6184589
Beschreibung
Quiz von Tim Mergler, aktualisiert more than 1 year ago
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Erstellt von Tim Mergler
vor mehr als 7 Jahre
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Frage 1
Frage
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.
Antworten
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65%; 50%
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78%; 62%
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80%; 65%
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80%; 78%
Frage 2
Frage
What is the purpose of Regulation B?
Antworten
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To prohibit discriminatory treatment of credit applicants
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To require disclosure of settlement costs
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To regulate referral fees
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To prohibit misleading advertisements for mortgage loans
Frage 3
Frage
The Real Estate Settlement Procedures Act (RESPA) applies to:
Antworten
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Residential loans
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Residential lot loans
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Commercial loans
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Residential investment properties such as condos and duplexes
Frage 4
Frage
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.
Antworten
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Adjustable- rate mortgage
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3/1 ARM
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Payment Option ARM
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Reverse mortgage
Frage 5
Frage
What does the acronym “APR” mean?
Antworten
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Appraised property ratio
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Adjusted pricing ratio
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Annual percentage rate
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Annual percentage ratio
Frage 6
Frage
MIP would be used for which of the following?
Antworten
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A conventional loan with a down payment of less than 20%
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A non-conforming loan
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An FHA loan with a 3.5% down payment
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VA loan with a 10% down payment
Frage 7
Frage
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?
Antworten
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NINA
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Reverse mortgage
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Option-ARM
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HELOC
Frage 8
Frage
Increasing loan balances resulting from the application of periodic payments that are not sufficient to cover the interest that is due will result in:
Antworten
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Negative equity
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Negative amortization
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Lower credit scores
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Amortizing payments
Frage 9
Frage
Concerning ARMs, margin is best defined as:
Antworten
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The amount of compensation earned by a mortgage professional for originating an ARM
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The range of flexibility an interest rate has between caps on traditional ARMs
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The maximum – up or down – that an interest rate can ever adjust on an ARM
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A number, expressed as a percentage, that represents a lender’s operating costs and profit margin
Frage 10
Frage
Which of the following best describes the LTV ratio?
Antworten
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It is the ratio of the borrower’s total debt to monthly income
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It is the ratio of the borrower’s principal loan balance to the appraised value of the property
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It is the ratio of the borrower’s monthly loan payment to the principal loan balance
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It is the ratio of the borrower’s monthly housing expense to monthly income
Frage 11
Frage
Which of the following best describes what is considered in the calculation of a borrower’s back-end ratio?
Antworten
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Principal and interest payments
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The cost of credit in relation to the value of the loan
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All consumer debt such as credit card payments and auto loan
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The total amount of monthly payments on long-term debt carried by the consumer
Frage 12
Frage
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?
Antworten
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LTV
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CCPA
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CIP
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DTI
Frage 13
Frage
Comparable properties used in the market approach to appraisal should be located within ____________ of the subject property.
Antworten
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One mile
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Five miles
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The same zip code
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The same county, city or township
Frage 14
Frage
According to conforming guidelines, an appraiser may make net adjustments to comparables of up to _____ in a residential appraisal.
Antworten
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25%
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20%
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15%
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10%
Frage 15
Frage
Property flipping occurs when:
Antworten
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The title of a property is passed to a family member
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Someone accepts a fee to falsely claim ownership of a property
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Someone secures a loan with fictitious property
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A property is bought and resold within a very short period of time
Frage 16
Frage
A borrower in a mortgage transaction is called:
Antworten
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A lendee.
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A mortgagee
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A mortgagor
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A beneficiary
Frage 17
Frage
A clause in the note that requires the borrower to pay an additional charge if he prepays the loan is:
Antworten
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The prepayment penalty.
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The due-on-sale clause.
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The late payment penalty.
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The prepayment privilege.
Frage 18
Frage
Which IRS form authorizes the lender to obtain income tax information?
Antworten
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8821 or 4506-T
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W-2
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1099
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Schedule C
Frage 19
Frage
For a sole proprietorship, the income, expenses and taxable profits are reported on:
Antworten
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IRS form 1065
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Schedule E attached to IRS form 1040
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IRS form 1120
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Schedule C attached to IRS form 1040
Frage 20
Frage
In the calculation of an applicant's income, a capital gain can be considered if:
Antworten
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It is a one-time occurrence
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The borrower has occasionally sold capital assets
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The borrower owns additional capital assets
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It occurred no earlier than six months prior to the application
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