3 - UST Practice Exam + UST Text +
Practice Exam From 2/16 Questions And
Answers With Verified Solutions Already
Passed!!!
What is the booklet received for HELOCS? - ANSWER✔✔ What you should
know about Home Equity LINESSSS of Credit
What regulation is FCRA? - ANSWER✔✔ V
For FHA loans the annual MIP will differ on whether the term of the loan is
greater than or less than ______ - ANSWER✔✔ 15 years
What are prepaid finance charges? - ANSWER✔✔ Any finance charge paid
separately before or at consummation or withheld from the proceeds of the loan at
any time.
Applicants for an FHA must meet a back end ratio of - ANSWER✔✔ 43%
if a borrower waives the right to receive a copy of an appraisal then -
ANSWER✔✔ they must receive a copy at or before consumation.
What is the form number for the Uniform Residential Appraisal Report? -
ANSWER✔✔ 1004
When is a VA funding fee refundable? - ANSWER✔✔ VA funding fees are
refundable if the borrower is overcharged.
, What percentage of rental income can be used to qualify a borrower for a loan? -
ANSWER✔✔ 75%
How may a prospective borrower indicate their intent to proceed? - ANSWER✔✔
In a number of ways
orally
Telephone
email
silence cannot be used as intent to proceed
Which regulation requires the delivery of the CHARM booklet? - ANSWER✔✔
tila Regulation z
What are the two methods the VA uses to qualify their borrowers? - ANSWER✔✔
41% debt to income
Residual Income Method, this determines whether the veteran has enough income
after paying fixed debts to cover daily living expenses.
What is FHA MIP based on? - ANSWER✔✔ Program, term, and LTV
What are settlement services? - ANSWER✔✔ varierty of services related to
origination, processing and funding of loan.
When is the UFMIP refundable? - ANSWER✔✔ When a portion may be applied
to the UFMIP of another FHA insured mortgage within 3 years
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