Mortgage Loan Originator
🇬🇧
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31 questions
| 🇬🇧 | 🇬🇧 |
| The use of overtime or bonus income in total qualifying income | Must be based on the average over 2 years, employer must verify that income is expected to be earned by the borrower |
| In general, what must the borrower do to avoid having late payments reported to a credit bureau | Pay within 30 days of the due date |
| What is the purpose of a property appraisal | Assess the adequacy of collateral for a mortgage transaction |
| To estimate value under the cost approach the appraiser | Calculate the cost of construction minus any depreciation, plus value of the land. |
| Which practice is illegal under the MLO compensation rule? | A mortgage broker company receives compensation from both the creditor and geh consumer on a transaction that is then used to pay a commission to t MLO |
| Achieving lower inters rate for the life of the loan by paying discount points is referred to as | Permanent buydown |
| What is the only fee that can be charged prior to providing a Loan Estimate to the borrower | Credit report fee |
| If a borrower is improperly required to use a specific title company or settlement agent, the maximum penalty to the violator is equal to | 3 times the improperly required fee |
| When allowed by law, prepayment penalties are limited to a maximum of | 3% of the unpaid principal balance in the first year of the loan |
| For purposes of delivering the Closing Disclosure, a "business day" is defined as | Any Day except Sundays and federal holidays |
| How should a loan originators approach the issues of home ownership and renting? | The loan originator should take time to understand the borrowers preferences |
| What must condominium associations do with respect to property insurance? | They are required to keep a "blanket" policy that protects the entire structure |
| A $200,000 interest-only loan has an interest rate of 6%. What is the monthly interest only payment? | $1,100 |
| Which of the following is not a violation of section 8 of Regulation X? | A mortgage company providing a complimentary bottle of wine and a gift certificate for a home furnishing store to its clients at closing. |
| Someone who performs unsupervised mortgage related duties is called? | Independent Contractor |
| Which of the following would be the largest factor in determining the maximum amount for a VA loan? | The property's value |
| The secondary market is where | Where existing loans are bought and sold |
| At which website can one obtain the copy of their credit report that the credit bureau are required to provide once per year at no charge to the consumer? | Annualcreditreport.com |
| What is the best description of a 2-1 loan? | A buydown loan |