What must a borrower do to avoid having late payments reported to a credit bureau? - Pay within
30 days of due date
Max penalty if a borrower is required to use a specific title company or settlement agent? - 3 times
the fee
What should not be over-weighted in an analysis of borrower repayment ...
NMLS MLO Exam with Complete Solutions | A+ Grade What must a borrower do to avoid having late payments reported to a credit bureau? - ✔✔Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - ✔✔3 times the fee What should not be over -weighted in an analysis of borrower repayment capacity? - ✔✔Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - ✔✔3% What must condominium associations do with respect to property insuran ce? - ✔✔Keep a "blanket" policy that protects the entire structure If a lender is planning on referring a borrower to a title company that the lender has ownership in, when must the AFBA must be provided to the borrower? - ✔✔Before the referral to the tit le company is made Website to obtain copy of your credit report that the credit bureaus are required to provide once per year at no charge - ✔✔annualcreditreport.com 2/3/6 caps - ✔✔ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and lifetime cap of 6% What does FHLB stand for and what do they provide? - ✔✔Federal Home Loan Bank, and they provide advances to financial institutions for resident ial mortgage loans According to the Dodd -Frank Act, how much risk must be retained by the securitizer for a loan that does not meet QRM guidelines? - ✔✔5% On a purchase transaction, what document contains the purchase price for a property? - ✔✔Sales Cont ract After a loan has been closed and funded, the creditor notices a tolerance violation with a fee between the LE and CD. How long does the creditor have to reimburse the borrower for the overcharge before being considered in violation of the TRID rule? - ✔✔60 days after closing According to the Dodd -Frank Act, how much risk must be retained by the securitizer for a loan that does not meet QRM guidelines? - ✔✔5% Overt Discrimination - ✔✔Refusing service to anyone of a certain race, ethnicity, etc. Unde r ECOA can you ask how many children a borrower has? - ✔✔No What document specifies that a property is being used as security in the event of nonpayment of a debt? - ✔✔Mortgage On the LE, which piece of data tells applicants how much they will be paying in interest over the life of the loan as a percentage of the loan? - ✔✔TIP (Total Interest Percentage) COFI comes from what region in the country? - ✔✔The 11th Federal Home Loan Bank (Arizona, California, and Nevada) What disclosure is required to be pro vided to the applicant within 3 days of application under reg x? - ✔✔Mortgage Loan Servicing Disclosure Verification of cash used in a closing is documented by: - ✔✔last 2 -3 months bank statements The finance charge is the total cost of: - ✔✔the loan in dollars, including points and mortgage insurance What IRS forms would you requrest from a borrower who is 40% shareholder in a C -Corporation? - ✔✔Form 1120 Impersonating someone else in an attempt to obtain their personal financial information is called: - ✔✔Pretexting What type of funding occurs when a lender obtains funds from a line of credit at a commercial bank? - ✔✔Warehouse funding Late fee for FHA and VA loans - ✔✔4%
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
