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SAFE Mortgage Loan Originator 96 Test Questions with 100% Correct Answers | Verified | Latest Update
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Prequalification - ️️an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - ️️29/41 FHA ratio - ️️31/43 Asset based loan - ️️-loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - ️️Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime offer rate 1. 5% 2. 6.5% 3. 8.5% RESPA - Section 8 - ️️Nothing of value for referrals - No kickbacks Respa - Esign Act - ️️can use electronic signature with permission of borrower Gramm Leach Bliley - ️️-borrower notification must state who company shares info with
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