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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 included. ✔✔No negative a ...

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 included. ✔✔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 fees The 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. There are 8 factors that should be considered when determining if ATR has been met. The following is not included. ✔✔The value of the property securing the loan There are 4 Cs, Capital, Character, Collateral and Capacity. Which is associated with the Ability to Repay rule? ✔✔Capacity A Qualified mortgage loan QM, assumes that the ___________ has been met. ✔✔Ability to Repay One of the mains purposes of HDMA and Regulation C is to: ✔✔Identify patterns of discrimination Redlining is best defined as: ✔✔Failing to lend based on geographic areas Under The Home Mortgage Disclosure act, if information regarding the borrowers' ethnicity, race, and sex is not provided by the applicant an

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