CHAPTER 32
Why are mortgage companies less regulated than traditional institutional lenders? - correct answer
✔✔They are not lending depositors' money.
The mortgage broker is required to disclose all of the following to the borrower except which one?
-The amount of application fee
-The penalty for defaulting on the loan
-The specific services the broker will provide
-The good faith estimate of the credit report fee - correct answer ✔✔The penalty for defaulting on the
loan
In what section of the mortgage broker dual agency disclosure does the broker indicate the number of
mortgage lenders he or she uses? - correct answer ✔✔Your Rights Under Dual Agency section
Which of these components is not part of a lock in?
-Points
-Appraisal
-Loan program
-Interest rate - correct answer ✔✔Appraisal
Of the various fees an applicant for a mortgage banker must pay in New York, which of the following is
NOT one of those fees?
-A $1,500 fee for the home office requested
-An original mortgage banker bond of $50,000
-A fingerprint fee of $94.25
Why are mortgage companies less regulated than traditional institutional lenders? - correct answer
✔✔They are not lending depositors' money.
The mortgage broker is required to disclose all of the following to the borrower except which one?
-The amount of application fee
-The penalty for defaulting on the loan
-The specific services the broker will provide
-The good faith estimate of the credit report fee - correct answer ✔✔The penalty for defaulting on the
loan
In what section of the mortgage broker dual agency disclosure does the broker indicate the number of
mortgage lenders he or she uses? - correct answer ✔✔Your Rights Under Dual Agency section
Which of these components is not part of a lock in?
-Points
-Appraisal
-Loan program
-Interest rate - correct answer ✔✔Appraisal
Of the various fees an applicant for a mortgage banker must pay in New York, which of the following is
NOT one of those fees?
-A $1,500 fee for the home office requested
-An original mortgage banker bond of $50,000
-A fingerprint fee of $94.25
