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Terms in this set (176)
100:
If you fail the test, how
long must you wait
before retaking the
exam?
8/15/2019
Answer 100:
Required 30-day waiting
period before retaking a
failed test
Updated 8/15/2019
101:
What does AUS stand
for?
8/15/2019
Answer 101:
Automated Underwriting
System
Updated 8/15/2019
102:
What does SAFE Act
stand for?
8/15/2019
Answer 102:
Secure & Fair
Enforcement Act
Updated 8/15/2019
103:
What does HERA stand
for?
8/15/2019
Answer 103:
Housing & Economic
Recovery Act
Updated 8/15/2019
104:
What does HPA stand
for?
8/15/2019
Answer 104:
Homeowner's Protection
Act
Updated 8/15/2019
105:
What does GLBA stand
for?
8/15/2019
Answer 105:
Graham Leach Bliley
Act
Updated 8/15/2019
106:
What type of property is
covered under RESPA?
8/15/2019
Answer 106:
1 - 4 unit Residential
Property
Updated 8/15/2019
107:
Which regulation allows
lenders to OBTAIN
information regarding a
borrower's ethnicity, to
help identify possible
discriminatory patterns?
8/15/2019
Answer 107:
HMDA - Regulation C
Updated 8/15/2019
108:
When can a borrower
request cancellation of
PMI?
8/15/2019
Answer 108:
When LTV Reaches 80%
Updated 8/15/2019
109:
When must the lender
automatically cancel
PMI?
8/15/2019
Answer 109:
When the LTV reaches
78%
Updated 8/15/2019
110:
What is the primary
market?
8/15/2019
Answer 110:
Where borrowers/consumers
obtain mortgage loans
Updated 8/15/2019
111:
What is the secondary
market?
8/15/2019
Answer 111:
Where lenders buy &
sell loans from one
another
Updated 8/15/2019
112:
Name the two
Government Sponsored
Enterprises (GSEs)?
8/15/2019
Answer 112:
Fannie Mae
Freddie Mac
Updated 8/15/2019
113:
Which GSE is the
Federal National
Mortgage Association?
8/15/2019
Answer 113:
Fannie Mae
Updated 8/15/2019
114:
Which GSE is the
Federal Home Loan
Mortgage Association?
8/15/2019
Answer 114:
Freddie Mac
Updated 8/15/2019
115:
Which GSE is the
Federal Home Loan
Mortgage Association?
8/15/2019
Answer 115:
Freddie Mac
Updated 8/15/2019
116:
Which AUS system does
Fannie Mae use?
8/15/2019
Answer 116:
Desktop Underwriter
(DU)
Updated 8/15/2019
117:
Which AUS system does
Freddie Mac use?
8/15/2019
Answer 117:
Loan Prospector (LP)
Updated 8/15/2019
118:
How often must the
National DNC list be
updated?
8/15/2019
Answer 118:
Every 90 days
Updated 8/15/2019
119:
How often must a
lenders internal DNC list
be updated?
8/15/2019
Answer 119:
Every 31 days
Updated 8/15/2019
120:
What is the penalty for
violating the DNC list?
8/15/2019
Answer 120:
$40,000
($42,530 to be exact!)
Updated 8/15/2019
121:
Which regulation allows
the borrower to sue for
3x's the amount paid for
title insurance?
8/15/2019
Answer 121:
RESPA Section 9
Updated 8/15/2019
122:
If money was collected,
and a borrower rescinds,
how long does escrow
have to return the funds?
8/15/2019
Answer 122:
20 days
Updated 8/15/2019
123:
What is the only way to
ask about marital status,
according to what law?
8/15/2019
Answer 123:
Are you married,
unmarried or separated
according to Regulation
B (ECOA)
Updated 8/15/2019
124:
How long does a
creditor have to make a
decision on a credit
application?
8/15/2019
Answer 124:
30 days
Updated 8/15/2019
125:
Which regulation requires
a creditor to make a
decision regarding a credit
application within 30
days?
8/15/2019
Answer 125:
ECOA - REG B
Updated 8/15/2019
126:
What law requires that the
equal housing lender
slogan and/or logo be
placed on all advertising?
8/15/2019
Answer 126:
Fair Housing Act
Updated 8/15/2019
127:
How long does a person
have to sue for a
violation under the Fair
Housing Act?
8/15/2019
Answer 127:
1 year
Updated 8/15/2019
128:
Which law says that the
lender cannot inquire
about a person's sexual
orientation or gender
identity?
8/15/2019
Answer 128:
HUD Equal Access Rule
Updated 8/15/2019
129:
What is the site where you
can receive a free copy of
your credit report,
according to the FACT
Act?
8/15/2019
Answer 129:
www.Annualcreditreport.com
Updated 8/15/2019
130:
Which regulations require
that MLOs shred or burn a
client's sensitive credit
information when no
longer needed?
8/15/2019
Answer 130:
FACT ACT
Updated 8/15/2019
131:
What regulation is
designed to protect
consumer's non-public
information and how it can
and cannot be shared?
8/15/2019
Answer 131:
GLBA
Updated 8/15/2019
132:
Which law requires
lenders to verify the date
of birth, SS# and ethnicity
of a person getting a loan
in the United States?
8/15/2019
Answer 132:
U.S. Patriot Act
Updated 8/15/2019
133:
If you fail the test 3
times, what is the
waiting period to retest?
8/15/2019
Answer 133:
Six (6) Months/180 days
Updated 8/15/2019
134:
Under HMDA, how long
must a lender keep the
Loan Application
Register (LAR)?
8/15/2019
Answer 134:
3 years
Updated 8/15/2019
135:
What day does your
license expire each year?
8/15/2019
Answer 135:
December 31st
Updated 8/15/2019
136:
What is the renewal
period to keep your
license current?
8/15/2019
Answer 136:
NOV 1 - DEC 31st
Updated 8/15/2019
137:
Which Act includes
provisions to protect
consumers' personal
financial information held
by financial institutions?
8/15/2019
Answer 137:
Gramm-Leach-Bliley
Updated 8/15/2019
138:
Which Act requires
companies to give
consumers privacy
notices?
8/15/2019
Answer 138:
Gramm-Leach-Bliley
Updated 8/15/2019
139:
Which act was
implemented to promote
financial stability and to
protect consumers from
abusive practices?
8/15/2019
Answer 139:
Dodd Frank Act
Updated 8/15/2019
140:
What is RESPA Section
6 responsible for?
8/15/2019
Answer 140:
Mortgage Servicing
Updated 8/15/2019
141:
What is RESPA Section
8 responsible for?
8/15/2019
Answer 141:
Kickbacks, Fee Splitting
& Unearned fees
Updated 8/15/2019
142:
What is RESPA Section
9 responsible for?
8/15/2019
Answer 142:
Title Insurance
Updated 8/15/2019
143:
What is RESPA Section
10 responsible for?
8/15/2019
Answer 143:
Escrow Accounts
Updated 8/15/2019
144:
What is the max mortgage
term (length) allowed for a
mortgage to be classified
as a Qualified Mortgage?
8/15/2019
Answer 144:
30 years
Updated 8/15/2019
145:
Until the loan estimate
has been delivered, what
fee can a MLO charge?
8/15/2019
Answer 145:
Credit Report
Updated 8/15/2019
146:
Estimate of charges and
terms for settlement services
must be available for at least
_________ business days
from the time the Loan
Estimate is provided?
8/15/2019
Answer 146:
10
Updated 8/15/2019
147:
If a new Loan Estimate is
required because of a changed
circumstance, it must be
disclosed and received by the
borrower ________ days prior
to consummation of the loan?
8/15/2019
Answer 147:
Four (4)
Updated 8/15/2019
148:
How long are Closing
Disclosures kept by the
Creditor?
8/15/2019
Answer 148:
5 years
Updated 8/15/2019
149:
TILA applies to
transactions that are
payable by (# of
installments)?
8/15/2019
Answer 149:
More than 4
Updated 8/15/2019
150:
What does ECOA stand
for?
8/15/2019
Answer 150:
Equal Credit Opportunity
Act
Updated 8/15/2019
151:
The loan estimate must
be retained for how
long?
8/15/2019
Answer 151:
3 years
Updated 8/15/2019
152:
What does HMDA stand
for?
8/15/2019
Answer 152:
Home Mortgage
Disclosure Act
Updated 8/15/2019
153:
What does NOV stand
for?
8/15/2019
Answer 153:
Notice of Value
Updated 8/15/2019
154:
What does CRV stand
for?
8/15/2019
Answer 154:
Certificate of Reasonable
Value
Updated 8/15/2019
155:
What does the "R" stand
for in the acronym
NMLSR
8/15/2019
Answer 155:
REGISTRY
Updated 8/15/2019
156:
What is a Mortgage Call
Report (MCR)?
8/15/2019
Answer 156:
Quarterly Report
required by MLO
Company and Mortgage
Brokers
Updated 8/15/2019
157:
Loan originator
organizations must keep
compensation records for
how many years?
8/15/2019
Answer 157:
3 years
Updated 8/15/2019
158:
Mortgage companies must
submit a residential loan
origination activity report
to the NMLSR every:
8/15/2019
Answer 158:
Three months
Updated 8/15/2019
159:
What is the process in
which a broker originates
and closes a loan in his/her
own name, then transfers
the loan to a lender at
closing?
8/15/2019
Answer 159:
Table Funding
Updated 8/15/2019
160:
What law protects
homeowners from
foreclosure-prevention
scams?
8/15/2019
Answer 160:
Mortgage Assistance
Relief Services Rule
Updated 8/15/2019
161:
Individuals must file a
report when they
transport how much cash
out the country?
8/15/2019
Answer 161:
$10,000 or more
Updated 8/15/2019
162:
What type of federal
report is filed when
financial institutions detect
suspicious activity?
8/15/2019
Answer 162:
Suspicious Activity
Report
Updated 8/15/2019
163:
Which law requires
businesses to print only the
last five card numbers on a
credit card receipt?
8/15/2019
Answer 163:
FACT Act
Updated 8/15/2019
164:
What happens if the
acceptable variance
between the Loan Estimate
and the Closing Disclosure
is exceeded?
8/15/2019
Answer 164:
The excess is refunded to
the borrower within 60
days
Updated 8/15/2019
165:
A higher-priced home
loan is one that has:
8/15/2019
Answer 165:
APR exceeds the average prime rate by
at least:
• 1.5% for first-lien mortgage
• 2.5% for a first lien Jumbo loan, or
• 3.5% for a subordinate mortgage
lien.
Updated 8/15/2019
166:
What is the shortest time
in which a mortgage
purchase loan can close?
8/15/2019
Answer 166:
7 business days
Updated 8/15/2019
167:
What type mortgage is
non-recourse loan?
8/15/2019
Answer 167:
Reverse Mortgage
Updated 8/15/2019
168:
A lender that offers
mortgage loans directly
to the public is a:
8/15/2019
Answer 168:
Retail lender
Updated 8/15/2019
169:
What type of loan is
short-term with money
advanced in stages?
8/15/2019
Answer 169:
Construction
Updated 8/15/2019
170:
What law requires ARM
borrowers to receive the
Consumer Handbook on
Adjustable Rate
Mortgages?
8/15/2019
Answer 170:
TILA
Updated 8/15/2019
171:
Which law requires that
the "Know Before You
Owe" booklet be given
to the borrower?
8/15/2019
Answer 171:
RESPA
Updated 8/15/2019
172:
Lenders must maintain an
escrow account for higherpriced (Section 35)
mortgages for a minimum
of:
8/15/2019
Answer 172:
5 years
Updated 8/15/2019
173:
What is the Fannie Mae
appraisal report form?
8/15/2019
Answer 173:
URAR - 1004 Form
Updated 8/15/2019
174:
What lien has the highest
priority and is paid off
first when a property is
sold?
8/15/2019
Answer 174:
Property Tax
Updated 8/15/2019
175:
What document is
assigned along with the
mortgage?
8/15/2019
Answer 175:
Promissory note
Updated 8/15/2019
176:
What term describes the
process of a senior
mortgage lien-holder
voluntarily changing into a
junior mortgage lienholder?
8/15/2019
Answer 176:
Subordination
Updated 8/15/2019
177:
What does Ginnie Mae
do?
8/15/2019
Answer 177:
Guarantees Ginnie-Mae
mortgage-backed
securities
Updated 8/15/2019
178:
Which law requires
lenders to train employees
to recognize the Red Flags
of identity theft?
8/15/2019
Answer 178:
FACT Act
Updated 8/15/2019
179:
Which law entitles a
borrower to a copy of his
appraisal report?
8/15/2019
Answer 179:
ECOA
Updated 8/15/2019
180:
What type of funding occurs
when a lender borrows money
from an investor and assigns
the mortgage and note to the
investor immediately after
closing?
8/15/2019
Answer 180:
Table
Updated 8/15/2019
181:
The lowest possible
interest rate for an ARM
loan is known as the:
8/15/2019
Answer 181:
Floor
Updated 8/15/2019
182:
If an applicant works 30
hours every week and is
paid $25.00 per hour, what
is the applicant's monthly
income?
8/15/2019
Answer 182:
$3,250
$25.00 x 30hrs a week x 52weeks in year / 12
Updated 8/15/2019
183:
What law prohibits
discrimination in the sale
& lease of property?
8/15/2019
Answer 183:
Fair Housing Act
Updated 8/15/2019
184:
The term "20 basis
points" expressed as a
percentage is:
8/15/2019
Answer 184:
0.20%
Updated 8/15/2019
185:
The late fee for a
conventional loan is:
8/15/2019
Answer 185:
5% of principal and
interest
Updated 8/15/2019
186:
A funding fee is required
for a:
8/15/2019
Answer 186:
VA loan
Updated 8/15/2019
187:
The mortgagee is the:
8/15/2019
Answer 187:
Lender
Updated 8/15/2019
188:
Who does Fannie Mae
hold responsible for the
quality of an appraisal?
8/15/2019
Answer 188:
Lender
Updated 8/15/2019
189:
Which law prohibits
discrimination by lenders
when extending credit?
8/15/2019
Answer 189:
Equal Credit Opportunity
Act
Updated 8/15/2019
190:
A property sold for
$200,000 and was
appraised at $180,000. The
borrower received a loan
for $150,000. What is the
loan-to-value?
8/15/2019
Answer 190:
83.3%
Updated 8/15/2019
191:
How many days does a
lender have to send an
adverse action notice?
8/15/2019
Answer 191:
30
Updated 8/15/2019
192:
The enforcement of a
lien is known as a:
8/15/2019
Answer 192:
Foreclosure
Updated 8/15/2019
193:
What minimum
percentage of ownership
qualifies an individual as
self-employed?
8/15/2019
Answer 193:
25%
Updated 8/15/2019
194:
Which law defines the
right of rescission?
8/15/2019
Answer 194:
Truth-in-Lending
Updated 8/15/2019
195:
How long after the
application date must
social security payments
continue to be received in
order to count as income?
8/15/2019
Answer 195:
3 years
Updated 8/15/2019
196:
Which clause in a
mortgage allows a lender
to increase the interest
rate?
8/15/2019
Answer 196:
Escalation
Updated 8/15/2019
197:
A VA appraisal is known
as a:
8/15/2019
Answer 197:
CRV or NOV
Updated 8/15/2019
198:
Which types of loans are
meant for rural areas?
8/15/2019
Answer 198:
USDA - Section 502
Updated 8/15/2019
199:
The purchase price of a home is
$200,000 and the loan amount is
$180,000. The borrower pays
6% interest with 1 discount
point and 1 origination point.
What is the cost of the points?
8/15/2019
Answer 199:
$3,600
Updated 8/15/2019
200:
What is the maximum
allowable amount of VA
seller concessions?
8/15/2019
Answer 200:
4%
Updated 8/15/2019
201:
The late fee for a VA
loan is:
8/15/2019
Answer 201:
4% of principal and
interest
Updated 8/15/2019
202:
What is the clause in a
mortgage that is also
known as a "due on sale"
clause?
8/15/2019
Answer 202:
Alienation
Updated 8/15/2019
203:
Alimony payments must
continue to be received for
how long after the
application date if they are
to be included as income?
8/15/2019
Answer 203:
3 years
Updated 8/15/2019
204:
Credit reports are good
for how many days after
they are pulled for
qualifying purposes?
8/15/2019
Answer 204:
120
Updated 8/15/2019
205:
Which law protects an
individual's confidential
information?
8/15/2019
Answer 205:
Gramm-Leach-Bliley
Act
Updated 8/15/2019
206:
The Mortgage Servicing
Disclosure Statement must
be sent to the borrower
within how many business
days of receiving a loan
application?
8/15/2019
Answer 206:
3
Updated 8/15/2019
207:
After an escrow account
analysis, money must be
refunded if the over-paid
amount equals or exceeds:
8/15/2019
Answer 207:
$50
Updated 8/15/2019
208:
The maximum escrow
cushion that a lender can
require is:
8/15/2019
Answer 208:
Equal to 2 months (1/6th)
Updated 8/15/2019
209:
The fluctuating
economic indicator used
in an ARM is the?
8/15/2019
Answer 209:
INDEX
Updated 8/15/2019
210:
The Home Mortgage
Disclosure Act (HMDA)
was implemented by the:
8/15/2019
Answer 210:
Federal Reserve Board
Updated 8/15/2019
211:
Tax liens can be kept in
the credit report for:
8/15/2019
Answer 211:
7 years
Updated 8/15/2019
212:
The range of possible
credit score is:
8/15/2019
Answer 212:
300-850
Updated 8/15/2019
213:
The Red Flags Rule is
concerned with:
8/15/2019
Answer 213:
Identity theft
Updated 8/15/2019
214:
For how many years
must a lender retain the
Loan Estimate?
8/15/2019
Answer 214:
3
Updated 8/15/2019
215:
For how many years
must a lender retain the
Closing Disclosure?
8/15/2019
Answer 215:
5
Updated 8/15/2019
216:
For how many years
must a lender retain the
Escrow Cancellation
Notice?
8/15/2019
Answer 216:
2
Updated 8/15/2019
217:
For how many years
must a lender retain the
Partial Payment Policy?
8/15/2019
Answer 217:
2
Updated 8/15/2019
218:
The mortgagor is the:
8/15/2019
Answer 218:
Borrower
Updated 8/15/2019
219:
Which law (regulations)
is designed to create
financial stability?
8/15/2019
Answer 219:
The Dodd Frank Act
Updated 8/15/2019
220:
Mortgages are a(n):
8/15/2019
Answer 220:
Voluntary lien
Updated 8/15/2019
221:
What establishes the lien
position?
8/15/2019
Answer 221:
Date and time of
recording
Updated 8/15/2019
222:
What type of mortgage
has a fixed interest rate
and increasing
payments?
8/15/2019
Answer 222:
Growing equity
mortgage
Updated 8/15/2019
223:
A graduated payment
mortgage:
8/15/2019
Answer 223:
Has payments that start
low and increase over
time
Updated 8/15/2019
224:
If there is no minimum
monthly credit card
payment, what percent of
the balance is used in the
calculation of monthly
debt?
8/15/2019
Answer 224:
5%
Updated 8/15/2019
225:
The Fannie Mae Total
Obligations Ratio is:
8/15/2019
Answer 225:
36%
Updated 8/15/2019
226:
A guarantor or co-signer
signs the:
8/15/2019
Answer 226:
Note
Updated 8/15/2019
227:
Company or individual
who, for a fee, places
loans with lenders, but
does not service such loans
is called a ___________?
8/15/2019
Answer 227:
Mortgage Broker
Updated 8/15/2019
228:
Fannie Mae generally
wants how many months
of liquid financial
reserves after closing?
8/15/2019
Answer 228:
2 months
Updated 8/15/2019
229:
Fannie Mae requires a
non-qualifying spouse
whose income is not used
in qualifying to sign the:
8/15/2019
Answer 229:
Mortgage
Updated 8/15/2019
230:
A co-borrower whose
income is used to qualify
must sign the:
8/15/2019
Answer 230:
Mortgage and the note
Updated 8/15/2019
231:
Which form is used to
summarize the
information in the loan
package on a FHA loan?
8/15/2019
Answer 231:
Fannie Mae 1008 -
Transmittal Summary
Updated 8/15/2019
232:
An appraisal must be recertified if it is older
than:
8/15/2019
Answer 232:
4 months
Updated 8/15/2019
233:
The most probable price
which a property should
bring in an open market
is:
8/15/2019
Answer 233:
Market value
Updated 8/15/2019
234:
The appraisal approach
that best applies to
vacant land is:
8/15/2019
Answer 234:
Cost Approach
Updated 8/15/2019
235:
The appraisal approach
that best applies to a
school is:
8/15/2019
Answer 235:
Cost Approach
Updated 8/15/2019
236:
Who handles complaints
regarding mortgage loan
rejections?
8/15/2019
Answer 236:
CFPB
Updated 8/15/2019
237:
What gives someone other
than the owner the right to
be on the property for a
specific purpose?
8/15/2019
Answer 237:
Easement
Updated 8/15/2019
238:
What is a clause in the
deed that limits the
future use of a property?
8/15/2019
Answer 238:
Deed restriction
Updated 8/15/2019
239:
The most common type
of legal description for
residential subdivisions
is:
8/15/2019
Answer 239:
Lot and block
Updated 8/15/2019
240:
The most accurate type
of legal description for
residential subdivisions
is:
8/15/2019
Answer 240:
Metes and bounds
Updated 8/15/2019
241:
What type of funding
occurs when a lender
obtains funds from a line
of credit at a commercial
bank?
8/15/2019
Answer 241:
Warehouse funding
Updated 8/15/2019
242:
The late fee for FHA and
VA loans is:
8/15/2019
Answer 242:
4%
Updated 8/15/2019
243:
When a lender sells a
mortgage loan to another
lender this is called:
8/15/2019
Answer 243:
Assignment of mortgage
Updated 8/15/2019
244:
What type of mortgage
fraud scam occurs when a
buyer borrows the down
payment from seller
without the lender's
knowledge?
8/15/2019
Answer 244:
Silent second
Updated 8/15/2019
245:
What can result in a
$1,000,000 fine and 30
years in prison?
8/15/2019
Answer 245:
Acts of mortgage fraud
Updated 8/15/2019
246:
After loan servicing is
transferred, the new servicer
cannot assess late fees for a
period of ____ if the payment
is made to the previous lender
by mistake:
8/15/2019
Answer 246:
60 days
Updated 8/15/2019
247:
Which document is used in
place of a mortgage to
secure the payment of a
promissory note? This
method is used in many
states.
8/15/2019
Answer 247:
A deed of trust
Updated 8/15/2019
248:
"APR" means...
8/15/2019
Answer 248:
Annual percentage rate.
This is the cost of credit
expressed as a
percentage.
Updated 8/15/2019
249:
A Reconveyance Clause is:
8/15/2019
Answer 249:
The method used to
transfer title for a property
following full payment of
a loan. Reconveyance is
typically used with deed of
trust.
Updated 8/15/2019
250:
A Subordinate lien is:
8/15/2019
Answer 250:
The same as a second
mortgage. It may also be
called a junior lien.
Updated 8/15/2019
251:
What is a mortgage?
8/15/2019
Answer 251:
A legal document that
connects a promissory
note with the collateral
used to secure the note.
Updated 8/15/2019
252:
A deed is:
8/15/2019
Answer 252:
A legal instrument that
conveys title to real
property.
Updated 8/15/2019
253:
An amortization
schedule is:
8/15/2019
Answer 253:
A table providing the
periodic payments needed
to pay off a loan by the
end of its term. The
payments include principal
and interest.
Updated 8/15/2019
254:
Qualified mortgages may
not have
Back-end DTI
exceeding:
8/15/2019
Answer 254:
43%
Updated 8/15/2019
255:
What is a note?
8/15/2019
Answer 255:
A legal document that
obligates a borrower to repay
a loan. It specifies the terms
by which the repayment will
occur. It may also be called a
promissory note.
Updated 8/15/2019
256:
VA underwriters use a
debt ratio of:
8/15/2019
Answer 256:
41%
Updated 8/15/2019
257:
Discount points are paid
to?
8/15/2019
Answer 257:
The lender at closing to
reduce the note rate of
the loan
Updated 8/15/2019
258:
Securitization is used to?
8/15/2019
Answer 258:
Pool similar types of loans to
create mortgage-backed
securities for sale on the
financial market. These
securities are used to create a
renewable source of funds for
lenders.
Updated 8/15/2019
259:
When does "Dry
Settlement" occur?
8/15/2019
Answer 259:
Parties meet to execute
documents, but funds are
not disbursed.
Updated 8/15/2019
260:
When does "Wet
Settlement occur"
8/15/2019
Answer 260:
Parties meet to execute
documents and funds are
subsequently disbursed.
Updated 8/15/2019
261:
Name four (4)
involuntary liens that
could be filed on a
property.
8/15/2019
Answer 261:
Tax liens
Mechanics liens
Judgements
Attachments
Updated 8/15/2019
262:
What type of lien is a
voluntary lien on
property?
8/15/2019
Answer 262:
A mortgage is a
voluntary lien
Updated 8/15/2019
263:
What is the definition of
"Real Property"?
8/15/2019
Answer 263:
Land and anything that is
permanently affixed to it.
Updated 8/15/2019
264:
Tom Brown is a nurse at the local
hospital. He has worked the high
shift for three years and plans to
continue this schedule. His base pay
is $29.50 per hour with a 5% shift
differential. He averages 35 hours
per week. What is his qualifying
income?
8/15/2019
Answer 264:
Answer: C.
• Calculate the shift differential first:
$29.50 * 5% = 1.475.
• So he gets an additional $1.475 per
hour.
• So, $1.475 + $29.50 = $30.975.
$30.975 * 35hrs x 52weeks / 12 =
$4,697.87
Updated 8/15/2019
265:
If the purchase price is
$300,000 and the loan
amount is $250,000 and
the appraisal value is
$275,000... what is the
LTV?
8/15/2019
Answer 265:
90.0% ($250,000 ÷
$275,000)
Updated 8/15/2019
266:
Suppose the payment is late on a
conventional loan and the monthly
principal is $1,000, the monthly
interest is $500, the monthly taxes
are $125 and the monthly insurance
is $25.00...what is the amount of the
late payment?
8/15/2019
Answer 266:
$75 ($1,500 x 5%)
* Remember - late charges
are not calculated on the
taxes and insurance!
Updated 8/15/2019
267:
Suppose the payment is late on a
FHA loan and the monthly principal
is $1,500, the monthly interest is
$150, the monthly taxes are $105,
the MIP is $210 and the monthly
insurance is $33.00...what is the
amount of the late payment?
8/15/2019
Answer 267:
$66 ($1,500 + $150 x
4%)
Updated 8/15/2019
268:
Monthly PITI payments are
$1,400 and the borrower's
gross monthly income is
$5,000. His other debts are
$200 a month. What is the
Housing Expense Ratio?
8/15/2019
Answer 268:
28% ($1,400 ÷ $5,000)
Updated 8/15/2019
269:
Monthly PITI payments are
$1,400 and the borrower's
gross monthly income is
$5,000. His other debts are
$200 a month. What is the
Debt to Income Ratio?
8/15/2019
Answer 269:
32% ($1,400 + $200 ÷
$5,000)
Updated 8/15/2019
270:
What type of property is
NOT covered by RESPA
rules and regulations?
8/15/2019
Answer 270:
All cash sales, rental units
of more then 4, property
25 acres or more &
commercial property.
Updated 8/15/2019
271:
According to RESPA
Section 6 - a servicer must
make contact with a
borrower after how many
days of a missed payment?
8/15/2019
Answer 271:
36 days
Updated 8/15/2019
272:
A lender/servicer must inform
the borrower of the available
loss mitigation options after
_____________ days of
missed payments?
8/15/2019
Answer 272:
36 days
Updated 8/15/2019
273:
Which regulation allows
the borrower to sue for
"treble" damages?
8/15/2019
Answer 273:
RESPA Section 9
Updated 8/15/2019
274:
What law requires the
lender to provide an
annual summary of the
activity associated with the
borrower's impound
account?
8/15/2019
Answer 274:
RESPA Section 10
Updated 8/15/2019
275:
The servicing transfer
statement must be
provided to the borrower
___________ prior to
transfer.
...
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