Prepxl - Study guides, Class notes & Summaries

Prepxl (4) 6/1/22: Exam Review Questions and answers, VERIFIED/ The administrative authority of the Commissioner includes all but which of the following? Promulgate rules or regulations implementing the S.A.F.E. Act Administer, interpret, and enforce the S.A.F.E. Act Carry out the intentions of the Legislature Sentencing violators of the S.A.F.E. Act to appropriate prison terms - -The answer is sentencing violators of the S.A.F.E. Act to appropriate prison terms. State regulators, such ...

PREPXL TEST 3: Questions and answers, rated A+ The preferred debt-to-income ratio for applicants for VA loans is: 35% 43% 50% 41% - -41% When would a license be suspended without a hearing? If a licensee fails to renew If a licensee fails to request a hearing with the state regulator If a licensee has failed to complete pre-licensing requirements If a licensee has already executed a right to a hearing for a previous violation - -If a licensee fails to request a hearing with the sta...

PrepxL test 8 part 1: Review Questions and answers, rated A+ Which of the following is true? - -ethical issues are the basis of both state and federal laws and can have legal consequences. When may a homeowner request that PMI be cancelled? - -as soon as his/her equity position is 20% or greater. A loan with a fixed rate at the start that will adjust regularly after a certain period is commonly referred to as a(n): - -hybrid arm Which of the following occurs when the parties to a loa...

PrepxL Q'S: Exam Review Questions and answers, Verified/ According to ECOA, discrimination is: A. Never Allowed B. Allowed if based on income C. Allowed if based on sex D. Allowed if based on marital status - -A Which of the following would be an acceptable reason to decline a loan application? A. The borrower is a member of a minority race B. The borrower fails to disclose their race C. The borrower has a habit of going on maternity leave D. The mortgage loan originator feels the b...

PrepXL Exam Review Questions and answers, VERIFIED/ How much rental income may be used to qualify for a loan? - -75% What is Freddie Mac's automated underwriting system called? - -Loan Product Advisor What is used to calculate DTI? - -simultaneous loans, debt obligations, alimony, and child support A loan which allows the borrower to take a lump sum distribution without any monthly repayment requirements is a(n) - -HECM According to the standard deed of trust, how soon must a borrower ...

PrepXL Exam Questions and answers, rated A+ Which of the following statements about the Loan Estimate is NOT true? A. The lender is solely responsible for providing the Loan Estimate to the prospective borrower B. The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing loan C. The Loan Estimate is not a loan guarantee D. The Loan Estimate must be provided to the applicant no more than three business days after submission of the application - -B. The...

PREPXL I DIDNT KNOW PT 4: Exam Review Questions and answers/ A piggyback loan are commonly used to avoid? - -PMI mortgage insurance or stay under jumbo limits In regards to title insurance a standards owners policy covers? - -Undetected encumbrances Foreclosure is the sale of a property after a bwrs default on payments. The exact procedure the lender follows in order to foreclose is dependent on the absence or presence of a? - -Power of sale calise Mortgage brokers serve as the agent o...

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 package does not encourage an employee to act in his or her own interests over that of his or her clients C) It promotes affordable housing D) It may engage in both nonprofit and for-profit activitie...

Prepxl Practice Test 1 Questions and answers 2023