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