Mortgage exaM Newest 2025/2026 with CoMplete
QuestioNs aNd CorreCt aNswers |already graded
a+||BraNd New VersioN!
Your client, who has a Beacon Score of 640, wishes to purchase a property
valued at $450,000 using a down payment of $20,000. Assuming that your
client meets all of the other Lender's guidelines, what statement would best
reflect this scenario?
Select one:
a. Your client must provide a down payment of at least $22,500 to qualify
b. Your client must provide a down payment of at least $90,000 to qualify
c. Your client must have at least a 650 Beacon Score to qualify
d. Your client qualifies based on this down payment and Beacon Score -
aNswer-Your client must provide a down payment of at least $90,000 to
qualify.
B is the correct answer since a credit score under 650 requires a down
payment of at least 20%,
which is $90,000 ($450,000 x 20% = $90,000).
Your client currently has a mortgage with an outstanding balance of
$350,000. This client wishes to refinance his home by increasing this
mortgage to $405,000. If the value of his home is appraised at $425,000, and
assuming that your client meets all of the other Lender's guidelines what
statement would best reflect this scenario?
Select one:
a. Your client qualifies based on this mortgage amount
,b. Your client would qualify for a maximum increase of $53,750
c. Your client would qualify for a maximum increase of $32,500
d. This lender does not offer refinancing - aNswer-Answer: C
This lender does provide refinancing up to 90%. Therefore 90% of $425,000 is
$382,500 less
the outstanding balance of $350,000 equals an increase of $32,500.
The correct answer is: Your client would qualify for a maximum increase of
$32,500
Your client, who cannot prove her income, would like to obtain 90% LTV
financing to purchase a single family dwelling. Her Beacon Score is 678 and
she is requesting a 2 year term with a rate not exceeding 6.7%. Given this
case study, what would you tell your client?
Select one:
a. This Lender does not offer this requested product
b. She must increase her down payment to 15%
c. She must have a Beacon Score of at least 680
d. She does not qualify for the requested rate - aNswer-Answer: A
Because the lender doesn't have a 2 year product no other option can be
correct.
The correct answer is: This Lender does not offer this requested product
Your client wishes to obtain a mortgage in the amount of $250,500. Given
this Lender's program and assuming that your client meets all of the other
Lender's guidelines, what statement would best reflect this scenario?
Select one:
a. Your client must pay a Lender's fee of $5,000 from his own funds on
closing
,b. Your client must pay a Lender's fee of $5,010 from his own funds on
closing
c. Your client must pay a Lender's fee which may be included in the mortgage
d. Your client need not pay a Lender's fee if his Beacon Score is over 650 -
aNswer-Answer: C
Although the amount of the Lender's fee in b is correct, while a is not, the
client does not have to
pay it from his own funds on closing.
D is incorrect because all Borrowers must pay this Lender's fee.
The correct answer is: Your client must pay a Lender's fee which may be
included in the mortgage
Your client would like to refinance his home by increasing his current
mortgage to $285,700. Since his home is appraised at $336,000 and his
Beacon Score is 632, he would qualify for:
Select one:
a. A rate of 7.5% because of the loan to value and Beacon Score
b. A rate of 7.3% because of the loan to value and Beacon Score
c. A rate of 7.2% because of the loan to value and Beacon Score
d. It depends, since you do not know if this is Stated or Full Doc - aNswer-
Answer: A
A is correct because 285,700/336,000 = 85.03% LTV and coupled with a
Beacon Score of 632
equals a rate of 7.5%.
The correct answer is: A rate of 7.5% because of the loan to value and
Beacon Score
, Your client has come to you requesting a mortgage in the amount of
$157,500 and is providing you with an appraisal that is acceptable to your
Lender showing an appraised value of $350,000. Given this case study, which
one of the following statements is most correct?
Select one:
a. You must find another Lender as this Lender has a minimum LTV of 60%
b. You must contact the Lender to determine the rate as the chart has a
minimum LTV
of 60%
c. The rate will be based on whether this is a Full Doc or Stated Doc
application
d. The rate will be based on your client's current Beacon Score - aNswer-
Answer: D
A and b are incorrect as the chart does not reflect a minimum LTV, but
reflects the rate for
mortgages with an LTV up to 60%. C is incorrect since if you review both
sets of rates they are
identical regardless of whether it is Full Doc or Stated Doc.
The correct answer is: The rate will be based on your client's current Beacon
Score
Brad and Angelina are applying for a mortgage with you, their local Mortgage
Agent, to purchase a new home. After reviewing their application you have
decided that they do not qualify for an institutional lender and therefore you
are going to submit their application to a private lender. In submitting this
application to the private lender using the proper disclosure, which one of
the following statements best accurately reflects information that must be
disclosed to the investor?
Select one:
QuestioNs aNd CorreCt aNswers |already graded
a+||BraNd New VersioN!
Your client, who has a Beacon Score of 640, wishes to purchase a property
valued at $450,000 using a down payment of $20,000. Assuming that your
client meets all of the other Lender's guidelines, what statement would best
reflect this scenario?
Select one:
a. Your client must provide a down payment of at least $22,500 to qualify
b. Your client must provide a down payment of at least $90,000 to qualify
c. Your client must have at least a 650 Beacon Score to qualify
d. Your client qualifies based on this down payment and Beacon Score -
aNswer-Your client must provide a down payment of at least $90,000 to
qualify.
B is the correct answer since a credit score under 650 requires a down
payment of at least 20%,
which is $90,000 ($450,000 x 20% = $90,000).
Your client currently has a mortgage with an outstanding balance of
$350,000. This client wishes to refinance his home by increasing this
mortgage to $405,000. If the value of his home is appraised at $425,000, and
assuming that your client meets all of the other Lender's guidelines what
statement would best reflect this scenario?
Select one:
a. Your client qualifies based on this mortgage amount
,b. Your client would qualify for a maximum increase of $53,750
c. Your client would qualify for a maximum increase of $32,500
d. This lender does not offer refinancing - aNswer-Answer: C
This lender does provide refinancing up to 90%. Therefore 90% of $425,000 is
$382,500 less
the outstanding balance of $350,000 equals an increase of $32,500.
The correct answer is: Your client would qualify for a maximum increase of
$32,500
Your client, who cannot prove her income, would like to obtain 90% LTV
financing to purchase a single family dwelling. Her Beacon Score is 678 and
she is requesting a 2 year term with a rate not exceeding 6.7%. Given this
case study, what would you tell your client?
Select one:
a. This Lender does not offer this requested product
b. She must increase her down payment to 15%
c. She must have a Beacon Score of at least 680
d. She does not qualify for the requested rate - aNswer-Answer: A
Because the lender doesn't have a 2 year product no other option can be
correct.
The correct answer is: This Lender does not offer this requested product
Your client wishes to obtain a mortgage in the amount of $250,500. Given
this Lender's program and assuming that your client meets all of the other
Lender's guidelines, what statement would best reflect this scenario?
Select one:
a. Your client must pay a Lender's fee of $5,000 from his own funds on
closing
,b. Your client must pay a Lender's fee of $5,010 from his own funds on
closing
c. Your client must pay a Lender's fee which may be included in the mortgage
d. Your client need not pay a Lender's fee if his Beacon Score is over 650 -
aNswer-Answer: C
Although the amount of the Lender's fee in b is correct, while a is not, the
client does not have to
pay it from his own funds on closing.
D is incorrect because all Borrowers must pay this Lender's fee.
The correct answer is: Your client must pay a Lender's fee which may be
included in the mortgage
Your client would like to refinance his home by increasing his current
mortgage to $285,700. Since his home is appraised at $336,000 and his
Beacon Score is 632, he would qualify for:
Select one:
a. A rate of 7.5% because of the loan to value and Beacon Score
b. A rate of 7.3% because of the loan to value and Beacon Score
c. A rate of 7.2% because of the loan to value and Beacon Score
d. It depends, since you do not know if this is Stated or Full Doc - aNswer-
Answer: A
A is correct because 285,700/336,000 = 85.03% LTV and coupled with a
Beacon Score of 632
equals a rate of 7.5%.
The correct answer is: A rate of 7.5% because of the loan to value and
Beacon Score
, Your client has come to you requesting a mortgage in the amount of
$157,500 and is providing you with an appraisal that is acceptable to your
Lender showing an appraised value of $350,000. Given this case study, which
one of the following statements is most correct?
Select one:
a. You must find another Lender as this Lender has a minimum LTV of 60%
b. You must contact the Lender to determine the rate as the chart has a
minimum LTV
of 60%
c. The rate will be based on whether this is a Full Doc or Stated Doc
application
d. The rate will be based on your client's current Beacon Score - aNswer-
Answer: D
A and b are incorrect as the chart does not reflect a minimum LTV, but
reflects the rate for
mortgages with an LTV up to 60%. C is incorrect since if you review both
sets of rates they are
identical regardless of whether it is Full Doc or Stated Doc.
The correct answer is: The rate will be based on your client's current Beacon
Score
Brad and Angelina are applying for a mortgage with you, their local Mortgage
Agent, to purchase a new home. After reviewing their application you have
decided that they do not qualify for an institutional lender and therefore you
are going to submit their application to a private lender. In submitting this
application to the private lender using the proper disclosure, which one of
the following statements best accurately reflects information that must be
disclosed to the investor?
Select one:
