K
C
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CHAMPIONS SCHOOL OF
YC
REAL ESTATE FINANCE EXAM
D
QUESTIONS WITH CORRECT
U
ANSWERS ALL VERIFIED BY
ST
AN EXPERT A+ GRADED
(LATEST UPDATE)
, Mortgage loan originators who make cold calls must comply with the requirements of the
National Do-NotCall registry and the Do-Not-Call rules. The loan originator needs to update any
download of the registry at least every: - ANS 31 days
The appraisal approach that is used as the best indicator of value for existing properties is -
ANS market data approach
The Equal Credit Opportunity Act, is implemented by the CFPB's: - ANS regulation B
FHA sellers are permitted to provide financing concessions up to 6 percent of the: - ANS
K
sales price
The APR disclosed must be within the allowable tolerance of: - ANS 1/8 (.125)
C
The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS-developed
Mortgage Loan Originator Test with a score of: - ANS 75 or better
LO
The Consumer Financial Protection Act of 2010 establishes the Consumer Financial Protection
Bureau (CFPB) as an independent entity housed within the: - ANS federal reserve system
TRID requires that the Closing Disclosure must be completed and made available for
YC
inspection: - ANS 3 business days prior to consummation
VA loans allow for a maximum LTV of what percent? - ANS 100%
The VA's debt-to-income ratio is a ratio of total monthly debt payments (housing expense,
installment debt, etc.) to gross income. It is a guide and, as an underwriting factor, it is
D
secondary to the: - ANS Residual income calculation
The Equal Credit Opportunity Act, and the CFPB's implementing Regulation B, prohibits
U
discrimination in any aspect of a credit transaction on the basis of all of the following except: -
ANS immigration status
ST
The SAFE Act requires mortgage loan originators to pass a qualified test to obtain a license. An
individual may retake the test 2 consecutive times with each consecutive taking occurring at
least: - ANS 30 days after the preceding test
Lenders that generate mortgage loans may receive some degree of legal protection against
borrower lawsuits. The level of protection they receive will depend on the type of loan they
make. What type of mortgage loan gives the lender the greatest level of protection against
borrower lawsuits? - ANS Qualified mortgage loan
. Fannie Mae is the nickname for the: - ANS federal national mortgage association
FNMA
C
LO
CHAMPIONS SCHOOL OF
YC
REAL ESTATE FINANCE EXAM
D
QUESTIONS WITH CORRECT
U
ANSWERS ALL VERIFIED BY
ST
AN EXPERT A+ GRADED
(LATEST UPDATE)
, Mortgage loan originators who make cold calls must comply with the requirements of the
National Do-NotCall registry and the Do-Not-Call rules. The loan originator needs to update any
download of the registry at least every: - ANS 31 days
The appraisal approach that is used as the best indicator of value for existing properties is -
ANS market data approach
The Equal Credit Opportunity Act, is implemented by the CFPB's: - ANS regulation B
FHA sellers are permitted to provide financing concessions up to 6 percent of the: - ANS
K
sales price
The APR disclosed must be within the allowable tolerance of: - ANS 1/8 (.125)
C
The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS-developed
Mortgage Loan Originator Test with a score of: - ANS 75 or better
LO
The Consumer Financial Protection Act of 2010 establishes the Consumer Financial Protection
Bureau (CFPB) as an independent entity housed within the: - ANS federal reserve system
TRID requires that the Closing Disclosure must be completed and made available for
YC
inspection: - ANS 3 business days prior to consummation
VA loans allow for a maximum LTV of what percent? - ANS 100%
The VA's debt-to-income ratio is a ratio of total monthly debt payments (housing expense,
installment debt, etc.) to gross income. It is a guide and, as an underwriting factor, it is
D
secondary to the: - ANS Residual income calculation
The Equal Credit Opportunity Act, and the CFPB's implementing Regulation B, prohibits
U
discrimination in any aspect of a credit transaction on the basis of all of the following except: -
ANS immigration status
ST
The SAFE Act requires mortgage loan originators to pass a qualified test to obtain a license. An
individual may retake the test 2 consecutive times with each consecutive taking occurring at
least: - ANS 30 days after the preceding test
Lenders that generate mortgage loans may receive some degree of legal protection against
borrower lawsuits. The level of protection they receive will depend on the type of loan they
make. What type of mortgage loan gives the lender the greatest level of protection against
borrower lawsuits? - ANS Qualified mortgage loan
. Fannie Mae is the nickname for the: - ANS federal national mortgage association
FNMA
