Issue Questions Review

Question 1

What is the funding fee for IRRL?

Answer 1

.5%

Question 2

What does a QM restrict fees to?

Answer 2

3%

Question 3

To renew how many hours of federal law for continuing education?

Answer 3

3 hours

Question 4

3/7/3 rule is part of which law?

Answer 4

MDIA which is part of TILA

Question 5

Why was HMDA put into place?

Answer 5

To prevent redlining and blockbusting

Question 6

Is current rent included in DTI?

Answer 6

No because it will be replaced with the new loan

Question 7

What notices are included in the opt out rule?

Answer 7

initial, annual, and revised privacy notices

Question 8

Sales comparison approach

Answer 8

Compares the subjet property to comparables around it when appraising.

Question 9

How much can adjustments be?

Answer 9

Gross 25%, appraisals 15%, max line iten adjustment is 10%

Question 10

What is the DTI requirement for a Conventional Loan

Answer 10

28%/36%

Question 11

What is the DTI requirement for an FHA loan

Answer 11

31%/43%

Question 12

What is the back-end DTI requirement for a VA loan?

Answer 12

41% with residual income calculation

Question 13

What is the DTI requirement for a USDA loan?

Answer 13

29%/41%

Question 14

How long after a foreclosure can a conventional loan be approved?

Answer 14

7 years

Question 15

For a conventional mortgage, how long must a borrower wait after a short sale?

Answer 15

4 years

Question 16

4506-C

Answer 16

Sent to the IRS to confirm numbers on tax returns to verify income and determine fraud

Question 17

HPML 1rst lien APR over APOR threshold? 2nd lien?

Answer 17

1.5% and 3.5%

Question 18

ATR 8 points

Answer 18

-income or assets
-Employment status
-mortgage payment
-property taxes and insurance payments
-debt, alimony, child support
-monthly DTI
-credit history