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The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?A . Payment amount during the...
10% aggregate tolerance?
How many days after loan consummation does a lender have to refund an excess charge subject to th 10% aggregate tolerance?A . 45 daysB . 50 daysC . 60 daysD . 90 daysView AnswerAnswer: C Explanation: Under TILA-RESPA Integrated Disclosure (TRID) rules, if a lender overcharges the borrower by more...
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down? A. $204,693.10 B. $204,936.10 C. $204,963.10 D. $204,966.10View AnswerAnswer: A Explanation: The loan amount is calculated by subtracting the down payment from the purchase price. To calculate the loan amount, follow these...
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?A . Whether the applicant seems likely to have childrenB . Whether the applicant has a phone number listing in their nameC . Whether the applicant's age makes them ineligible for credit-related insuranceD . Whether...
Which of the following statements describes an advantage of a purchase money second mortgage?
Which of the following statements describes an advantage of a purchase money second mortgage?A . The borrower pays two mortgage payments.B . The borrower avoids paying into the escrow account.C . The borrower avoids paying private mortgage insuranceD . The borrower's loan closes faster than a regular mortgage.View AnswerAnswer: C...
Which of the following describes the lien priority for the 20% loan?
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?A . FirstB . SecondC . First as it will be combined with the 80% loanD . Second but combined with any other liensView AnswerAnswer: B Explanation: In an 80/20 loan...
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?A . Every 7 daysB . Every 2 weeksC . Every 31 daysD . AnnuallyView AnswerAnswer: C Explanation: According to the Telemarketing Sales Rule (TSR) and the National Do Not Call Registry requirements,...
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:A . net monthly incomeB . gross monthly income.C . taxable income.D . loan amount.View AnswerAnswer: B Explanation: In a debt-to-income (DTI) analysis, the borrower’s total monthly housing-related payments (including principal, interest, taxes, insurance,...
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?
According to the Truth in Lending Act (TILA), a dwelling includes which of the following? A. An unimproved lot B. A six-unit apartment complex C. An individual condominium unit D. A timeshareView AnswerAnswer: C Explanation: Under the Truth in Lending Act (TILA), a dwelling is defined as any residential structure...
An easement:
An easement:A . is a mortgage modification.B . is a right to cross or otherwise use someone else's land for a specified purpose.C . allows a loan applicant to close on a loan even if all the stipulations have not been met.D . allows a borrower to make less than...
