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NMLS QUESTIONS AND ANSWERS ALREADY PASSED
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NMLS QUESTIONS AND ANSWERS ALREADY PASSED Qualified mortgages do not include risky features. What are they? ✔✔Permanent There are four categories of Qualified Mortgages. The following is not in... cluded. ✔✔No negative amortization, No interest only, no loan terms over 30 years and a limit on points and fees charged. The DTI limit for a general QM is: ✔✔43% The General QM requires that the qualifying rate for a borrower is based on the highest a rate can go within the first______ years of the loan. ✔✔5 Years The types of Qualified Mortgages that all lenders can originate are: ✔✔General and Temporary A temporary QM is a QM that has a special provision allowing for enhanced underwriting for___years ✔✔7 To qualify as a temporary QM a loan would have to be deliverable to: ✔✔Fanniemae, Freddiemac, FHA, VA, USDA If a lender wanted to originate a QM loan with a DTI greater than 43% it would need to meet the standards for: ✔✔Temporary QM The General and Temporary are two of the QM categories, what are the other two? ✔✔Balloon and Small Creditor If a consumer is successful in proving that a Lender did not meet the ATR requirements, the consumer would be entitled to: ✔✔3 years of interest paid and attorney feesThe time period for a consumer to bring a case against a lender for failing to meet the ATR requirement is: ✔✔3 years The maximum points allowed with a QM is _______% for a $110,000 loan amount: ✔✔3% If a loan is a QM, what would take the loan out of Safe harbor protection? ✔✔The loan is a Higher Priced Mortgage Loan (HPML) If a QM loan is not protected by Safe harbor, the consumer could: ✔✔Challenge the lender in court that the lender did not meet the ATR requirement. Rebuttable presumption is: ✔✔A consumer challenges the lender, by claiming in court, the ATR requirement was not met [Show More]
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