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FED LAW
Ethics
math
UST
GMK
100
this section prohibits kickbacks in RESPA
What is section 8
100
The Illegal practice of refusing to make mortgage loans based on a geographic area
What is redlining
100
the equation for annual interest
Loan amount * interest rate
100
also referred to as Director
What is head of CFPB
100
commonly referred to as a traditional mortgage
What is 30 year fixed rate
200
Notice of Right to Receive an Appraisal is in what laws
ECOA
200
a real estate company accepted flyers from a mortgage company and distributed them to prospective buyers during an open house. who has violated RESPA
neither
200

Purchase price - Loan amount

What is Down payment

200

this law applies to non-federally regulated entities (non-depositories, brokers, etc.) with regards to licensing requirement

What is the SAFE Act (regulation H)

200
converts the balloon mortgage to a fully amortizing mortgage at the maturity date.
What is reset option or conditional refinance provision
300

1.5% first lien 2.5% Jumbo 3.5% 2nd lien APRs over APOR are in this section of TILA

What is section 35 (HPML)

300

Jack and Dianne went to heart land mortgage lender looking to get a fixed rate loan. the MLO convinced them of getting an ARM because he received more profit for ARMS. this is considered what

Steering (predatory lending)

300
housing DTI ratio
What is (PITI + Housing expense)/GMI
300

an individual who offers or negotiates terms of a residential mortgage loan for compensation secured by a dwelling that served as the individuals residence

What is a Mortgage Loan Originator?

300
Reverse mortgage backed by the Department of Housing and Urban Development.
What is HECM
400
which Regulation has the disposal rule
Regulation V
400
an individual who accepts a fee for providing their personal information as if they were the buyer
What is straw buyer
400
all loan amounts including max credit/Appraisal value OR Purchase price
What is HCLTV or HTLTV
400

has the ability to revoke, suspend, or deny licensing

What is the state agencies (the state model)

400
Which value exceeds the loan limits set by the FHFA A)656,350 3 unit dwelling B)543,000 2 unit dwelling C)425,100 1 unit dwelling D)815,650 4 unit dwelling
C
500
also known as the PMI cancellation Act
What is Homeowners Protection Act (HPA)
500

As an alternative to a silent second, a seller agrees to create a second, falsified sales agreement with an inflated purchase price in order to obtain a larger loan from a lender.

What is contract kiting?

500
what is the mortgage insurance premium per month if the borrower's mortgage insurance rate is .24% and they have a loan amount of 250,000
50
500
they created the NMLS
What is CSBS + AARMR
500
this loan requires that the borrowers qualifying credit report must be less than 120 days old.
What is VA loan