factors? ️Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premiu...