Test Questions and Answers
Updated 2026
PrequalificationB-
BAnsweranBestimateBofBtheBloanBamt.BforBwhichBtheBbuyerBcanBqualifyBbasedBonBhisB
income/creditBunderBtheBlendersBstandards
USDABratioB-BAnswer29/41
FHABratioB-BAnswer31/43
AssetBbasedBloanB-BAnswer-loansBbasedBonBborrowersBequity
-badBwhenBlendersBfailBtoBconsiderBabilityBtoBrepay
HighBCostBLoanB-BAnswerRegBZB-BSec.B1026.32
-
APRBwillBexceedBbyBmoreBthanB6.5%BforBfirstBlienBloansBorBbyBmoreBthanB8.5%BforBs
ubordinate
-APORB-BaverageBprimeBofferBrate
1.B5%
2.B6.5%
3.B8.5%
RESPAB-BSectionB8B-BAnswerNothingBofBvalueBforBreferralsB-BNoBkickbacks
RespaB-BEsignBActB-BAnswercanBuseBelectronicBsignatureBwithBpermissionBofBborrower
GrammBLeachBBlileyB-BAnswer-
borrowerBnotificationBmustBstateBwhoBcompanyBsharesBinfoBwith
, -consumersBcanBopt-outBofBinfoBsharingB(sendBnoticeBtoBconsumer)
-ProtectsBfromBphishing
-SafeguardBRules
SafeguardBRulesB-BAnswer-companyBandBstaffBneedBtoBprotectBtheBconsumersBidentity
-lockBupBfiles
-partBofBGLBBact
secondBmortgageB-BAnswer-AllBmoneyBupfront
-noBescrowBasBlongBasBfirstBmortgageBisBpayingBit
SubordinationBClauseB-
BAnswerABcontractBclauseBthatBputsBaBmortgageBinBtheBfirstBlienBpositionBoverBanBear
lierBrecordedBmortgage
DenialBOfBLicenseB-BAnswer-anyBnon-financialBfelonyBinBtheBpastB7Byears
-financialBfelonyBever
-financialBmisdemeanorB(stateBdecides)
-LicenseBhasBbeenBrevokedBinBanotherBstate
-defaultBonBaBfederalBstudentBloan
IncomeB-BAnswer-NeedBtoByearsBhistoryBandB3BmoreByearsBexpectedBincome
-doBnotBincludeBsporadicBovertimeBandBbonuses
-likelihoodBofBcontinuedBincome
TILAB-BRespaBIntegratedBDisclosureB-BAnswer-TRID
-LEBmustBbeBdisclosedBwithinB3BbusinessBdays
-cannotBrequireBdocumentationBfromBborrowerBwithoutB"intentBtoBproceed"
-AppraisalBisBconsideredB0%Btolerance