Mortgage loan originator UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Index and margin - CORRECT ANSWER - What is used to determine the interest rate
chang on an ARM?
Index and margin - CORRECT ANSWER - What is used to determine the interest rate
chang on an ARM?
A loan with a balloon payment provision - CORRECT ANSWER - Which of the following
loan types is best described as a loan with a payment schedule made up of a series of small
periodic payments and a larger lump sum due upon maturity?
A loan with a balloon payment provision - CORRECT ANSWER - Which of the following
loan types is best described as a loan with a payment schedule made up of a series of small
periodic payments and a larger lump sum due upon maturity?
Convention/conforming loans - CORRECT ANSWER - Fannie Mae and Freddie Mac
securitize what type of mortgage loans?
Convention/conforming loans - CORRECT ANSWER - Fannie Mae and Freddie Mac
securitize what type of mortgage loans?
FHA Loans - CORRECT ANSWER - Which of the following types of loans offers
backing from the federal government without using taxpayer dollars
FHA Loans - CORRECT ANSWER - Which of the following types of loans offers
backing from the federal government without using taxpayer dollars
,To replenish lenders funds for new loans by purchasing loans that lenders have already funded
and closed. - CORRECT ANSWER - What is Fannie Mae's primary function in the
secondary market?
To replenish lenders funds for new loans by purchasing loans that lenders have already funded
and closed. - CORRECT ANSWER - What is Fannie Mae's primary function in the
secondary market?
Most lending transactions other than those for reverse mortgages and open-ended loans -
CORRECT ANSWER - The ability to repay rule applies to
Most lending transactions other than those for reverse mortgages and open-ended loans -
CORRECT ANSWER - The ability to repay rule applies to
The borrower must have a debt-to-income ratio of no more that 43% - CORRECT
ANSWER - Community Mortgage Bank (CMB) is a small creditor that holds the loans it
originates in its portfolio until they are paid in full. CMB Tries to limit its transaction to those for
qualified mortgages. In a balloon payment QM transaction, the transaction must neet all the
following criteria, except:
The borrower must have a debt-to-income ratio of no more that 43% - CORRECT
ANSWER - Community Mortgage Bank (CMB) is a small creditor that holds the loans it
originates in its portfolio until they are paid in full. CMB Tries to limit its transaction to those for
qualified mortgages. In a balloon payment QM transaction, the transaction must neet all the
following criteria, except:
"APR" - CORRECT ANSWER - Annual percentage rate
"APR" - CORRECT ANSWER - Annual percentage rate
Race,ethnicity and sex - CORRECT ANSWER - Which of the following pieces of
personal information is a borrower asked to provide voluntarily on the loan application?
, Race,ethnicity and sex - CORRECT ANSWER - Which of the following pieces of
personal information is a borrower asked to provide voluntarily on the loan application?
A property is valued at $495,000. This is a first and second mortgage with a 90% CLTV. The
first mortgage has 78% LTV. What is the approximate amount of the second mortgage? -
CORRECT ANSWER - $59,400 enter equation
A property is valued at $495,000. This is a first and second mortgage with a 90% CLTV. The
first mortgage has 78% LTV. What is the approximate amount of the second mortgage? -
CORRECT ANSWER - $59,400 enter equation
The veteran is disabled - CORRECT ANSWER - VA loans requirs a funding fee under all
of the following conditions, except:
The veteran is disabled - CORRECT ANSWER - VA loans requirs a funding fee under all
of the following conditions, except:
43%/41% - CORRECT ANSWER - The DRI standard for an FHA loan is ____, and the
standard for a VA loan is _______.
43%/41% - CORRECT ANSWER - The DRI standard for an FHA loan is ____, and the
standard for a VA loan is _______.
Sue Johnson is a receptionist for a construction company. She receives bi weekly pay in the
amount of $1,153.85. What is her monthly qualifying income? - CORRECT ANSWER -
$2500.00
1153.85x 26=30,000
/12 =2500
Sue Johnson is a receptionist for a construction company. She receives bi weekly pay in the
amount of $1,153.85. What is her monthly qualifying income? - CORRECT ANSWER -
$2500.00
ACTUAL Exam Questions and CORRECT
Answers
Index and margin - CORRECT ANSWER - What is used to determine the interest rate
chang on an ARM?
Index and margin - CORRECT ANSWER - What is used to determine the interest rate
chang on an ARM?
A loan with a balloon payment provision - CORRECT ANSWER - Which of the following
loan types is best described as a loan with a payment schedule made up of a series of small
periodic payments and a larger lump sum due upon maturity?
A loan with a balloon payment provision - CORRECT ANSWER - Which of the following
loan types is best described as a loan with a payment schedule made up of a series of small
periodic payments and a larger lump sum due upon maturity?
Convention/conforming loans - CORRECT ANSWER - Fannie Mae and Freddie Mac
securitize what type of mortgage loans?
Convention/conforming loans - CORRECT ANSWER - Fannie Mae and Freddie Mac
securitize what type of mortgage loans?
FHA Loans - CORRECT ANSWER - Which of the following types of loans offers
backing from the federal government without using taxpayer dollars
FHA Loans - CORRECT ANSWER - Which of the following types of loans offers
backing from the federal government without using taxpayer dollars
,To replenish lenders funds for new loans by purchasing loans that lenders have already funded
and closed. - CORRECT ANSWER - What is Fannie Mae's primary function in the
secondary market?
To replenish lenders funds for new loans by purchasing loans that lenders have already funded
and closed. - CORRECT ANSWER - What is Fannie Mae's primary function in the
secondary market?
Most lending transactions other than those for reverse mortgages and open-ended loans -
CORRECT ANSWER - The ability to repay rule applies to
Most lending transactions other than those for reverse mortgages and open-ended loans -
CORRECT ANSWER - The ability to repay rule applies to
The borrower must have a debt-to-income ratio of no more that 43% - CORRECT
ANSWER - Community Mortgage Bank (CMB) is a small creditor that holds the loans it
originates in its portfolio until they are paid in full. CMB Tries to limit its transaction to those for
qualified mortgages. In a balloon payment QM transaction, the transaction must neet all the
following criteria, except:
The borrower must have a debt-to-income ratio of no more that 43% - CORRECT
ANSWER - Community Mortgage Bank (CMB) is a small creditor that holds the loans it
originates in its portfolio until they are paid in full. CMB Tries to limit its transaction to those for
qualified mortgages. In a balloon payment QM transaction, the transaction must neet all the
following criteria, except:
"APR" - CORRECT ANSWER - Annual percentage rate
"APR" - CORRECT ANSWER - Annual percentage rate
Race,ethnicity and sex - CORRECT ANSWER - Which of the following pieces of
personal information is a borrower asked to provide voluntarily on the loan application?
, Race,ethnicity and sex - CORRECT ANSWER - Which of the following pieces of
personal information is a borrower asked to provide voluntarily on the loan application?
A property is valued at $495,000. This is a first and second mortgage with a 90% CLTV. The
first mortgage has 78% LTV. What is the approximate amount of the second mortgage? -
CORRECT ANSWER - $59,400 enter equation
A property is valued at $495,000. This is a first and second mortgage with a 90% CLTV. The
first mortgage has 78% LTV. What is the approximate amount of the second mortgage? -
CORRECT ANSWER - $59,400 enter equation
The veteran is disabled - CORRECT ANSWER - VA loans requirs a funding fee under all
of the following conditions, except:
The veteran is disabled - CORRECT ANSWER - VA loans requirs a funding fee under all
of the following conditions, except:
43%/41% - CORRECT ANSWER - The DRI standard for an FHA loan is ____, and the
standard for a VA loan is _______.
43%/41% - CORRECT ANSWER - The DRI standard for an FHA loan is ____, and the
standard for a VA loan is _______.
Sue Johnson is a receptionist for a construction company. She receives bi weekly pay in the
amount of $1,153.85. What is her monthly qualifying income? - CORRECT ANSWER -
$2500.00
1153.85x 26=30,000
/12 =2500
Sue Johnson is a receptionist for a construction company. She receives bi weekly pay in the
amount of $1,153.85. What is her monthly qualifying income? - CORRECT ANSWER -
$2500.00
