SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024
SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 1. A discount point is BEST described as a charge the borrower pays to: - correct answer A. A lender to decrease the interest rate on the mortgage loan 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a property with a sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the down payment at closing? - correct answer D. $25,000 3. If an applicant works 40 hours every week and is paid $13.52 per hour, what is the applicant's monthly income? - correct answer B. $2,343.47 4. The requirement for private mortgage insurance is generally discontinued when the loan-to-value ratio falls below: - correct answer C. 80 % 5. Which of the following documents itemizes all settlement costs including lender charges? - correct answer B. HUD-1/Closing Disclosure 6. According to the Truth-in-Lending Act (TILA), the term "refinance" applies to: - correct answer D. The satisfaction of an existing obligation and its replacement by a new obligation
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