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NEW QUESTION # 141
According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?
Answer: C
Explanation:
Under TRID, a revised Loan Estimate (LE) can be issued if there is a changed circumstance that affects the loan terms or costs. This can include situations such as a natural disaster in the area where the loan will close, which may impact the value of the property or loan costs. Such changes are considered beyond the control of the parties involved and justify a revised estimate.
* Market fluctuations (A) on a locked loan and borrower salary increases (B) are not valid reasons for issuing a revised LE.
* Changes that the MLO should have known at the time of the original LE (D) do not qualify as a valid changed circumstance.
References:
* TRID Rule, 12 CFR §1026.19(e)
* CFPB Guidelines on changed circumstances for Loan Estimates
NEW QUESTION # 142
Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?
Answer: D
Explanation:
Under TILA (Truth in Lending Act), higher-priced mortgage loans (HPMLs) are subject to several regulations, including:
* Lenders must verify income and assets to ensure the borrower's ability to repay the loan (A).
* Creditors are required to establish escrow accounts for taxes and property insurance for first-lien mortgages (B).
* There are restrictions on prepayment penalties (C).
However, borrowers of HPMLs do not have a five-day right of rescission. The right of rescission is typically three business days and applies to refinances on primary residences, not to HPMLs.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026
* CFPB Higher-Priced Mortgage Loan Guidelines
NEW QUESTION # 143
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:
Answer: A
Explanation:
For an FHA loan, the loan-to-value (LTV) ratio is calculated by dividing the loan amount by the lesser of the purchase price or appraised value of the property. This ensures that the loan amount is based on the lower of the two figures, protecting the lender from over-lending on a property that may not appraise at the agreed purchase price.
* This method is consistent with FHA guidelines, ensuring that the loan is adequately secured by the property's value.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines for FHA LTV calculations
NEW QUESTION # 144
Which of the following loan types may be considered a qualified loan under ability-to-pay rules
Answer: D
Explanation:
Under the Ability-to-Repay (ATR) Rule and Qualified Mortgage (QM) standards, mortgages with adjustable rates can be considered qualified mortgages if they meet certain criteria, such as having fully amortizing payments and adhering to limits on points and fees. Adjustable-rate mortgages (ARMs) are qualified as long as the borrower's ability to repay is assessed using the maximum rate that could apply in the first five years.
* Loans like interest-only mortgages (A), balloon payment loans (B), and negative amortization loans (C) are not typically considered qualified mortgages because they carry higher risks of default.
References:
* CFPB Ability-to-Repay and Qualified Mortgage Rule
* Dodd-Frank Act standards for Qualified Mortgages
NEW QUESTION # 145
Which of the following responses describes the loan-to-value ratio when buying a home?
Answer: D
Explanation:
The loan-to-value (LTV) ratio is calculated by dividing the loan amount by the lesser of the appraised value or the purchase price of the property. This protects lenders from over-lending on a property that may have a sales price above its actual market value.
"The loan-to-value ratio is calculated by dividing the loan amount by the lesser of the appraised value or sales price."
- Fannie Mae Selling Guide; SAFE MLO National Test Study Guide
References:
Fannie Mae, LTV Ratio Definition
NEW QUESTION # 146
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