Dti total debt to income - Study guides, Class notes & Summaries

Addison didn't make an on-site inspection of the timeshare project prior to signing the contract. She's now signed the contract but a little voice inside her head is telling her to get out while the getting is good. In Tennessee, how many days does Addison have to cancel the contract? 15 days Which of the following statements about brokerage firms that have received an escrow account waiver is true? If a firm does accept funds, it must open an escrow account within one day and deposit...

NMLS 2024 Exam Questions with Correct A What law deals with credit, APR & advertising of consumer loans? - Answer- TILA/REGULATION Z Which regulation prohibits kickbacks? - Answer-RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which Law? - Answer-RESPA RESPA is the acronym used to describe which law...

National and UST Mortgage Practice Exam 1 questions with correct answers Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? - The answer is RESPA. The purpose of RESPA and Regulation X is to help consumers become better shoppers for settlement (closing) services by providing them with information on the nature and costs of the settlement process. RESPA and Regulation X are also intended to eliminate...

Qualified and Non-qualified Mortgage Programs - ANSWER-The Qualified Mortgage (QM) is a section of TILA that went into effect in 2014. It was mandated by the Dodd-Frank Wall Street Reform Act of 2010 and enforced by the CFPB. The QM Rule works hand in hand with the Ability to Repay Rule (ATR). The QM requirements generally focus on prohibiting certain risky features and practices such as negative amortization and interest-only periods and loan terms longer than 30 years. Features of a qual...

Loan Inquiry and Application Process Requirements - ANSWER-Getting pre-qualified is often the first step of someone looking to purchase a new home. It is where the borrower supplies the lender with their overall financial picture, including debt, income, and assets. The lender evaluates the information and lets the borrower know for how much they would likely qualify. An initial evaluation of the credit worthiness of a potential borrower that is used to determine the estimated amount that the pe...

Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? FCRA HPA HOEPA RESPA RESPA Which of the following best describes a loan with a principal balance exceeding Fannie Mae or Freddie Mac guidelines? Subprime Jumbo Illegal Balloon Jumbo A borrower receives $1,000 per month in rental income. How much of the income may be used to qualify the borrower for a loan? $1,000 $800 $750 $1,250...

National and UST Mortgage Practice Exam 1 questions with correct answers Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? - The answer is RESPA. The purpose of RESPA and Regulation X is to help consumers become better shoppers for settlement (closing) services by providing them with information on the nature and costs of the settlement process. RESPA and Regulation X are also intended to elimin...

NMLS Laws and Regulations Latest Updated 2022 Rated A Document Content and Description Below NMLS Laws and Regulations Latest Updated 2022 Rated A CFPB Consumer Financial Protection Bureau What does the CFPB do? Regulates RESPA, TILA, ECOA, and HMDA FTC Federal Trade Com mission What does the FTC do? Monitors Red Flag Rules RESPA Real Estate Settlement Procedures Act What does RESPA do? •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates bor...

CE SHOP REAL ESTATE PRINCIPLES PRACTICE TEST Questions And Correct Answers Julie has received notice that the house she is renting was sold in foreclosure. She has a month- to-month lease, so how long does she have until her lease may be terminated? - answer90 days Amy acts like a salesperson and is supervised by a broker, but she holds her broker's license. What is her job title? - answerAssociate broker Which one of the following statements about investors and tax depreciation is true...

Blockbusting causes: A Trust busting B Panic peddling C Blind advertising D Redlining - Answer B. Panic Peddling Blockbusting causes panic peddling (also known as panic selling), where homeowners quickly sell their homes for fear of a drop in home values due to the entry of a protected class into their neighborhood. Which of the following advertisements would violate fair housing law? A Private outdoor space B No elevator access C Walk-in closet D Easy access to the highway - An...