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NMLS QUESTIONS AND ANSWERS ALREADY PASSED, Rated A

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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 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. 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 areasUnder The Home Mortgage Disclosure act, if information regarding the borrowers' ethnicity, race, and sex is not provided by the applicant and the application is submitted in person, the lender is required to: ✔✔Provide the information based on Visual observation What does HMDA stand for? ✔✔Home Mortgage Disclosure Act How many days does a lender have to disclose the reason for a denial? ✔✔Thi

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