Front End Ratio Formula (Mortgage to income/Housing expense ratio) correct answersMonthly PITI/ gross monthly income
Federal Housing Finance Authority correct answersEnsures GSEs have adequate practices and capital to engage in mortgage business.
LTV Formula correct answersLoan amount/value o...
NMLS Texas Exam
Front End Ratio Formula (Mortgage to income/Housing expense ratio) correct answersMonthly PITI/ gross monthly income
Federal Housing Finance Authority correct answersEnsures GSEs have adequate practices and capital to engage in mortgage business.
LTV Formula correct answersLoan amount/value of property
LTV % required to avoid PMI correct answersLess than 80%
A VA loan called IRRRL stands for correct answersInterest rate reduction refinance loan
Underwriters Review of capital deals with correct answersThe house itself (flood zone verification, appraisal, sales contract) Not things like bank statements
RESPA stands for what? correct answersReal Estate Settlement Procedures Act
Section 8 or RESPA deals with... correct answersCompensation
Appraisal Standards correct answersThe generally agreed upon practices for professional appraisers. (USPAP)
Require upfront MIL, 15 & 30 yr terms, 3.5% borrower investment correct answersFHA fixed rate loan
Gramm-Leach-Bliley Act correct answersprotects a borrower's privacy front-end ratio correct answersthe ratio of monthly housing expenses to monthly gross income.
HPA means correct answersHomeowners Protection Act - borrowers with lender paid PMI not protected by HPA
FHA loans protect correct answersLenders from foreclosure
Telemarketing Sales Rule correct answersProtects consumers from abusive telemarketers who try to sell you products by telephone, including mortgage professionals when they ask not to be contacted.
Businesses must check Do Not Call Registry every... correct answers31 days
Section 32 of Reg Z correct answersConsumer protections triggered by high-cost loan scenarios
Appraisal Approaches correct answersSales comparison (Market), Cost & Income
Laws related to confidentiality of financial information.... correct answersGLB safeguards & FTC Disposal Rule
A conforming loan is defined as one correct answersfor an amount that meets Federal National Mortgage Association (FNMA) standards and Fannie Mae/Freddie MAC guidelines
Common type of reverse mortgage correct answersHome Equity Conversion Mortgage
Bank fraud penalties include correct answers$1 million or 30 years
regulation B deals with correct answersECOA
How much can be charged for closing disclosure? correct answers$0
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