Subprime loan - Study guides, Class notes & Summaries
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AYPO Real Estate - Real Estate Finance Final Exam Review Questions & Answers Solved 100% Correct!!
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A "COE" generally IS NOT available to - Dishonorably discharged persons 
A "COE" generally IS NOT available to: - Dishonorably discharged persons 
A "direct endorsement" lender has the authority to: - Perform underwriting of the loan on their 
own 
a $20,000 5-year loan with 5% simple interest will add how much to the loan each year - $1,000 
A contract deed is also called a: - Land Contract 
A conventional rate and term refinance generally DOES NOT offer an opportunity to: - Take out 
cas...
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HUD EXAM PREP COMPLETE QUESTIONS and ANSWERS!
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HUD EXAM PREP COMPLETE QUESTIONS and ANSWERS! 
 
Types of Credit Used - ANSWER Student loan or credit cards only 
 
FAKO scores - ANSWER purchase score which are educational score 
 
Fair Credit Reporting Act FCRA - ANSWER what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights 
 
Fair and Accurate Credit Transactions Act FACTA - ANSWER free cbrs/fraud alert/truncate cc #s 
 
Fair Credit Billing Act (FCBA) - ANSWER dispute bill error/m...
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NMLS 2023 Exam Questions and Answers All Correct (1).docx
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NMLS 2023 Exam Questions and Answers All Correct (1).docx 
An annual escrow analysis is used to do which of the following? 
 
A. Ensure the loan is properly amortized B. Prevent escrow overages 
C. Reduce burden on the servicer 
D. Report underwriting errors - Answer-B. Prevent escrow overages 
 
The disclosure requirements of RESPA would apply to which of the following loans? 
 
A. A loan to purchase 75 acres of land B. A farm loan 
C. A loan to purchase a property that includes a gas station a...
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NMLS Questions and Answers Latest Updated 2023 Graded A
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Acceleration Clause Allows lenders to demand payment in full if the borrower defaults on the 
loan (can be construed as predatory lending) 
Alienation Clause (Due on Sale Clause) Says you must repay your mortgage if you sell your 
home to a new owner (loan is not assumable) 
Appraiser Independance Requirements replaced HVCC home valuation code of conduct 
Due on Demand Clause (Considered a predatory practice) The lender can demand repayment 
of the loan in full at anytime for any reason 
HOEP...
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HUD Housing Counseling Exam 100% correct
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HUD Housing Counseling Exam 100% correct 
Back-end ratio - ANSWER The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The client's total current expenses divided by gross monthly income equals 52%. The client's combined current housing payment and car payment divided by gross mo...
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NMLS Exam Questions with Correct Answers.docx
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NMLS Exam Questions with Correct A 
 
Acceleration Clause - Answer-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) 
Alienation Clause (Due on Sale Clause) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) 
 
Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct 
 
Due on Demand Clause - Answer-(Considered a predatory practice) The lender ...
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HUD Exam - Avoiding Foreclosure 100% Accurate!!
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The following contributed to the increase in foreclosure rates, except: 
A. Subprime lending 
B. Risky loan products with feature like negative amortization 
C. Demand from the secondary market 
D. Homeowners paying off mortgages early 
E. Using teaser rates to qualify more borrowers. - ANSWER D. Homeowners paying off mortgages early. 
 
Making Home Affordable was created in order: 
A. To make it easier for borrowers to understand loan terms, to require homeownership counseling for some mortgag...
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NMLS PRACTICE TEST 2023 QUESTIONS WITH COMPLETE SOLUTIONS
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NMLS PRACTICE TEST 2023 
QUESTIONS WITH COMPLETE 
SOLUTIONS 
 
An annual escrow analysis is used to do which of the following? 
A. Ensure the loan is properly amortized 
B. Prevent escrow overages 
C. Reduce burden on the servicer 
D. Report underwriting errors -CORRECT ANSWER 
-- B. Prevent escrow overages 
The disclosure requirements of RESPA would apply to which of the following 
loans? 
A. A loan to purchase 75 acres of land 
B. A farm loan 
C. A loan to purchase a property that includes a g...
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HUD Housing Counselor Certification Practice Verified Answers
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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...
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HUD Housing Counselor Certification Practice (HUD Knowledge Assessment) Questions And Answers Already Graded A+
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HUD Housing Counselor Certification Practice (HUD Knowledge Assessment) Questions And Answers Already Graded A+ 
 
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 ...
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