Compucram Practice Exam 3
When preparing a Loan Estimate, commissions of real estate brokers or agents are
listed in what subsection? - ✔️✔️Other
On the Closing Disclosure, applicable secondary market charges passed onto the
borrower must be properly identified as - ✔️✔️Origination charges
The estimate for the interest rate shown on a Loan Estimate must be available for at
least ___ business days. - ✔️✔️There are no time restrictions
Regulation N (Mortgage Acts and Practices - Advertising, 12 CFR Part 1014) sets forth
prohibited misrepresentations in commercial communication. A lender is in violation of
Regulation N if it does maintain documents for a period of ___ months describing or
evidencing all mortgage credit products available to consumers during the time period in
which it made or disseminated an applicable commercial communication. - ✔️✔️24
Which of the following Regulation ensures lenders use an annual percentage rate so
that the borrowers have the information they need to make informed comparisons? -
✔️✔️Regulation Z
With a fixed-rate mortgage loan, a change in what item may increase or decrease the
monthly payment amount? - ✔️✔️mortgage insurance premium
Which of the following is NOT a feature of the USDA Section 502 Direct Loans? -
✔️✔️A payback period capped at 30 years
Patrick is interested in a particular house. The MLO estimates that, given the down
payment and the current interest rate, the monthly mortgage payment (PITI) would be
$1,000. Patrick's gross stable monthly income is $3,800. What is his housing expense
ratio? - ✔️✔️26%
How many days after being provided with a Loan Estimate does a consumer have to
proceed with a mortgage loan before a lender may revise the Loan Estimate to change
a settlement charge? - ✔️✔️10 business days
Connor wishes to refinance his mortgage and pay off his credit cards without using any
personal funds. He owes $75,000 on his first mortgage, $10,000 on his second
mortgage, and $3,000 in credit card debt. What would his appraisal value need to be if
his closing costs are $4,000 and he qualifies for an 80% LTV? - ✔️✔️$115,000
At least ____ days before a servicer assesses a premium charge or fee related to force-
placed insurance on a borrower, the servicer must deliver to a borrower a written notice
When preparing a Loan Estimate, commissions of real estate brokers or agents are
listed in what subsection? - ✔️✔️Other
On the Closing Disclosure, applicable secondary market charges passed onto the
borrower must be properly identified as - ✔️✔️Origination charges
The estimate for the interest rate shown on a Loan Estimate must be available for at
least ___ business days. - ✔️✔️There are no time restrictions
Regulation N (Mortgage Acts and Practices - Advertising, 12 CFR Part 1014) sets forth
prohibited misrepresentations in commercial communication. A lender is in violation of
Regulation N if it does maintain documents for a period of ___ months describing or
evidencing all mortgage credit products available to consumers during the time period in
which it made or disseminated an applicable commercial communication. - ✔️✔️24
Which of the following Regulation ensures lenders use an annual percentage rate so
that the borrowers have the information they need to make informed comparisons? -
✔️✔️Regulation Z
With a fixed-rate mortgage loan, a change in what item may increase or decrease the
monthly payment amount? - ✔️✔️mortgage insurance premium
Which of the following is NOT a feature of the USDA Section 502 Direct Loans? -
✔️✔️A payback period capped at 30 years
Patrick is interested in a particular house. The MLO estimates that, given the down
payment and the current interest rate, the monthly mortgage payment (PITI) would be
$1,000. Patrick's gross stable monthly income is $3,800. What is his housing expense
ratio? - ✔️✔️26%
How many days after being provided with a Loan Estimate does a consumer have to
proceed with a mortgage loan before a lender may revise the Loan Estimate to change
a settlement charge? - ✔️✔️10 business days
Connor wishes to refinance his mortgage and pay off his credit cards without using any
personal funds. He owes $75,000 on his first mortgage, $10,000 on his second
mortgage, and $3,000 in credit card debt. What would his appraisal value need to be if
his closing costs are $4,000 and he qualifies for an 80% LTV? - ✔️✔️$115,000
At least ____ days before a servicer assesses a premium charge or fee related to force-
placed insurance on a borrower, the servicer must deliver to a borrower a written notice
