Which loan will never have mortgage insurance?

According to the record retention rules for RESPA, which of the following statements is correct?

The illicit practice of an MLO collecting dual compensation is an abuse that coincides with which of the following terms?

A couple is purchasing a home that has a price of $215,000 and the appraised value is $200,000. They will take out a 1st mortgage in the amount of $150,000 and $50,000 for their 2nd mortgage. What is their LTV?

“A clause in a mortgage that states that if a mortgagor sells, transfers, or in any way encumbrances the property then the mortgagee has the right to implement a clause making the balance of the obligation due.” Which of the following terms is correct based on the following definition?

A borrower wants to buy an investment property. He has a credit score of 700 and is a veteran. He is also looking to put as little down as possible. What type of loan should he use?

Redlining is a violation of both:

Sam the shoemaker has been in his profession for 15 years. Being that his work hours are based on the amount of business and not a set schedule, he averages 37.5 hours per week. His boss has agreed that after he hits 40 hours, he will receive a 15% overtime differential. Since business has been slower for the past few years, he has fallen short of the overtime bonus and has remained at $15.00 per hour. What is his average gross monthly income we could use to qualify him for a mortgage?

The minimum down payment for FHA loans is 3.50% of the lesser of which?

Which of the following BEST describes an immediate family member?

When David the loan originator begins working on Harold’s loan application, he asks Harold for all of his long term debt. This allows David to use all of this information and also include the proposed PITI payment in order to calculate Harold’s what

Donald contacts Mega Mortgage, a non-depository lender, regarding a refinance of the property he has lived in for the past 7 years. During the application process, Donald informs the mortgage loan originator that he is not a borrower or co-signer on the current mortgage, but that he has been making the payments on the mortgage for the past 7 years on behalf of his elderly mother and wishes to be added to the new loan and also to the title. When the MLO requests to speak with Donald’s mother, Donald mentions that his mother is not physically or mentally capable of participating in the refinance. What should the MLO do?

Which initial disclosure does RESPA require the mortgage broker to provide to the borrower within 3 business days after the completed loan application, if mailed?

Which federal law requires the mortgage broker to provide the borrower with a disclosure statement showing the total cost of the loan, including finance charges and the APR?

Which of the following BEST describes a lender rebate?

Which imposes restrictions on lenders regarding the use of nonpublic personal information?

The Consumer Credit Protection Act produced which act?

“A sum of money given to bind the sale of real estate.” Which of the following terms best represents the preceding definition?

HMDA was passed in Congress in response to a public concern over what?

Which of the following would result in a violation of the CFPB’s Regulation X?

What is the best way to describe an individual who acts completely as a volunteer when negotiating mortgage loan terms?

Which of the following is true regarding USDA loans?

The Total Interest Percentage (TIP) is found on what two disclosures?

“The required element of all contracts by which a legal right or promise is exchanged for the act or promise of another person.” Which of the following terms is correct based on the preceding definition?

“A limit on the amount a payment can be changed at the end of each payment adjustment period. It can be a percentage of the previous payment, a fixed dollar amount, or a specified change in the interest rate of which the payment was calculated. It does not have to be the same as an interest rate cap.” Which of the following terms best represents the preceding definition?

What would the CLTV be for a transaction where the purchase price of the home is $165,000 and the appraised value is $154,000. The buyer is applying for a 1st mortgage in the amount of $123,200 and the seller is providing a seller carryback loan in the amount of $15,400.

Jay’s house is worth $240,000. The only mortgage on his home is a HELOC with a credit limit of $50,000. He earns $4,800 per month. His credit card debt is $1,947 with a payment of $66 per month. The monthly payment on his HELOC is $164 and its balance is $24,000. What is Jay’s TLTV?

A borrower is purchasing a home using a Conventional Conforming loan. The purchase price is $200,000, and they are putting 20% down. The seller is contributing $12,000 in Seller’s Concessions. How much will the down payment be in dollar form?

Nate makes $2,300 bi-weekly. He is applying for a Conventional Conforming loan, because he’s looking to buy an investment property. His PITI payment will be $1200. He has a car payment of $502, and Visa Payment of $356, and a Discover Card payment of $57. Given this information, which of the following statements is true?

Sarah agrees to purchase a property for $210,000. It appraised for $207,000, and she is a getting an FHA Loan. What is the minimum amount of cash she will need to bring to the closing table if the seller was not willing to adjust the purchase price to match the appraised value?