Gold Coast Chapter 13
A $12,000 interest only, level payment, term loan his interest due of $810 after nine months
what is the rate of interest? - ANS-9%
\A borrower's gross monthly income average is $4100. They have a monthly car payment of
$425 an hour balance on credit card accounts with payments totaling $75 per month. If
improved, their monthly mortgage payment will be $825. What is the borrower's monthly
housing expense ratio and total obligations ratio? - ANS-Housing expense ratio = 20% ; total
obligations ratio = 12%
\A borrower has a 15 year loan with monthly payments that remain the same amount for the
entire loan. Which type of mortgage repayment plan does the borrower have? - ANS-Level
payment
\A buyer purchased a home and arranged financing at an interest rate of 4.5%. At closing
the buyer realised that the true interest rate was actually 5.99%. This would be a violation of
which of the following legislation? - ANS-Truth in lending act
\All of the following are considered primary mortgage market activities, except? - ANS-(c)
FannieMae (FNMA) purchases mortgage loans made by local banks.
\All of the following are required by Real Estate Settlement Procedures Act (RESPA) except:
- ANS-(d) Disclosure of the annual percentage rate (APR)
\All of the following would be considered a "triggering terms," except - ANS-Mortgage is
assumable!
\All the following are required to obtain a VA loan, except? - ANS-(a) A service related
disability.
\At a rate of 12% a loan of $20,000 has an interest due in the amount of $600. How long has
the loan been outstanding? - ANS-3 months
\How are mortgage loan originators usually compensated for their services? - ANS-Finder's
fee or commission
\How much interest is due on a loan of $8000 a rate of 9% for three months? - ANS-$180
\If a mortgage loan payment consist of interest, only, what term refers to the final payment
that includes the full amount borrowed? - ANS-Balloon payment
\If interest for six months of a rate of 8% equals $200, what is the principal amount of the
loan? - ANS-$5,000
\In order to qualify for and SH a 203B, insured mortgage, loan, and applicants housing
expense ratio cannot exceed what percentage? - ANS-31%
\Interest rates for federal housing administration mortgages are determined by which of the
following? - ANS-market
\Lenders are required to judge loan applications on the basis of credit rating, income,
expenses and assets, without regard to their age, race, religion, sex, marital status, or
nationality. Which act prohibits this discrimination? - ANS-ECOA
\Lenders who make conventional loans, or the buyer provides less than a 20% down
payment will normally require that the borrower pay which of the following? - ANS-Private
Mortgage Insurance (PMI)
\Prior to the regulation of the banking industry in the 1980s, which institutions are dominant
and providing funds for the purchase of single-family residences? - ANS-Saving loan
associations
A $12,000 interest only, level payment, term loan his interest due of $810 after nine months
what is the rate of interest? - ANS-9%
\A borrower's gross monthly income average is $4100. They have a monthly car payment of
$425 an hour balance on credit card accounts with payments totaling $75 per month. If
improved, their monthly mortgage payment will be $825. What is the borrower's monthly
housing expense ratio and total obligations ratio? - ANS-Housing expense ratio = 20% ; total
obligations ratio = 12%
\A borrower has a 15 year loan with monthly payments that remain the same amount for the
entire loan. Which type of mortgage repayment plan does the borrower have? - ANS-Level
payment
\A buyer purchased a home and arranged financing at an interest rate of 4.5%. At closing
the buyer realised that the true interest rate was actually 5.99%. This would be a violation of
which of the following legislation? - ANS-Truth in lending act
\All of the following are considered primary mortgage market activities, except? - ANS-(c)
FannieMae (FNMA) purchases mortgage loans made by local banks.
\All of the following are required by Real Estate Settlement Procedures Act (RESPA) except:
- ANS-(d) Disclosure of the annual percentage rate (APR)
\All of the following would be considered a "triggering terms," except - ANS-Mortgage is
assumable!
\All the following are required to obtain a VA loan, except? - ANS-(a) A service related
disability.
\At a rate of 12% a loan of $20,000 has an interest due in the amount of $600. How long has
the loan been outstanding? - ANS-3 months
\How are mortgage loan originators usually compensated for their services? - ANS-Finder's
fee or commission
\How much interest is due on a loan of $8000 a rate of 9% for three months? - ANS-$180
\If a mortgage loan payment consist of interest, only, what term refers to the final payment
that includes the full amount borrowed? - ANS-Balloon payment
\If interest for six months of a rate of 8% equals $200, what is the principal amount of the
loan? - ANS-$5,000
\In order to qualify for and SH a 203B, insured mortgage, loan, and applicants housing
expense ratio cannot exceed what percentage? - ANS-31%
\Interest rates for federal housing administration mortgages are determined by which of the
following? - ANS-market
\Lenders are required to judge loan applications on the basis of credit rating, income,
expenses and assets, without regard to their age, race, religion, sex, marital status, or
nationality. Which act prohibits this discrimination? - ANS-ECOA
\Lenders who make conventional loans, or the buyer provides less than a 20% down
payment will normally require that the borrower pay which of the following? - ANS-Private
Mortgage Insurance (PMI)
\Prior to the regulation of the banking industry in the 1980s, which institutions are dominant
and providing funds for the purchase of single-family residences? - ANS-Saving loan
associations
