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RMLO - Champions School Of Real Estate (Reviews And Quizzes): Questions & Verified Solutions
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RMLO - Champions School Of Real Estate (Reviews And Quizzes): Questions & Verified Solutions
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RMLO - Champions School Of Real Estate (Reviews AndQuizzes): Questions & Verified Solutions
A market for the purchase and sale of existing mortgages designed to provide
greater liquidity for selling mortgages is called the ________. Right Ans -
secondary market
The Federal agency established to restore Fannie Mae and Freddie Mac to a
sound and solvent financial condition is _____. Right Ans - Federal Housing
Finance Agency (FHFA)
The ____ guarantee allows mortgage lenders to obtain a better price for their
loan in the capital markets. Right Ans - Gov't. National Mortgage
Association - Ginnie Mae
The federally chartered corporation was established in 1970 for the purpose
of purchasing mortgages in the secondary market is known as ______. Right
Ans - Federal Home Loan Mortgage Corporation - Freddie Mac
The line of credit used by a mortgage lender to close and fund a loan before
selling it in the secondary market is called a ____. Right Ans - warehouse
line
Today the _____ specializes as the intermediary between the borrower and the
lender. Right Ans - mortgage broker
A _____ is a mortgage that is NOT guaranteed or insured by any government
agency. Right Ans - conventional loan
A ____ seeks to originate numerous loan transactions and then sell these
mortgages to large investors. Right Ans - mortgage banker
The Good Faith Estimate disclosure form is used primarily for _____
transactions. Right Ans - reverse mortgage
The disclosures related to the transfer of ______ are required for first mortgage
liens of federally related mortgage loans, including all financing transactions
of such loans. Right Ans - mortgage servicing
, _____ sets limits on the amounts that a lender may require a borrower to put
into an escrow account for purposes of paying taxes, hazard insurance and
other charges related to the property. Right Ans - RESPA Section 10
Payments in excess of the reasonable value of goods provided or services
rendered are considered _____. Right Ans - kickbacks
If a lender has either an affiliate relationship or a direct ownership interest of
more than one percent in a provider of settlement services and they directly
refer business to the provider, it is per Reg X a _____. Right Ans - affiliated
business arrangement (ABA)
Reg X requires the ______ must be provided at settlement, or within 45
calendar days of settlement. Right Ans - initial escrow settlement
statement
The ____ is the cost of a borrower's credit calculated as an annual rate Right
Ans - APR
Reg Z requires an HPML creditor to obtain a second written ____ based on an
interior inspection of the property, at no cost to the borrower, in connection
with certain flipped properties. Right Ans - appraisal
Rescission business days are defined by Reg Z to include all calendar days
EXCEPT _____. Right Ans - Sundays and federal holidays
Reg Z provides a presumption of compliance with the ability-to-repay
requirement for creditors making ______. Right Ans - Qualified Mortgages
TILA requires mortgage loan originators to make certain material disclosures
on loans subject to the RESPA within _____ after receipt of a written
application. Right Ans - 3 business days
Section 32 loans are also known as ______ loans. Right Ans - high-cost
The Truth in Lending Act's advertising provisions require that if an
advertisement contains a _______, then it must also include a number of
prescribed disclosures. Right Ans - triggering term
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