Test 6 Mortgage Exam Questions &
Answers (Grade A+)
Does the commissioner have authority to examine records of
former employers of a loan originator? -
correct answer ✅Commissioner does NOT have authority to
examine records of former employers of a loan originator.
If the application is missing required information, the Equal Credit
Opportunity Act requires a Notice of Incomplete Application be
provided to a borrower within how many days? -
correct answer ✅The Equal Credit Opportunity Act requires a
Notice of Incomplete Application be provided to a borrower: within
30 days of application, if the application is missing required
information.
ECOA requires the borrower to know the status of his/her loan
within 30 days of application. This includes letting the borrower
know, within 30 days, that his/her application needs to be
completed in order for any further consideration of the file.
ECOA requires the borrower to know the status of his/her loan
within how many days of the application? -
correct answer ✅ECOA requires the borrower to know the status
of his/her loan within 30 days of application.
,Test 6 Mortgage Exam Questions &
Answers (Grade A+)
The Equal Credit Opportunity Act requires a Notice of Incomplete
Application be provided to a borrower: within 30 days of
application, if the application is missing required information. ECOA
requires the borrower to know the status of his/her loan within 30
days of application. This includes letting the borrower know, within
30 days, that his/her application needs to be completed in order for
any further consideration of the file.
ECOA requires the borrower to know the status of his/her loan
within ______ days of application. This includes letting the
borrower know, within ____ days, that his/her application needs to
be ______. -
correct answer ✅This includes letting the borrower know, within
30 days, that his/her application needs to be completed in order for
any further consideration of the file.
ECOA requires the borrower to know the status of his/her loan
within 30 days of application. The Equal Credit Opportunity Act
requires a Notice of Incomplete Application be provided to a
borrower: within 30 days of application, if the application is missing
required information. ECOA requires the borrower to know the
status of his/her loan within 30 days of application. This includes
letting the borrower know, within 30 days, that his/her application
, Test 6 Mortgage Exam Questions &
Answers (Grade A+)
needs to be completed in order for any further consideration of the
file.
Cindy bought a home and closed on a 6.0% rate for 30 years. The
loan includes a payment feature that allows Cindy to make a
$1,400/month payment for the first five years, and a $1,800/month
payment for the remainder of the loan. What type of loan is this? -
correct answer ✅This loan is a fixed-rate loan (at 6% for 30 years).
The payment example shows an interest-only feature for the first
five years and then a fully-amortized payment for the remainder of
the loan.
The calculation of the APR [DOES/DOES NOT] include prepaid
finance charges? -
correct answer ✅The calculation of the APR includes many prepaid
finance charges.
These include, among others, underwriting fees, buy-down fees,
and origination fees. However, some fees are not included in the
prepaid finance charges used in APR calculations, including title
insurance fees.
Answers (Grade A+)
Does the commissioner have authority to examine records of
former employers of a loan originator? -
correct answer ✅Commissioner does NOT have authority to
examine records of former employers of a loan originator.
If the application is missing required information, the Equal Credit
Opportunity Act requires a Notice of Incomplete Application be
provided to a borrower within how many days? -
correct answer ✅The Equal Credit Opportunity Act requires a
Notice of Incomplete Application be provided to a borrower: within
30 days of application, if the application is missing required
information.
ECOA requires the borrower to know the status of his/her loan
within 30 days of application. This includes letting the borrower
know, within 30 days, that his/her application needs to be
completed in order for any further consideration of the file.
ECOA requires the borrower to know the status of his/her loan
within how many days of the application? -
correct answer ✅ECOA requires the borrower to know the status
of his/her loan within 30 days of application.
,Test 6 Mortgage Exam Questions &
Answers (Grade A+)
The Equal Credit Opportunity Act requires a Notice of Incomplete
Application be provided to a borrower: within 30 days of
application, if the application is missing required information. ECOA
requires the borrower to know the status of his/her loan within 30
days of application. This includes letting the borrower know, within
30 days, that his/her application needs to be completed in order for
any further consideration of the file.
ECOA requires the borrower to know the status of his/her loan
within ______ days of application. This includes letting the
borrower know, within ____ days, that his/her application needs to
be ______. -
correct answer ✅This includes letting the borrower know, within
30 days, that his/her application needs to be completed in order for
any further consideration of the file.
ECOA requires the borrower to know the status of his/her loan
within 30 days of application. The Equal Credit Opportunity Act
requires a Notice of Incomplete Application be provided to a
borrower: within 30 days of application, if the application is missing
required information. ECOA requires the borrower to know the
status of his/her loan within 30 days of application. This includes
letting the borrower know, within 30 days, that his/her application
, Test 6 Mortgage Exam Questions &
Answers (Grade A+)
needs to be completed in order for any further consideration of the
file.
Cindy bought a home and closed on a 6.0% rate for 30 years. The
loan includes a payment feature that allows Cindy to make a
$1,400/month payment for the first five years, and a $1,800/month
payment for the remainder of the loan. What type of loan is this? -
correct answer ✅This loan is a fixed-rate loan (at 6% for 30 years).
The payment example shows an interest-only feature for the first
five years and then a fully-amortized payment for the remainder of
the loan.
The calculation of the APR [DOES/DOES NOT] include prepaid
finance charges? -
correct answer ✅The calculation of the APR includes many prepaid
finance charges.
These include, among others, underwriting fees, buy-down fees,
and origination fees. However, some fees are not included in the
prepaid finance charges used in APR calculations, including title
insurance fees.
