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

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National and UST Mortgage Practice Exam 5 - Wrong answers only|2023 LATEST UPDATE|GUARANTEED SUCCESS
  • National and UST Mortgage Practice Exam 5 - Wrong answers only|2023 LATEST UPDATE|GUARANTEED SUCCESS

  • Exam (elaborations) • 9 pages • 2023
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  • Which of the following inquiries is considered lawful when asked for the purposes of credit approval as governed by ECOA? A. Years on the job B. Race C. Marital status D. Age The answer is: A. years on the job. ECOA protects against discrimination in credit transactions. Asking how many years someone has been at their job is not considered discriminatory. It is a gauge of income stability. The first step in the closing process is: A. Rescission B. Funding C. Application D. Steeri...
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SAFE MLO NMLS License Test Graded A+
  • SAFE MLO NMLS License Test Graded A+

  • Exam (elaborations) • 22 pages • 2022
  • Available in package deal
  • Abstract of title (Title Report) - ANSWER-A written history of all the transactions related to the title for a specific tract of land. This will include a history of all liens, judgements, easements and covenants on the property Abusive - ANSWER-Under the Dodd-Frank Act, this is act of a Loan Originator taking advantage of the borrower's lack of knowledge in the mortgage process. Accrued Interest - ANSWER-This is the interest that is charged over the course of the payment period. Addit...
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NMLs study guide (fall 2021-2023) Graded A+
  • NMLs study guide (fall 2021-2023) Graded A+

  • Exam (elaborations) • 23 pages • 2022
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  • Dodd-Frank Act what does it do? - ANSWER Wall street reform act which implements MLO compensations and Safe ACT. created after recession Dodd-Frank Act created when? - ANSWER created 2010 SAFE Act - ANSWER Secure and Fair Enforcement for Mortgage Licensing Act SAFE Act - ANSWER Created to set minimum standards for the education licensing and testing of mortgage loan originators. such as NMLS NMLS - ANSWER Nationwide Mortgage Licensing System and Registry SAFE Act - ANSWER Requires...
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NMLS SAFE Test Questions with 100% correct Answers
  • NMLS SAFE Test Questions with 100% correct Answers

  • Exam (elaborations) • 11 pages • 2022
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  • CFPB - ANSWER-Consumer Financial Protection Bureau: Part of the Dodd-Frank Act passed in 2010. It is focused on one goal: watching out for American consumers in the market for consumer financial products and services. This includes ensuring that consumers get the information they need to make the financial decisions they believe are best for themselves and their families by making sure prices are clear upfront, risks are visible, and that nothing is concealed in fine print. Responsibilities: -...
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SAFE MLO Test National Content Outline Exam Questions and Answers
  • SAFE MLO Test National Content Outline Exam Questions and Answers

  • Exam (elaborations) • 6 pages • 2022
  • RESPA was enacted in 1974 for what purposes? - ANSWER-Allow consumers to obtain information on the costs of closing so that they can shop for settlement services Protect consumers from excessive settlement costs and unearned fees RESPA's current regulations serve to: - ANSWER-Protect consumers from excessive settlement costs Limit the amount of funds that creditors can require consumers to deposit into escrow accounts Establish disclosures, policies, and procedures to facilitate timely co...
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NMLS Test Prep Latest Updated with Complete Solution
  • NMLS Test Prep Latest Updated with Complete Solution

  • Exam (elaborations) • 25 pages • 2022
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  • Reg B - ANSWER ECOA Reg C - ANSWER HMDA Reg G - ANSWER SAFE - registered Reg H - ANSWER SAFE - licensed Reg N - ANSWER MAP Rule Reg P - ANSWER GLB Act Reg V - ANSWER FCRA Reg X - ANSWER RESPA Reg Z - ANSWER TILA LE - ANSWER Requires business days to include all days open Does count for business days for CD include Saturdays? - ANSWER No - requires business days to include all but Sun/Holidays Elements of a Completed Application - ANSWER Name Address Subject pro...
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ACRONYMS for NMLS SAFE EXAM
  • ACRONYMS for NMLS SAFE EXAM

  • Exam (elaborations) • 7 pages • 2022
  • ARM - Answer - A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. APR - Answer - The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, ...
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PSI NATIONAL REAL ESTATE EXAM 2024 NEW VERSION UPDATE 2024-2025 BEST LATEST STUDYING MATERIAL WITH VERIFIED ANSWERS
  • PSI NATIONAL REAL ESTATE EXAM 2024 NEW VERSION UPDATE 2024-2025 BEST LATEST STUDYING MATERIAL WITH VERIFIED ANSWERS

  • Exam (elaborations) • 92 pages • 2024
  • Phoebe's gross monthly income is $4,200, and she has $360 in monthly non-housing debt payments. The lender's qualifying ratios are 28% for the housing ratio and 36% for the total DTI ratio. What's the maximum housing payment she can afford? -$1,075 -$1,152 -$1,176 -$1,512 $1,176 **The maximum house payment is the lesser of the amounts calculated using both ratios. DTI: $4,200 x .36 = $1,512. $1,512 - $360 = $1,152. Housing ratio: $4,200 x .28 = $1,176. Phoebe's maximum payment is $1,15...
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MA Real Estate Practice Exam Questions And Answers 2022
  • MA Real Estate Practice Exam Questions And Answers 2022

  • Exam (elaborations) • 69 pages • 2022
  • Blockbusting causes: A Trust busting B Panic peddling C Blind advertising D Redlining 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 C Walk-i...
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HUD Housing Counseling Questions and Answers Solved 100%
  • HUD Housing Counseling Questions and Answers Solved 100%

  • Exam (elaborations) • 42 pages • 2023
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  • Rental Obstacle + Solutions: Low Income - ANSWER--Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - ANSWER-Prioritize "needs over "wants" -reduce or eliminate "wants" -cancel or downgrade services(e.g. cable, telephone) -limit miscellaneous spending - stick to a shopping list - pay off a loan or credi...
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