Topics of this game:
- The term +20 basis points" expressed as a percentage is:
- Which of the following methods of disclosure does NOT meet the requirements of the Equal Credit Opportunity Act (ECOA)?
- According to the the Truth-in-Lending Act (TILA), the term "refinance" applies to:
- What does a loan originator use to determine the estimated value of a property based on analytical comparison of similar property sales?
- Which of the following documents itemizes all settlement costs including lender charges
- A discount point is BEST described as a charge the borrower pays to:
- According to TILA, which of the following fees is EXCLUDED from the calculation of the annual percentage rate?
- The requirement for private mortgage insurance is generally discontinued when the loan-to-value ration falls below:
- Earnest $ pmnt - $5k Buyer Pays $2k in option money to be credited at close Sale Price $160,000 Downpayment $20% How much more $ at close?
- If an applicant works 40 hrs every week and is paid $13.52 per hour, what is the applicants monthly income?
- RESPA is also known as
- Sales Price: $100,000 90% LTV 30-yr fixed. 25% coverage requirement, giving us rate of 0.62%. What is loan amount?
- Under the SAFE Act, a state has all of the following authorities EXCEPT
- What type of loan has a non-refundable funding fee?
- Under the CFPB, the following groups are identified as types of consumer and protection laws EXCEPT:
- According to the GLB Act, an individual who obtains or has obtained a financial product or service from a financial institution is a:
- The Gramm-Leach-Bliley Act contains all of the following provisions EXCEPT
- Which encourages financial institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods?
- ccording to ECOA, a borrower can request a copy of the appraisal report used in the decision process within ___ days of a credit decision
- Conforming loans follow the underwriting guidelines of
- Which is not the name of a major credit reporting agency?
- What are discount points or points?
- Which home buyer would benefit most from a balloon loan?
- Recent plans were announced for construction of an airport with a main runway ending 1 mile before your home. Will this diminish the value?
- A mortgage company makes a number of loans to be assembled into one package and sold to permanent investors. This is called:
- Which federal law requires that the Good Faith Estimate be provided to the borrower within 3 business days of the time a loan app is taken?
- What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains?
- After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance?
- What is the adjustable number used to compute the interest rate on an ARM called?
- A borrower is buying a house for $180k. He provides a down payment of $40k. If he pays three discount points,what is the total cost of points?
- Which is NOT a purpose for the Mortgage Servicing Disclosure Statement?
- A Latina for a home loan. She is refused based on the reputation of the neighborhood for a high number of foreclosures. This is an example of:
- Which act establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection w/ high cost mortgages?
- The type of mortgage that can provide the borrower with a monthly check instead of the borrower paying a monthly payment is known as
- If adverse action is taken against a credit applicant b/c of information on a credit report, the lender who used that report is required to:
