Mortgage loan - Study guides, Class notes & Summaries

MLO Test Questions and answers correctly solved 2023/2024Which of the following best describes a 2nd mortgage loan? (A) A conventional mortgage that is conforming (B) A conventional mortgage that is non-conforming (C) A conforming loan that is non-conventional (D) A non-conforming loan that is non-conventional - correct answer (B) A conventional mortgage that is non-conforming WHY? Non-conforming because it is a Second Mortgage and that falls outside the Frannie Mae - Freddie Mac guide...

SAFE Mortgage Loan Originator Exam 2024...

Capitalization Rate - Answer- A rate used for converting property income into property value Discount Rate - Answer- The rate of return on a real estate investment. It reflects the compensation necessary to attract investors to give up liquidity. Recapture rate - Answer- Provides for the return of the investment in the wasting portion of the asset. this is similar to the depreciation rate for the improvment. Overall /rate - Answer- The direct relationship between annual net income and s...

20-HR SAFE COMPREHENSIVE MORTGAGE LOAN ORIGINATOR FUNDAMENTALS HW EXAM 2024 Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - correct answer 31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market...

SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 1. A discount point is BEST described as a charge the borrower pays to: - correct answer A. A lender to decrease the interest rate on the mortgage loan 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a property with a sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the down payment at...

Mortgage Loan Originator Safe Exam Prep | 100% Correct Answers | Verified | Latest 2024 Version

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...

SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 WITH 100% CORRECT ANSWERS Prequalification - correct answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - correct answer 29/41 FHA ratio - correct answer 31/43 Asset based loan - correct answer -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - correct answer Reg Z - Sec. 1026.32 -APR will exceed by more t...

PSI National Exam for Real Estate Test Bank with complete solutions | Latest 2023/2024 A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called ️ a contract Antitrust laws prohibit competing brokers from all of the following ️ 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. When a sewer line is installed down a rural road, the cost will probabl...

SAFE Mortgage Loan Originator Test 2024...