Loan origination exam 1 Study guides, Class notes & Summaries

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

PreLicensing Final Exam| Q & A, 100% verified| 2024 PreLicensing Final Exam| Q & A, 100% verified| 2024 A broker advertises his listing as waterfront. The property has a great view of the lake, but there is another lot located b/w the listed property & the lakeshore. The listing agent may be guilty of Willful B. Misrepresentation A broker engaging in property management is generally tasked by the property owner with C. Reinvesting profits to build the owner's investment portfolio...

Aceable Agent - Principles of Real Estate II Exam Notes 2023/2024 TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - ANSWER-Formulas to calculate commission? PRINCIPAL - ANSWER-What is the term that describes the money that is lent? CASH TO CLOSE - ANSWER-Down payment minus earnest money? TOTAL SALES PRICE - ANSWER-Loan payment + loan principal? ORIGINATION POINTS - ANSWER-Loan points/fees charged 1% to compensate loan officers for underwriting and admi...

WRA Final Exam Questions with Verified Solutions The buyer, in an effort to meet the terms of the Financing Contingency found in the WB-11 Residential Offer to Purchase, delivers a notice to the seller indicating that the buyer is ready to proceed to closing. Has the buyer waived the Financing Commitment Contingency? A:No, because the buyer does not have a check from the bank. B:Yes, because the financing contingency has been removed. C:No, because the buyer did not deliver a loan commitment...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

Champions Real Estate Finance Practice Exam || Questions & Answers (100% Verified) Champions Real Estate Finance Practice Exam || Questions & Answers (100% Verified) A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination - ANSWER - Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 months 1 year 2 years - AN...

PreLicensing Final Exam (LATEST UPDATE) Questions and Answers Graded A+. A broker advertises his listing as waterfront. The property has a great view of the lake, but there is another lot located b/w the listed property & the lakeshore. The listing agent may be guilty of Willful B. Misrepresentation A broker engaging in property management is generally tasked by the property owner with C. Reinvesting profits to build the owner's investment portfolio A broker is aware the public road in f...

Champions Real Estate Finance Exam Questions and Answers 2024 The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price ANS-B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * ANS-A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of ...

The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers 1. Which of the following is NOT a loan origination activity? - answerC. Assisting in a loan modification 2. A unilateral contract is binding on: - answerA. One party 3. Loan originator organizations must keep compensation records for how many years? - answerC. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - answerB....

Aceable Agent - Principles of Real Estate II Exam Prep Actual Questions Correctly Answered | Verified Update TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - ANSWER Formulas to calculate commission? PRINCIPAL - ANSWER What is the term that describes the money that is lent? CASH TO CLOSE - ANSWER Down payment minus earnest money? TOTAL SALES PRICE - ANSWER Loan payment + loan principal? ORIGINATION POINTS - ANSWER Loan points/fees charged 1% to co...