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Exam (elaborations)

SAFE Mortgage Loan Originator Test (ANSWERED)
 0 purchase
  • Course
  • SAFE Mortgage Loan Originator
  • Institution
  • SAFE Mortgage Loan Originator

Prequalification - Correct Answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - Correct Answer 29/41 FHA ratio - Correct Answer 31/43 Asset based loan - Correct Answer -loans based on borrowers equit...

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Document information

  • August 8, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • usda ratio 2941
  • fha ratio 3143
  • safe mortgage loan originator
  • asset based loan loans based on borrowers equity
  • high cost loan reg z sec 102632 apr will exce
  • respa section 8 nothing of value for r

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  • SAFE Mortgage Loan Originator
  • SAFE Mortgage Loan Originator

Seller

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Victoria108

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Content preview

SAFE Mortgage Loan Originator Test (ANSWERED)
Prequalification - Correct Answer an estimate of the loan amt. for which the buyer can qualify based on
his income/credit under the lenders standards



USDA ratio - Correct Answer 29/41



FHA ratio - Correct Answer 31/43



Asset based loan - Correct Answer -loans based on borrowers equity

-bad when lenders fail to consider ability to repay



High Cost Loan - Correct Answer Reg Z - Sec. 1026.32

-APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate

-APOR - average prime offer rate

1. 5%

2. 6.5%

3. 8.5%



RESPA - Section 8 - Correct Answer Nothing of value for referrals - No kickbacks



Respa - Esign Act - Correct Answer can use electronic signature with permission of borrower



Gramm Leach Bliley - Correct Answer -borrower notification must state who company shares info with

-consumers can opt-out of info sharing (send notice to consumer)

-Protects from phishing

-Safeguard Rules



Safeguard Rules - Correct Answer -company and staff need to protect the consumers identity

, -lock up files

-part of GLB act



second mortgage - Correct Answer -All money upfront

-no escrow as long as first mortgage is paying it



Subordination Clause - Correct Answer A contract clause that puts a mortgage in the first lien position
over an earlier recorded mortgage



Denial Of License - Correct Answer -any non-financial felony in the past 7 years

-financial felony ever

-financial misdemeanor (state decides)

-License has been revoked in another state

-default on a federal student loan



Income - Correct Answer -Need to years history and 3 more years expected income

-do not include sporadic overtime and bonuses

-likelihood of continued income



TILA - Respa Integrated Disclosure - Correct Answer -TRID

-LE must be disclosed within 3 business days

-cannot require documentation from borrower without "intent to proceed"

-Appraisal is considered 0% tolerance



Do Not Call - Correct Answer -$16,000 fine

-Area code report cant be over 30 days old

-allowed to call closed, declined and cancelled loans 18 months after the fact

-can call 90 days after inquiry or pre-qual

-someone says do not call - cant call, email, fax anything

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