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The Fair Credit Reporting Act is implemented by regulation
V
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Which regulation prohibits MLOs from influencing an appraiser to overstate the value of a home in order to get a closed-end loan on the borrower's primary residence approved?
Regulation Z TILA
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Federal Fair Housing Act is overseen by who?
the Department of Housing and Urban Development (HUD).
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Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered
acceptable
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Prior to the 2008 collapse, which category of loan programs were made available to many borrowers by taking advantage of the relaxed lending requirements and guidelines?
Alt-A
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A loan generally CANNOT be considered a qualified mortgage (QM) if the points and fees paid by the consumer exceed _____ percent (%) of the total loan amount.
3%
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The income housing expense and total debt to income ratios for conventional loans are
28% and 36%.
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Funding for a construction loan is usually made
periodically, as the building is constructed.
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What does the U.S. Department of Veteran's Affairs (VA) do?
guarantees residential loans for veterans.
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What may be used to convert the construction loan into permanent financing?
modification agreement
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At what LTV is a borrower required to have mortgage insurance on a USDA loan?
Mortgage insurance is never required. Instead they use a one time guarantee fee.
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What typical cause of delinquency is the most difficult to prove?
addiction
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under what circumstances can MIP on FHA loans be refunded?
if the loan is refinanced within three years.
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What type of mortgage is insured by a government agency?
FHA
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When applying for an FHA mortgage, what item must be brought to a satisfactory condition in order for the borrower to receive an approval?
defaulted student loan
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In terms of a mortgage loan closing, conveyance is best described as
the transfer of title through the deed.
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The Home Ownership and Equity Protection Act gives borrowers with high-cost loans ____ days to rescind the loan.
three business
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A Qualified Mortgage (QM) places a limit of the fees a lender can charge a borrower for compensation on a residential mortgage loan. These fees generally cannot exceed____ of the total amount borrowed.
3.0%
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Steering consumers to loan products that would result in greater compensation for a mortgage loan originator is prohibited by what legislation?
Dodd-Frank Act
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Melissa intentionally tells her mortgage broker from whom she's trying to secure a home loan that she receives $1,200 each month in child support, though it's really only $800. This is an example of
material misstatement.
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Each state's regulatory authority must establish procedures for
examining records of loan originators.
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Which specifically requires someone to be licensed?
charging a fee
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Which information is NOT required to be included on the Closing Disclosure?
property appraised value
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According to the Truth in Lending Act, what would be EXCLUDED from the finance charge?
seller's points
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What entity created the Uniform Residential Loan Application, form 1003?
Fannie Mae
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10% is required on an FHA when FICO is below?
579
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To calculate the housing expense ratio for an FHA-insured loan, you take stable monthly income and multiply by
31%
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What is the maximum seller concession for a VA loan?
4% and reasonable (2) discount points
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What type of loans have a funding fee? Can it be financed?
VA, yes
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