National and UST Mortgage Practice
Exam 4
"five/25" and "7/23" are typically used to designate loans together with which of the
following?
A. A hybrid adjustable fee function
B. A balloon payment
C. A subordinate lien
D. A transient hobby fee buy-down - ANS-B. A balloon payment
"5/25" and "7/23" are generally used to designate loans that include a balloon fee.
"UFMIP" stands for:
A. Uniform Funded Mortgage Insurance Premium
B. Upfront Mortgage Insurance Premium
C. Uniform Financed Mortgage Insurance Premium
D. Uniform Front-End Mortgage Insurance Premium - ANS-B. Upfront Mortgage Insurance
Premium
"UFMIP" stands for "Upfront Mortgage Insurance Premium."
A balloon rider, a prepayment penalty rider and a second-domestic rider may also all be part
of:
A. A name insurance policy
B. A deed of consider
C. A note
D. A electricity-of-lawyer settlement - ANS-B. A deed of believe
A deed of consider is used to stable a be aware. A deed can carry a rider, or an addendum,
which may also consist of a balloon rider, a prepayment penalty rider and a 2d-home rider,
among others.
A licensee issue to an research or examination may not engage in any of the following,
except:
A. Providing pc statistics
B. Knowingly eliminating or withholding facts
C. Providing information that have had records redacted
D. Failing to cooperate with an research - ANS-A. Providing pc statistics
Providing records electronically is a suitable approach of retaining records to be had for
examination.
, A revised Loan Estimate can be supplied if an applicant waits extra than _____ after the
creditor gives a Loan Estimate earlier than indicating an rationale to continue.
A. Three enterprise days
B. Ten business days
C. Five days
D. 24 hours - ANS-B. Ten commercial enterprise days
A revised Loan Estimate can be supplied if an applicant waits more than ten enterprise days
after the creditor gives a Loan Estimate before indicating an motive to proceed.
A nation-licensed mortgage originator is:
A. Licensed by means of the NMLS
B. Not an employee of a depository organization
C. Identified by means of the specific identifier of his/her company
D. An employee of a subsidiary that is owned or managed through a depository group -
ANS-B. Not an worker of a depository institution
A nation-certified mortgage originator is an employee of a non-depository organization and is
licensed by the nation.
According to the HPML Rule, which of the following transactions would require a 2nd
appraisal?
A. A higher-priced loan loan that still meets certified loan requirements
B. The purchase rate is 10% better than the seller's acquisition fee a hundred days in the
past
C. All higher-priced loan loans are required to have value determinations
D. The buy fee is 20% better than the seller's acquisition fee one hundred fifty days in the
past - ANS-D. The purchase rate is 20% better than the vendor's acquisition price 150 days
in the past
According to the HPML (Higher-Priced Mortgage Loans) Rule, a transaction will require a 2d
appraisal if the acquisition includes a probable case of "loan flipping." This is true when the
patron's purchase price is 10% extra than the seller's acquisition fee (if the vendor acquired
the belongings 90 or fewer days in the past) or 20% extra than the vendor's acquisition fee (if
the vendor obtained the assets ninety one to 180 days ago).
An investigator spends three weeks learning Steve Sample, who's making use of for a
process. He meets Steve's neighbors, present day co-people, and previous instructors and
mentors. After interviewing upwards of 30 individuals, the investigator submits his file to the
agency considering Steve for a function. This is an example of:
A. FBI mortgage fraud research
B. CRA disclosure
C. Private investigation methodology
Exam 4
"five/25" and "7/23" are typically used to designate loans together with which of the
following?
A. A hybrid adjustable fee function
B. A balloon payment
C. A subordinate lien
D. A transient hobby fee buy-down - ANS-B. A balloon payment
"5/25" and "7/23" are generally used to designate loans that include a balloon fee.
"UFMIP" stands for:
A. Uniform Funded Mortgage Insurance Premium
B. Upfront Mortgage Insurance Premium
C. Uniform Financed Mortgage Insurance Premium
D. Uniform Front-End Mortgage Insurance Premium - ANS-B. Upfront Mortgage Insurance
Premium
"UFMIP" stands for "Upfront Mortgage Insurance Premium."
A balloon rider, a prepayment penalty rider and a second-domestic rider may also all be part
of:
A. A name insurance policy
B. A deed of consider
C. A note
D. A electricity-of-lawyer settlement - ANS-B. A deed of believe
A deed of consider is used to stable a be aware. A deed can carry a rider, or an addendum,
which may also consist of a balloon rider, a prepayment penalty rider and a 2d-home rider,
among others.
A licensee issue to an research or examination may not engage in any of the following,
except:
A. Providing pc statistics
B. Knowingly eliminating or withholding facts
C. Providing information that have had records redacted
D. Failing to cooperate with an research - ANS-A. Providing pc statistics
Providing records electronically is a suitable approach of retaining records to be had for
examination.
, A revised Loan Estimate can be supplied if an applicant waits extra than _____ after the
creditor gives a Loan Estimate earlier than indicating an rationale to continue.
A. Three enterprise days
B. Ten business days
C. Five days
D. 24 hours - ANS-B. Ten commercial enterprise days
A revised Loan Estimate can be supplied if an applicant waits more than ten enterprise days
after the creditor gives a Loan Estimate before indicating an motive to proceed.
A nation-licensed mortgage originator is:
A. Licensed by means of the NMLS
B. Not an employee of a depository organization
C. Identified by means of the specific identifier of his/her company
D. An employee of a subsidiary that is owned or managed through a depository group -
ANS-B. Not an worker of a depository institution
A nation-certified mortgage originator is an employee of a non-depository organization and is
licensed by the nation.
According to the HPML Rule, which of the following transactions would require a 2nd
appraisal?
A. A higher-priced loan loan that still meets certified loan requirements
B. The purchase rate is 10% better than the seller's acquisition fee a hundred days in the
past
C. All higher-priced loan loans are required to have value determinations
D. The buy fee is 20% better than the seller's acquisition fee one hundred fifty days in the
past - ANS-D. The purchase rate is 20% better than the vendor's acquisition price 150 days
in the past
According to the HPML (Higher-Priced Mortgage Loans) Rule, a transaction will require a 2d
appraisal if the acquisition includes a probable case of "loan flipping." This is true when the
patron's purchase price is 10% extra than the seller's acquisition fee (if the vendor acquired
the belongings 90 or fewer days in the past) or 20% extra than the vendor's acquisition fee (if
the vendor obtained the assets ninety one to 180 days ago).
An investigator spends three weeks learning Steve Sample, who's making use of for a
process. He meets Steve's neighbors, present day co-people, and previous instructors and
mentors. After interviewing upwards of 30 individuals, the investigator submits his file to the
agency considering Steve for a function. This is an example of:
A. FBI mortgage fraud research
B. CRA disclosure
C. Private investigation methodology
