quizlet test questions


Purchase-Money Mortgages / HELOCs (Home Equity Line of Credit)Which of the following two types of loans may be subject to HOEPA (Home Ownership Equity Protection Act)?Under HOEPA, a high cost loan is determined by how much the APR exceeds the APOR (Average Prime Offer Rate). Yes, Alexandra is working simultaneously for 2 companies, which is prohibited.Renee is a real estate broker working for a property developer. Which of the following circumstances would disqualify the use of income generated from a basement apartment in qualifying for a Freddie/Fannie loan?

This school year, in chemistry class I put my terms on Quizlet and I already feel better about my upcoming test. Alexandra also works part-time as a mortgage loan originator at her friend's brokerage. 3. multiple choice questions, True/False, Grading options, etc).To get an overview of the functionality of Quizlet, check out the video given below.Farshad is a Tech Blogger from Pakistan who has worked for numerous international Technology Blogs. When an individual is reviewing a loan file to determine the risk involved for the lender, and to determine whether the borrower meets the requirements for the loan; they are considered to be doing what to the loan?The document that conveys ownership of real property from one person to another is known as the:The legal link between a person who owns property and the property itself is the:Which federal law prohibits mortgage relief service providers from requiring an advance fee before the provider has obtained and the borrower has accepted a written offer from the borrower's lender or servicer?A lender services a large metropolitan area but refuses to lend in one specific area, because the people in that area are low-income.
The entity that services a loan, basically takes on the duties of the:Which of the following would NOT be an acceptable trust deed rider?When using the comparison approach, the appraiser is attempting to:Which of the following documents would contain the details about the loan amount, payment, when payments are due, late penalty, interest rate, etc.? 3 yrs from the credit report date, or immediately if there was no late mortgage payments.After the crisis ofthe Great Recession according to VA underwriting when can a borrower repurchase again after a short sale? Quizlet has helped me to understand just how fun and important and fun studying can be!


No spam, promise!PowerPoint® and Microsoft are registered trademarks of Microsoft CorporationCreate And Find Quizzes To Test Your Knowledge With Quizlet The Right to receive a copy of seller informationThe borrower's gross monthly income is $5,000. After the crisis of the Great Recession according to Conventional Underwriting when can a borrower repurchase again after a Chapter 7 bankruptcy? What would this be considered?A lender has a policy that they never lend less than $70,000 because they can't make any money off of loans less than $70,000 . lf the borrower is self-employed, what does the lender look for on the tax returns for income? What is the borrower's new Housing Ratio? Quizlet is a web service that allows users to create and search for quizzes to tests their knowledge. Closing costs are those costs related to the loan EXCEPT: lf a trust deed is recorded, which of the following is true? 4.

For example, a waiter can learn his menus by making quizzes and an IT pro can make quizzes regarding server configurations. In computing debt ratios, which of the following would NOT be considered? Any day on which the creditor's offices are open to the public for carrying out substantially all of its business functionsWhich of the following would fall into the 10% Cumulative tolerance category if the consumer were allowed to shop?Which of the following would not require a redisclosure of the CD and start the 3 day wait time over?2. The. Which of the following information will an MLO not gather on a loan application? Which of the following represents how the judgment will be treated?3. What is the maximum amount of seller concessions allowed on an FHA loan?Gregory's loan is $125,000. Z, the borrower's automatic right to rescind the loan within 3 business days does not apply to :4. loans to purchase or build the borrower's residenceThe borrower is entitled to the disclosure of the costs of a mortgage loan in writing in a form he may keep:Which of the following is NOT calculated into the APR?The responsibility of financial institutions to meet both the deposit and credit needs of the community, including the needs of the low-income families, is called?Which form is the VOE (Verification of Employment)?Which form is the Uniform Underwriting & Transmittal?Which form is the Uniform Residential Appraisal Report?Which IRS form is to report income or loss from a business?Which IRS form is to report supplemental Income and Loss from rentals and trusts?Which IRS form is a request for transcripts of tax returns?What is the housing ratio (front-end ratio) for conforming loans?What is the housing ratio (front-end ratio) for FHA loans?What is the housing ratio (front-end ratio) for USDA loans?What is the housing ratio (front-end ratio) for jumbo loans?What is the DTI ratio (back-end ratio) for jumbo loans?What is the DTI ratio (back-end ratio) for conforming loans?What is the DTI ratio (back-end ratio) for VA loans?What is the DTI ratio (back-end ratio) for USDA loans?What is the DTI ratio (back-end ratio) for FHA loans? 1. How is the income calculated? Quizlet is suitable for students of all ages including the young ones and the ones who may be looking to test their skills for a more advanced curriculum. Subtract the expenses on Form 2106 from the gross incomeWhat form do you give to the borrower(s) to sign that authorizes the MLO to order a credit report? This would be considered:Alexandra is a licensed mortgage loan originator, and she works for a licensed mortgage lender. Changing the com parables to make them more like the subject propertyAccording to the Fair and Accurate Credit Transactions Act, when is a borrower entitled to get a copy of their credit score? Standard endorsements on title insurance don't cover which of the following?Which of the following is not included in the debt-to-income qualifying ratio?How is rental income calculated when the borrower owns rental properties other than the subject property?

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quizlet test questions

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