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Safe exam
Safe exam
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Questions
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Answers
1
When was the federal reserve created?
1913
1956
1923
1998
2
No Income No Assets was considered a traditional loan.
False
True
3
What Appraisal is commonly referred to as Market data approach?
Cost approach
Income approach
Covid approach
Sales comparison approach
4
Is Fannie Mae's AUS an LP?
True
False
5
PART 2.
Reverse redlining.
Overt Discrimination
Disparate impact
Disparate treatment
6
How long do inquires stay on the credit reports, and how far back do banks check for?
16 months, 60 days.
4 years, 3 months
365 days, 1 month
24 months, 120 days
7
What regulation used to require the GFE?
V
Z
X
N
8
AARMR stands for?
America Assassin of Residential Mortgage Regulators.
America Ass. of Residential Mortgage Regulators.
America Association of Residual Mortgage Regulators.
America Association of Residential Mortgage Regulators.
9
AMCs stands for what?
Appraisal Management Company
Approval Management Company.
Movie theater
Appraisal Mortgage company
10
Respa describes a thing of value to include all of the following except?
W2
Things
Salaries
Monies
11
What did the bank act of 1933 create?
HMDA
FDIC
FHA
ECOA
12
What is Fannie Mae's purpose?1938
To collect information.
Allow more money to be available for lenders.
Prohibits referrals and kickbacks.
To set standards for Loan Officers.
13
What do surety bonds cover.
MLO harms borrower in anyway.
The entire Bank
Loan Officer compensation
Mortgage Insurance premiums.
14
Whole sale lenders purchase and sell loans that have been originated by lenders.
True
False
15
What is the purpose of wholesalers?
Funding and underwritting
Flipping houses.
Credit scores.
Selling insurance
16
Who does the yield spread premium go to?
Mortgage Broker
Borrower
Mickey Mouse
Creditor.
17
What is not part of a reverse mortgage?
Escrow for taxes andinsurance
Required counseling
Negative amortization
Must be 62 or older
18
NMLS IS EASY
True
False
19
Part 2.
tell them you cant help with the refinance, cuz the mother does not want to
Do nothing
tell the son that we can place him on the loan by himself, see his reaction
Talk to mother in private see if she does actually want to refinance.
20
Equal Credit Opportunity Act doesn't protect what class
Disabled
Disabled Vets
Middle class
Minors
21
Conference of state bank supervisors helped create what?
CSBS
FHA
SAFE EXAM
NMLS
22
Which loan is non-conforming or conforming?
Conventional
ARMS
FHA
I/O Loan
23
All of these are types of ARMS except.
Payment option ARM
Negative Amortized ARM
Hybrid ARM
Interest only ARM
24
How do you calculate Portfolio Investment as income for a borrower?
Amount x 12 /10
Amount / 365
Amount x 365
You can’t use portfolio investment as income
25
Which of the following is not part of the loan’s annual percentage rate?
Discount points
Hazard Insurance Premiums
Appraisal fee
Title insurance premiums
26
LP us used by what GFE
Ginnie Mae
Freddie Mac
Freddy Mac
Fannie Mae
27
PART 2.
Deny the loan
Advise the closing agent of the borrowersupdated employment status
Advise the underwriter that the borrower is no longer employed
Do nothing, as the loan has already been approved
28
Pt.2
The MLO is covered by Surety bonds and will not personally pay for it
The MLO did their best and shouldn't get in trouble.
The MLO is required to pay out of their own pocket.
The borrower should be happy they got approved and let it go
29
A borrower had a chapter 13 bankruptcy in 2016 and is looking to get a new loan. Could the borrower qualify today?
True
False
30
Do Lenders prefer down payment assistance programs?
False
True
31
What is true about a GPM (graduated payment mortgage)
Has one lump sum payment
Often requires a large down payment
Is not a negative amortization loan
Requires 620+ credit score
32
A HELOC allows a borrower to take 100% of the equity on the property?
True
False
33
The NMLS approves license applications.
True
False
34
What is considered long term debt?
3 years
720 months
365 days
2 years
35
How much is the loan limit in 2020 in HI, AK, Guam, or U.S. Virgin Islands?
$ 548,250
$ 510,400
$ 822,375
$ 636,150
36
When taking a loan you can discriminate against what?
17
62
55
18
37
Community reinvestment act analyzes banks success and failures?
False
True
38
All FHA loans with mortgage insurance will not fall off for the life of the loan after 2013.
False
True
39
What is the second major GSE?
Freddie mac
Ginnie Mae
Fannie Mae
Private investors
40
When a lender funds a loan they will fund it in two sperate parts, what are they?
VA Funding fee
Escrow, and Origination.
MLO comp.
Servicing rights and mortgage
41
What does NOO stand for?
Non-Owner Occupied.
No-Owner Occupied
Not-Owner Occupied
National- Owner Occupied
42
A borrower just graduated med school and is looking at getting their first home, what would you recommend?
GPL
ARM
BL
BRL
43
What is the highest DTI on the backend for QM loans.?
43
34
41
42
44
O/O, Stands for owner occupied?
False
True
45
How much is the insurance on a calculation?
.85%
000.85%
0.85%
.0085%
46
A FHA is a program that works with borrowers with a lower income?
True
False
47
What is the funding fee on a 7% down payment (VA Loan)
1.65%
3.5%
2.3%
1.40%
48
Mortgage assistance relief services rules
MARKS
MAPS
MARS
MARRS
49
CFPB regulates MAP
False
True
50
What was Ginnie Mae made to do?
Securitize government loans and purchase gov loans.
To make loans more affordable.
Protect QM.
To prevent Unfair deceptive lending.
51
NMLS
Nationwide Multistate Licensing System and Registry
Nationwide many state licensing system
National MultipleState Licensing system
National multistate licensing system of approval
52
What is the LTV requirement for a cash out refinance on a conventional loan?
85.75
00.825
85.5
85
