Mortgage exam - Study guides, Class notes & Summaries

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 The process of recording a lien The process of one lienholder accepting inferior lien priority in favor of another The process of researching a lien - Answer-The process of one lienholder accepting...

Real Estate Finance I-Champions Final Exam 2024 The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - CORRECT ANSWER-B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - CORRECT ANSWER-A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior VA l...

RECA Fundamentals of Mortgage Brokerage Exam Questions and Answers 2023-2024

The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2 with Complete Solutions 1. Which of the following is NOT a loan origination activity? C. Assisting in a loan modification 2. A unilateral contract is binding on: A. One party 3. Loan originator organizations must keep compensation records for how many years? C. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: B. Three months 5. How many years m...

Colibri Real Estate Practice Final Exam 2024 Questions with 100% Verified Correct Answers Rated A+ Why is the condition of bearing walls more important than non bearing walls? - Correct Answer Bearing walls support the ceiling and the roof. Owner Tom decided to lease out his basement to a college student. By leasing the basement, Tom has - Correct Answer transferred a portion of his bundle of rights What is a forecast of income and expenses that can be projected over five years? - Correc...

NMLS UST Mortgage Exam Questions With Verified Answers A consumer calls to ask about a loan product. How does TILA require you to quote an interest rate to him? - answerThe APR and the interest rate A wraparound mortgage: - answerOccurs when a new mortgage plus an existing mortgage is structured as a single obligation Which of the following is true of an FHA borrower? - answerOnly 75% of rental income counts as qualifying income A mortgage on personal property is a(n): - answerChattel Mo...

Fundamentals of Mortgage Brokerage Exam With Complete Solutions AACI - answerAccredited Appraiser Canadian Institute - designation granted by Appraisal Institute of Canada Accelerated Payments - answerpayment options stream whereby the monthly mortgage payment is either split in half or in quarters and is paid every two weeks (bi-weekly) or every week (weekly) Accredited Mortgage Professional - AMP - answernational designation for mortgage professionals in Canada issued by the Canadian A...

NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - answerTILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - answerLoan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...

REE 4204 exam 4, Real estate finance exam 3, REE 4202- Exam 2 Sirmans, Real estate finance Sirmans Exam 1 - Combined Test With Correct Revised Answers Guaranteed Pass!! Mortgage Refinancing - ANSWER : ●Replaces an existing mortgage with a new mortgage without a property transaction. ●Borrowers will most often refinance when market rates are low. ●The refinancing decision compares the present value of the benefits (payment savings) to the present value of the costs (p...

An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant. Which of the following is not included on the Adverse Action Notice? a. Disclosure of the applicant's credit score b. Statement of reasons for credit denial c. The right to dispute the credit denial d. Disclosure of use of information obtained from an outside source - The right to dispute the credit denial Under the Home Ownership Equity Prot...