ONCOURSE LEARNING COMPREHENSIVE FINAL EXAM GUIDE 2023/2024

ONCOURSE LEARNING COMPREHENSIVE FINAL EXAM GUIDE 2023/2024 Which of the following is true of disclosures required by the Homeowners Protection Act? - CORRECT ANSWER-Borrowers with lender-paid PMI are not protected by the HPA You have taken a loan application from a customer with an excellent credit score. When should you advise him/her about the status of the application? - CORRECT ANSWER-Within 30 days The practice of intentionally targeting borrowers in poor or undeserved areas with predatory loans is known as: - CORRECT ANSWER-Reverse redlining The Smiths are buying a house for $200,000. After their 10% down payment, they've decided to pay two discount points. What is the dollar amount of the discount points? $3,800 - CORRECT ANSWER-$3,600 In accordance with Section 8 of the Real Estate Settlement Procedures Act, a mortgage broker may receive compensation for which of the following? - CORRECT ANSWER-The reasonable value of goods and/or services actually performed or provided. Which of the following best describes the legal consequences of providing an inflated description of income on a loan application? - CORRECT ANSWER-It is a violation of multiple federal lending laws and constitutes fraud. A buyer pays $200,000 for a home and gets a fixed-rate loan from his lender at 5.75%. He puts $40,000 down. What is the LTV on this loan, and does the buyer have to pay PMI? - CORRECT ANSWER-80% and NO The regulations issued for the implementation of ECOA are known as: - CORRECT ANSWER-Regulation B