Mortgage loan originator EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) A _____ is a loan with an interest rate that can adjust monthly and also offers a borrower a number of payment choices such as 30 or 15 year P&i, interest only if 1% minimum payment which may result in negative amortization. - Correct Answers ✅Option-ARM A _____ is a loan with an interest rate that can adjust monthly and also offers a borrower a number of payment choices such as 30 or 15 year P&i, interest only if 1% minimum payment which may result in negative amortization. - Correct Answers ✅Option-ARM A borrower has applied for a refinance on her property valued at $235,000. She currently has a HELLC with a $47,000 limit and currently owes $25,850. The borrower has applied for a first mortgage of $164,500. Which of the following LTV, CLTV, and HLTV are accurate based on this information ? - Correct Answers ✅70%/81%/90% A conventional loan that exceeds Fannie Mae and Freddie macs maximum loan limits - Correct Answers ✅A non confirming loan A conventional loan that exceeds Fannie Mae and Freddie macs maximum loan limits - Correct Answers ✅A non confirming loan 1 / 4
Mortgage loan originator EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) A couple has qualified for a $245,600 loan. They are told that the broker fee will cost two points. What is the dollar amount of the broker fee? - Correct Answers ✅$4,912 include equation A fixed-rate qualified mortgage that is not a higher priced mortgage - Correct Answers ✅A creditor may include a prepayment penalty provision A fixed-rate qualified mortgage that is not a higher priced mortgage - Correct Answers ✅A creditor may include a prepayment penalty provision A float agreement - Correct Answers ✅An agreement a borrower makes with a lender allowing their interest rate to rise or fall with the market A float agreement - Correct Answers ✅An agreement a borrower makes with a lender allowing their interest rate to rise or fall with the market A hazard insurance company hosts a dinner for the employees of a mortgage broker. The designated broker encourages the employees to send clients to the insurance company. Who has violated RESPA - Correct Answers 2 / 4
Mortgage loan originator EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) ✅Both the hazardous insurance company and the mortgage broker A hazard insurance company hosts a dinner for the employees of a mortgage broker. The designated broker encourages the employees to send clients to the insurance company. Who has violated RESPA - Correct Answers ✅Both the hazardous insurance company and the mortgage broker A home purchase - Correct Answers ✅In which of the followinf transactions must the CFPB's "your home loan tool kit" booklet be provides?A loan with a balloon payment provision - Correct Answers ✅Which of the following loan types is best described as a loan with a payment schedule made up of a series of small periodic payments and a larger lump sum due upon maturity?A loan with a balloon payment provision - Correct Answers ✅Which of the following loan types is best described as a loan with a payment schedule made up of a series of small periodic payments and a larger lump sum due upon maturity? 3 / 4
Mortgage loan originator EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) A loan with a balloon provision - Correct Answers ✅A loan with a payment schedule made up of a series of small periodic payments Nd a larger lump sum due upon maturity A loan with a balloon provision - Correct Answers ✅A loan with a payment schedule made up of a series of small periodic payments Nd a larger lump sum due upon maturity A mortgage broker is unable to assist a client and refers him to another mortgage broker for originating services. The second broker pays the referring broker a fee for providing the lead. Which of the following is correct. - Correct Answers ✅Payment lf the fee is illegal.A mortgage broker is unable to assist a client and refers him to another mortgage broker for originating services. The second broker pays the referring broker a fee for providing the lead. Which of the following is correct. - Correct Answers ✅Payment lf the fee is illegal.A mortgage broker pays for title services on behalf of the developer. In return the developer agrees to refer prospective buyers to the mortgage broker? Who has violated RESPA - Correct Answers ✅Both
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