Mortgage exam module 2 Study guides, Class notes & Summaries

MRL3701 INSOLVENCY LAW PAST EXAM PACK QUESTIONS AND ANSWERS SUMMARISED NOTES S - The study-notes marketplace MRL 3701 OCTOBER/NOVEMBER 2018 QUESTION 1 a) Inability to pay debts is, at most merely evidence of insolvency. (page 3) b) Brenda’s application for voluntary surrender must be set out the causes of her insolvency in some detail to enable the court to determine whether the application is ......................... c) Christopher commits an act of insolvency by depar...

Qualified Mortgage (QM) correct answersA closed-end mortgage loan secured by a dwelling that meets certain specific underwriting requirements set forth by law under the Qualified Mortgage Rule (QM Rule). There are several different categories of qualified mortgages under the rules, and each category has specific eligibility requirements for creditors and borrowers. Covered transactions correct answersclosed-end consumer credit transactions secured by a dwelling. Balloon payment qualified m...

Contents Welcome ..................................................................................................................................................................... 3 October/November 2017 Exam .............................................................................................................................. 4 October/November 2017 Suggested Solutions .................................................................................................. 13 May/June 2...

HUD Housing Counseling Exam Question and answers rated A+ 2024 Back-end ratio - correct 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...

Hud 2024 Updated Exam Q&A A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five ye...

LOMA 281 Module 2 Exam (2023/24) || All Questions & Answers (Rated A+) LOMA 281 Module 2 Exam (2023/24) || All Questions & Answers (Rated A+) Which type of whole life insurance policy will best be able to give Arabella lifetime protection without straining her retirement income? Single-premium whole life policy Limited-payment whole life policy Continuous-premium whole life policy - ANSWER - B Financial needs life insurance can meet - ANSWER - - paying household expenses - covering ...

LOMA 281 Module 2 Exam || Questions & Answers (Graded A+) LOMA 281 Module 2 Exam || Questions & Answers (Graded A+) Assume that Caryer has life insurance on his own life. Select the box beside each financial need that you think life insurance can meet Paying household expenses (utility bills, food, clothing, etc) Covering outstanding debts (mortgage and car loans, etc) Paying future outstanding medical, hospital, and funeral expenses Providing financial support for the family Funding ...

PSS Exam Questions & Answers 2024/2025 After a grantseeker has submitted an application for review. Foodvania needs to review the Funding Request and allocate the funds appropriately. For audit purposes, all expenditures must be tracked according to how the money was disbursed (Mortgage arrearage. Utility assistance, etc.). Which two would the consultant build to handle this request utilizing Public Sector Solutions(PSS)? (pick 2) Options: A.Recommend using PSS with the Nonprofit Success...

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...