RMLO QUIZ 3 QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!
Which government agency backs FHA loans?
United States Department of Housing and Urban Development
As defined under TRID, charges for third party services and recording fees paid by or imposed on the consumer are grouped tog...
Which government agency backs FHA loans?
United States Department of Housing and Urban Development
As defined under TRID, charges for third party services and recording fees paid
by or imposed on the consumer are grouped together and subject to a 10%
cumulative tolerence. Which of the following charges is subject to the 10%
cumulative tolerance?
Charges for third party service where the charge is not paid to the creditor or the
creditors affliate
What law gives a consumer who has had their credit card used by an identity theif
the ability to place a freeze on their credit report?
FACTA
A mortgage servicing disclosure statement is required by what law?
RESPA
What percentage is the fee threshold that triggers HOEPA disclosures for loans
belowe $24,866?
8%
Which of the following loans would be considered a "higher priced mortgage
loan" as defined by Regulation Z?
A conforming loan with lender fees that exceed 5 percent of the total loan amount?
RESPA section 6 requires creditors or loan servicers provide the borrower written
information about any avaiable loss mtigation options within how many days of
delinquency?
45 days
To be a qualified mortgage the creditor must meet which of the following criteria?
Monthly payment calculated based on the highest expected payment in the first five
years
The regulations implementing the truth in lending act are known as
Regulation Z
What is the insurance policy by a lender, bank or loan servicer on a home when
the property owner's own insurance is canceled, has lapsed, or is deedmed
insufficient, and the borrower does not secure a replacement?
Force placed insurance
The portion of an adjustable rate mortgage used to compute the interest rate can
change and is based on the T Bill SOFR, or any factor outlined in the note is
known as the
index
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 SUPERGRADES01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.69. You're not tied to anything after your purchase.
