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Need to Study Questions #exam9
Terms in this set (22)
For a sole proprietorship, income, expenses, and taxable profits are reported on:
Schedule C on IRS form 1040
In determining an applicant's qualifications, rental income can be documented from:
Schedule E and a federal tax return for the past two years
Section 502 loans are a program of which government entity?
USDA Rural Development
When the originating lender sells the rights to collect the payments, including interest, to another lender, the price charged in the sale is called:
A service release premium
What is another name for blockbusting, an illegal activity according to the Fair Housing Act?
The problem with asset-based loans arises from lenders:
Not considering the borrower's ability to repay the debt
The Civil Rights Act of 1866 prohibits discrimination based on:
A lender who does not cancel PMI when the LTV reaches 78% is in violation of which federal law?
Homeowner's Protection Act
A consumer calls to ask about a loan product. How does TILA require you to quote an interest rate to him?
The APR as well as the interest rate
All of the following are true regarding FHA and VA loans EXCEPT:
FHA, but not VA, requires that the real estate contract allow the borrower to withdraw from the transaction without penalty if the property appraises for less than the offered price
Loans that are not backed by government insurance or guarantees are called:
Which of the following is true of an FHA borrower?
Only 75% of rental income counts as qualifying income
What type of loan commonly requires two closings?
Which of the following is associated with a federal VA loan?
Which type of loan would never have mortgage insurance?
VA loan with nothing down
Loan assumption refers to the circumstance when a:
New buyer takes over the seller's existing mortgage loan
Which federal legislation requires that, in cases where the borrower does not wish to provide information as to race or national origin, the loan officer must make a visual determination or use a surname as the basis for this determination?
Home Mortgage Disclosure Act
The Fair Credit Reporting Act is enforced by:
Federal Trade Commission
Under which federal legislationdoes the consumer have the right to receive a copy of the appraisal report on a dwelling that is to be used as collateral for a loan?
The liquidation of a debt by regular, usually monthly, instalments of principal and interest is:
Which title insurance policy is transferable?
A limit on the amount of interest or loan fees a creditor may charge is imposed by:
State usury laws
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