AFFINITY PRACTICE EXAMS | 315
QUESTIONS | WITH COMPLETE
SOLUTIONS!!
1 of 314
Term
Which is one of HMDA's and regulations C's primary purposes?
A. Add clarification and additional consumer protections with
amendments to the fair housing act
B. Add regulation prohibiting title and appraisal fraud in the industry
C. Help determine whether financial institutions are serving their
communities housing needs
D. Help determine whether regulator enforcement actions are
effective
Give this one a try later!
, D B
A C
Don't know?
2 of 314
Term
Which of the following provides a borrower with an opportunity to
change from an ARM to a fixed rate loan?
A. Conforming loan
B. Conversion option
C. Hybrid ARM
D. Standard ARM
Give this one a try later!
C A
D B
Don't know?
3 of 314
,Term
One advantage of VA loans that is not commonly available in
transactions for conventional mortgages is that they are
A. Interest free
B. Available to loan applicants regardless of DTI ratios
C. Assumable
D. Not funded by private lenders
Give this one a try later!
C B
D A
Don't know?
4 of 314
Term
A lender has how many days to notify the borrower of an
underwriting decision?
A. Three days
B. Ten days
C. 30 days
D. 45 days
Give this one a try later!
, A C
B D
Don't know?
5 of 314
Term
A state licensed loan originator is
A. Licensed by the NMLS
B. Not an employee of a depository institution
C. Identified by the unique identifier of his or her employer
D. An employee of a subsidiary which is owned or controlled by a
depository institution
Give this one a try later!
D A
B C
Don't know?
6 of 314
Term
QUESTIONS | WITH COMPLETE
SOLUTIONS!!
1 of 314
Term
Which is one of HMDA's and regulations C's primary purposes?
A. Add clarification and additional consumer protections with
amendments to the fair housing act
B. Add regulation prohibiting title and appraisal fraud in the industry
C. Help determine whether financial institutions are serving their
communities housing needs
D. Help determine whether regulator enforcement actions are
effective
Give this one a try later!
, D B
A C
Don't know?
2 of 314
Term
Which of the following provides a borrower with an opportunity to
change from an ARM to a fixed rate loan?
A. Conforming loan
B. Conversion option
C. Hybrid ARM
D. Standard ARM
Give this one a try later!
C A
D B
Don't know?
3 of 314
,Term
One advantage of VA loans that is not commonly available in
transactions for conventional mortgages is that they are
A. Interest free
B. Available to loan applicants regardless of DTI ratios
C. Assumable
D. Not funded by private lenders
Give this one a try later!
C B
D A
Don't know?
4 of 314
Term
A lender has how many days to notify the borrower of an
underwriting decision?
A. Three days
B. Ten days
C. 30 days
D. 45 days
Give this one a try later!
, A C
B D
Don't know?
5 of 314
Term
A state licensed loan originator is
A. Licensed by the NMLS
B. Not an employee of a depository institution
C. Identified by the unique identifier of his or her employer
D. An employee of a subsidiary which is owned or controlled by a
depository institution
Give this one a try later!
D A
B C
Don't know?
6 of 314
Term
