nmls #1

If a borrower is Self Employed he needs to provide tax returns if:

What does APR stand for

what terms are available on a USDA loan?

RESPA imposes restrictions on which of the following fees?

The APR is the actual cost of a loan in the form of a(n) _______ rate.

The Cost of Funds Index is traditionally used to determine interest rates on what type of loans

    Which of the following would address the principal and interest payments due on a loan?

The exact terminology of a creditor is:

Evidence of compliance with TILA must be retained for at least __________ year(s) after the date of disclosure

Which of the following is another term for a junior lien

When calculating finance charges in compliance with the TILA, all of the following are included except.

Which of the below is considered the "Cost of Credit" expressed in a dollar amount?

Which of the following is NOT a risk associated with a Payment Option ARM loan?

When must the ABA go out?

A loan adjustment based on LIBOR is affected by:

Which of the following would best help an appraiser determine a home value?

Out of the loans below, which has mandatory MIP

When a borrower defaults on their Hazard Insurance, what type of insurance can the lender require/implement?

Why are FHA loans beneficial to lenders?

VA loans require which of the following

What 3 items best describes what a tender/underwriter shouid consider when making a credit decision?

  are mortgages that do not fully amortize due to the repayment terms of the loan.

If you have an $800 Interest Only payment on a 5.5%30 year loan, what is the loan amount?

Which of the following is not considered a draw back in a Bi-Weekly payment mortgage

If a borrower signs closing docs for a cash out refinance on Friday, what day does the loan actually fund?

What entity insures FHA loans

An appraiser would use a form ______ to certify completion of repairs or construction to a property

What is the primary purpose of RESPA?

Payment of which of the following would reduce a borrower's interest rate?

3 Day Right of Rescission applies to which of the following transactions?

According to RESPA, which of the following transactions would NOT require a SCIB?

What are the 3 initial disclosures that must be sent according to RESPA?

How is the amount of the VA entitlement determined?

TILA disclosures CANNOT be given by which method?

Who checks public records to see if a property is located in a mapped out flood zone?

Which of the following terms defines the method in which a lien is removed from property when payment is made in full?

Under HOEPA, which of the following is considered a Section 32 APR trigger?

Out of the following, what fees are not inciuded in the APR:

What is the term that indicates that something may be on title to prevent the transfer of a clear title?

What is used to determine the interest rate on an ARM

Mortgage backed securities are a product of which of the following

Which of the following items would NOT necessarily be needed in order to have a "Loan Application"?

Business days under TILA for rescission rights include:

RESPA mandates disclosure requirements for which types of loans?

Which of the following 'S NOF included whiie caiculating back-end DTI?

Which of the following loans might be used to finance a loan amount that is in excess of GSE's loan limits?

The Truth in Lending Act is also known as what?

What disclosure explains terminology of a purchase transaction settlement costs?

Which of the following best defines a loan that exceeds the loan limits of FNMA and FHLMC

All but which of the following has an assumable clause

Which of the following fee is NOT included in calculating APR?

If you sign your loan documents on "the below date," when is the first day you can fund on a refinance?

How many APR's are there for one loan?

Included in the finance charge according to TILA is?

Which law governs residential mortgage loan closings?

Which federal law sets thresholds regarding APR and the amount lenders can charge borrowers in fees?

What is FNMA's primary purpose in the secondary market

There are three usual approaches to determining the fair market value of a property: Which one does not belong