Altisource Underwriter / Processor Test

5

Under the Homeowners Protection Act, borrowers can request that lenders cancel PMI when their loan balance is less than , or a lender may collect PMI until loan-to-value is reached.

5

What is the purpose of Regulation B?

5

The Real Estate Settlement Procedures Act (RESPA) applies to:

5

A(n) __________ is a loan with an interest rate that is adjustable and also offers a borrower a number of payment choices, such as 30- or 15- year P&I, interest-only, or a 1% minimum payment, which may result in negative amortization.

5

What does the acronym “APR” mean?

5

MIP would be used for which of the following?

5

Which of the following loan programs does not require credit or income documentation and does not require repayment as long as the owner lives in the home?

5

Increasing loan balances resulting from the application of periodic payments that are not sufficient to cover the interest that is due will result in:

5

Concerning ARMs, margin is best defined as:

5

Which of the following best describes the LTV ratio?

5

Which of the following best describes what is considered in the calculation of a borrower’s back-end ratio?

5

Which of the following does a lender use to analyze a borrower’s financial capacity to determine if he/she is able to afford a loan?

5

Comparable properties used in the market approach to appraisal should be located within ____________ of the subject property.

5

According to conforming guidelines, an appraiser may make net adjustments to comparables of up to _____ in a residential appraisal.

5

Property flipping occurs when:

5

A borrower in a mortgage transaction is called:

5

A clause in the note that requires the borrower to pay an additional charge if he prepays the loan is:

5

Which IRS form authorizes the lender to obtain income tax information?

5

For a sole proprietorship, the income, expenses and taxable profits are reported on:

5

In the calculation of an applicant's income, a capital gain can be considered if:

Altisource Underwriter / Processor Test

Altisource Underwriter / Processor Test

Under the Homeowners Protection Act, borrowers can request that lenders cancel PMI when their loan balance is less than ____, or a lender may collect PMI until ____ loan-to-value is reached.

What is the purpose of Regulation B?

The Real Estate Settlement Procedures Act (RESPA) applies to:

A(n) __________ is a loan with an interest rate that is adjustable and also offers a borrower a number of payment choices, such as 30- or 15- year P&I, interest-only, or a 1% minimum payment, which may result in negative amortization.

What does the acronym “APR” mean?

MIP would be used for which of the following?

Which of the following loan programs does not require credit or income documentation and does not require repayment as long as the owner lives in the home?

Increasing loan balances resulting from the application of periodic payments that are not sufficient to cover the interest that is due will result in:

Concerning ARMs, margin is best defined as:

Which of the following best describes the LTV ratio?

Which of the following best describes what is considered in the calculation of a borrower’s back-end ratio?

Which of the following does a lender use to analyze a borrower’s financial capacity to determine if he/she is able to afford a loan?

Comparable properties used in the market approach to appraisal should be located within ____________ of the subject property.

According to conforming guidelines, an appraiser may make net adjustments to comparables of up to _____ in a residential appraisal.

Property flipping occurs when:

A borrower in a mortgage transaction is called:

A clause in the note that requires the borrower to pay an additional charge if he prepays the loan is:

Which IRS form authorizes the lender to obtain income tax information?

For a sole proprietorship, the income, expenses and taxable profits are reported on:

In the calculation of an applicant's income, a capital gain can be considered if:

Under the Homeowners Protection Act, borrowers can request that lenders cancel PMI when their loan balance is less than , or a lender may collect PMI until loan-to-value is reached.