1
NATIONAL AND UST MORTGAGE PRACTICE EXAM
1 QUESTIONS WITH 100% COMPLETE SOLUTIONS!!
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、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
A borrower received $1,000 per month in rental income. How much of the
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
income may be used to qualify the borrower for a loan?
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
A. $1,000
B. $800
C. $750
D. $1,250 - (answer)C. $750
Generally, 75% of rental income may be used to qualify a borrower for a loan.
This formula is based on an industry standard that taxes, insurance, and
maintenance costs will equal about 25% of the income that a property
generates. In this case, 75% x $1,000 = $750.
What is Freddie Mac's automated underwriting system called?
A. Desktop Originator
B. Underwriter Assistant
C. Loan Product Advisor
D. AUS - (answer)C. Loan Product Advisor
, 2
Freddie Mac's automated underwriting system is called Loan Product Advisor
(formerly known as Loan Prospector), while Fannie Mae's is called Desktop
可以！可以！请告诉我您需要写什么主题的中文作文，是写故事
、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
Underwriter.
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
Which of the following contains only items which should be used in calculating
a borrower's debt-to-income ratio?
A. Monthly rent expense on current home, credit card payment, car insurance
B. Car payment, boat payment, child support obligations
C. Property tax payment, utility payment, cable bill
D. Mortgage insurance payment, average grocery costs, electric bill -
(answer)B. Car payment, boat payment, child support obligations
A debt-to-income ratio compares an applicant's total monthly debt to his or her
total monthly income. Total monthly debt would include simultaneous loans,
debt obligations, alimony, and child support. Typical living expenses (e.g.,
utilities, health and disability insurance, food, phone or cable bills, etc.) are not
included when calculating DTI.
Which of the following would NOT be required if a mortgage company wishes
to utilize electronic signatures on required disclosures?
A. Borrowers must be given the option to receive the disclosures in paper form
, 3
B. Borrowers must be able to withdraw their consent to receive the disclosures
electronically
可以！可以！请告诉我您需要写什么主题的中文作文，是写故事
、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
C. The company must record the IP address from which the documents were
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
accessed
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
D. The company must disclose hardware and software requirements to
borrowers - (answer)C. The company must record the IP address from which
the documents were accessed
Under the Electronic Signatures in Global and National Commerce Act (the E-
SIGN Act), before obtaining a consumer's consent, a financial institution must
provide a clear and conspicuous statement to consumers, informing them of
their right or option to have the record provided or made available on paper or
in a non-electronic form. The statement must also explain the consumer's right
to withdraw consent, including applicable conditions, consequences, and fees.
Consumers must also be provided with information about the hardware and
software required to allow them to access and retain the electronic records.
Under the S.A.F.E. Act, a licensed loan originator's responsibilities with regard
to recordkeeping include all of the following, except:
A. Not knowingly withholding, removing, or destroying any books or records
B. Making all of the licensee's records available to borrowers upon demand
C. Permitting interviews of principals, loan originators, and independent
contractors by state regulators
, 4
D. Making records and books available to the state regulator - (answer)B.
Making all of the licensee's records available to borrowers upon demand
可以！可以！请告诉我您需要写什么主题的中文作文，是写故事
、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
Licensed loan originators and those required to be licensed must make records
and books available to their state regulator and permit interviews of officers,
principals, employees, independent contractors, agents and customers. They
may not knowingly withhold, abstract, remove, mutilate, destroy, or secrete
any books, records, or other information during an investigation or
examination. Loan originators are not required to make all of their records
available to borrowers upon demand.
Which of the following federal regulations prohibits discrimination based on
race, color, religion, sex, marital status, or national origin in a credit
transaction?
A. Regulation C
B. Regulation B
C. Regulation Z
D. Regulation G - (answer)B. Regulation B
Regulation B implements the provisions of the Equal Credit Opportunity Act
(ECOA), which ensures that all persons, consumers, and businesses are given an
equal chance to obtain credit by prohibiting discrimination based on criteria
NATIONAL AND UST MORTGAGE PRACTICE EXAM
1 QUESTIONS WITH 100% COMPLETE SOLUTIONS!!
可以！可以！请告诉我您需要写什么主题的中文作文，是写故事
、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
A borrower received $1,000 per month in rental income. How much of the
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
income may be used to qualify the borrower for a loan?
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
A. $1,000
B. $800
C. $750
D. $1,250 - (answer)C. $750
Generally, 75% of rental income may be used to qualify a borrower for a loan.
This formula is based on an industry standard that taxes, insurance, and
maintenance costs will equal about 25% of the income that a property
generates. In this case, 75% x $1,000 = $750.
What is Freddie Mac's automated underwriting system called?
A. Desktop Originator
B. Underwriter Assistant
C. Loan Product Advisor
D. AUS - (answer)C. Loan Product Advisor
, 2
Freddie Mac's automated underwriting system is called Loan Product Advisor
(formerly known as Loan Prospector), while Fannie Mae's is called Desktop
可以！可以！请告诉我您需要写什么主题的中文作文，是写故事
、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
Underwriter.
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
Which of the following contains only items which should be used in calculating
a borrower's debt-to-income ratio?
A. Monthly rent expense on current home, credit card payment, car insurance
B. Car payment, boat payment, child support obligations
C. Property tax payment, utility payment, cable bill
D. Mortgage insurance payment, average grocery costs, electric bill -
(answer)B. Car payment, boat payment, child support obligations
A debt-to-income ratio compares an applicant's total monthly debt to his or her
total monthly income. Total monthly debt would include simultaneous loans,
debt obligations, alimony, and child support. Typical living expenses (e.g.,
utilities, health and disability insurance, food, phone or cable bills, etc.) are not
included when calculating DTI.
Which of the following would NOT be required if a mortgage company wishes
to utilize electronic signatures on required disclosures?
A. Borrowers must be given the option to receive the disclosures in paper form
, 3
B. Borrowers must be able to withdraw their consent to receive the disclosures
electronically
可以！可以！请告诉我您需要写什么主题的中文作文，是写故事
、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
C. The company must record the IP address from which the documents were
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
accessed
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
D. The company must disclose hardware and software requirements to
borrowers - (answer)C. The company must record the IP address from which
the documents were accessed
Under the Electronic Signatures in Global and National Commerce Act (the E-
SIGN Act), before obtaining a consumer's consent, a financial institution must
provide a clear and conspicuous statement to consumers, informing them of
their right or option to have the record provided or made available on paper or
in a non-electronic form. The statement must also explain the consumer's right
to withdraw consent, including applicable conditions, consequences, and fees.
Consumers must also be provided with information about the hardware and
software required to allow them to access and retain the electronic records.
Under the S.A.F.E. Act, a licensed loan originator's responsibilities with regard
to recordkeeping include all of the following, except:
A. Not knowingly withholding, removing, or destroying any books or records
B. Making all of the licensee's records available to borrowers upon demand
C. Permitting interviews of principals, loan originators, and independent
contractors by state regulators
, 4
D. Making records and books available to the state regulator - (answer)B.
Making all of the licensee's records available to borrowers upon demand
可以！可以！请告诉我您需要写什么主题的中文作文，是写故事
、议论文、记叙文，还是其他类型？另外，作文的字数要求是多
少呢？请告诉我您需要写什么主题的中文作文，是写故事、议论
文、记叙文，还是其他类型？另外，作文的字数要求是多少呢？
Licensed loan originators and those required to be licensed must make records
and books available to their state regulator and permit interviews of officers,
principals, employees, independent contractors, agents and customers. They
may not knowingly withhold, abstract, remove, mutilate, destroy, or secrete
any books, records, or other information during an investigation or
examination. Loan originators are not required to make all of their records
available to borrowers upon demand.
Which of the following federal regulations prohibits discrimination based on
race, color, religion, sex, marital status, or national origin in a credit
transaction?
A. Regulation C
B. Regulation B
C. Regulation Z
D. Regulation G - (answer)B. Regulation B
Regulation B implements the provisions of the Equal Credit Opportunity Act
(ECOA), which ensures that all persons, consumers, and businesses are given an
equal chance to obtain credit by prohibiting discrimination based on criteria
