Mortgage loan origination - Study guides, Class notes & Summaries

Which of the following would create legally binding acceptance of a written offer? -The seller's agent emails the buyer's agent that the seller signed the offer as written. A broker is preparing a comparative market analysis (CMA) for a subject property with 3200 square feet. A comparable property has 2750 square feet. The estimated value of 450 additional square feet is $22,500. The broker should... -Add $22,500 to the sales price of the comparable property. An option to purchase has bee...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content

SAFE Mortgage Loan Originator Test - National Component UPDATED Exam Questions and CORRECT Answers What does UST stand for? - Correct Answer- Uniform State Test Who does the CFPB protect? - Correct Answer- The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - Correct Answer- CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are s...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for,...

1. Which of the following is NOT a loan origination activity? - C. Assisting in a loan modification 2. A unilateral contract is binding on: - A. One party 3. Loan originator organizations must keep compensation records for how many years? - C. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - B. Three months 5. How many years must loan originator applicants wait after a felony fraud conviction, in order to qualify for a license? - ...

REE 4202- Exam 2 Sirmans Qs&As Borrower Qualifications include: - ANS-1. determining maximum loan amount 2. estimating settlement requirements and costs 3. analyzing credit history 4. calculating effective income 5. estimating monthly housing expense 6. assessing ability to repay mortgages and other liabilities in a timely fashion Credit Scoring - ANS--used to assess the creditworthiness of a borrower -best known company FICO (Fair Isaac and Company) -cutoff score for Frannie and Fr...

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 - ANSWER-B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - ANSWER-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 (b) The prior VA loan was assumed by an eligible ...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions and Answers

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - Answer- Closing The primary determinants of real estate values are supply and _____. - Answer- Demand _____ is something of value that can be pledged as security for repayment of a loan. - Answer- Collateral Servicing includes which of the following activities? - Answer- Maintaining records of payment The monet...