TX RMLO QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!
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Module
RMLO
Institution
RMLO
TX RMLO QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!
A homeowner is taking out a home improvement loan to finance a room addition to his or her homestead. Which of the following is true regarding when the construction contract must be signed?
It must be signed no sooner than 5 da...
TX RMLO QUESTIONS AND ANSWERS A+
GRADED. Buy Quality Materials!
A homeowner is taking out a home improvement loan to finance a room addition
to his or her homestead. Which of the following is true regarding when the
construction contract must be signed?
It must be signed no sooner than 5 days after making the application for the loan.
Under the TX Homestead Law, the construction contract for a home improvement
loan be be signed at any of the following EXCEPT
The office of the contractor
A home equity loan secured by a Texas homestead cannot close until at least _
days after receipt of the special disclosure form.
12
A person who is employed by a mortgage licensee to perform "clerical or
support" duties only could engage in each of the following activities EXCEPT:
Counseling the applicant about whether to apply for a fixed rate or variable rate loan
A home equity loan against a TX homestead cannot close until at least _ after
receipt of an itemized disclosure of the actual fees, points, interest, costs, and
charges that will be charged at closing.
1 business day
A home equity loan secured by a TX homestead may include which of the
following loan characteristics.
Neither negative amortization nor prepayment penalty
A home equity loan secured by a TX Homestead may charge
Either fixed or adjustable interest rates
Which of the following payment schedules would be permissible for a home
equity loan against a TX homestead
Either monthly or bi weekly payments
Fred has obtained a home equity loan on his TX Homestead. If the total secured
debt was 90% of the value of the property, what might the lender incur for the
violation?
It would have to forfeit the principal and interest of 10% of the value of the property
Which of the following practices would be permissible for a home equity loan
secured by a TX homestead?
The borrower may not be required to assign wages as security for the loan and may not
be required to sign a confession off judgement
A loan secured by a voluntary lien on a homestead may only be created under a
written contract with the consent of:
All owners and all owners spouses
In a home equity line of credit against a TX homestead, the minimum advance
under the line of credit is:
4,000
, The owner of a TX homestead that has not outstanding mortgage debt took out a
home equity line of credit (HELOC)/. No advance against that HELOC would be
permitted that brought the loan balance above:
80% of the fair market value at the time of the establishment of the HELOC
A borrower on home equity loan discovers a violation of the TX law regarding
home equity loans secured by a TX homestead. The borrower provides the lender
with proof of the violation. The lender would be required to forfeit the principal
and interest on the loan:
If the lender fails to take corrective action within 60 days
Which statement is most accurate regarding the age requitment for a HECM loan?
The youngest borrower must be at least 62 years old
The origination fee on a HECM loan will be no more than:
$6,000
What is the maximum loan amount for a HECM loan?
$625,000 or the appraised value of the property, whichever is lower
The outstanding loan balance of a reverse mortgage must be repaid in each of the
following cases, EXCEPT:
* The specified term of the term payment option expires * , The home is sold, The
borrowers default on the loan, All of the borrowers move out of the home for a period of
more than 12 consecutive months.
How does Tx law regarding the minimum age for obtaining a reverse mortgage
compare to the rules for HCEM loans?
The are the same
For a property to be eligable for a HCEM loan, the property must be an owner-
occupied property of:
Up to 4 living units
The HECM loan program is:
An FHA program that insures reverse mortgage loans
What is the primary difference between a tenure option payout and a term payout
and a term option payout on a reverse mortgage?
The tenure option will make payments for the life of the borrower (s), the term option will
make payments for a fixed period of time.
An elderly couple have been in their home for many years. The principal balance
of the existing mortgage has been reduced to $10,000. In order for this couple to
obtain a reverse mortgage loan:
The existing mortgage loan must be repaid, either from the proceeds of the reverse
mortgage or from other sources.
An examiner who is employed by the TX SML to conduct examinations of
licensed firms would deal primarlily with which person in the licensed firm?
The Qualifying Individual
If a firm has 75 Residential Mtg Loan Originators, an SML examination of the firm
will involve at least how many mortgage files?
75
The Mtg Transaction Log must contain the name and contact information of:
Both the mtg applicant (s) and the entity which initially funded the acquired loan
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