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NEW QUESTION # 18
A veteran borrower obtains a VA loan to purchase a property for $200,000 and opts to finance the entire purchase price plus the VA funding fee of 2.15%. The initial payment for principal and interest will be calculated based on a loan amount of:
Answer: D
Explanation:
The VA funding fee can be financed into the loan amount. The fee is calculated as a percentage of the base loan ($200,000 x 2.15% = $4,300). The total loan amount is thus $204,300.
"The VA funding fee may be included in the loan. The total loan amount is the base loan plus the funding fee."
- VA Lender's Handbook, Chapter 8: Loan Approval and Closing
References:
VA Lender's Handbook, Chapter 8
CFPB, VA Loan Funding Fee
NEW QUESTION # 19
Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?
Answer: C
Explanation:
Under RESPA, a settlement service includes any service provided in connection with a real estate settlement, including the origination, processing, or funding of a federally related mortgage loan. A federally related mortgage loan is defined as any loan (other than temporary financing) secured by a first or subordinate lien on residential real property.
"Settlement service means any service provided in connection with a real estate settlement including but not limited to... the origination of a federally related mortgage loan."
- 12 CFR § 1024.2, Regulation X
Timeshare, chattel, and unsecured loans are not considered federally related mortgage loans under RESPA.
References:
CFPB, RESPA - Regulation X
SAFE MLO National Test Study Guide
NEW QUESTION # 20
Which of the following factors is considered when determining the interest rate for a subprime mortgage?
Answer: A
Explanation:
For subprime mortgages, the credit score of the applicants is a primary factor in determining the interest rate.
Subprime loans are designed for borrowers with lower credit scores, typically below 620, and are offered at higher interest rates due to the increased risk of default.
* Factors like the loan term (A), property location (B), and sales price (C) may influence other aspects of the loan, but the credit score is the key factor that determines whether a borrower qualifies for a subprime mortgage and the corresponding interest rate.
References:
Fannie Mae and Freddie Mac Subprime Lending Guidelines
CFPB Subprime Mortgage Standards
NEW QUESTION # 21
Which of the following property value approaches does an appraiser use on a rental property?
Answer: B
Explanation:
For rental properties, an appraiser will typically use the Income Approach to estimate the property's value.
This method is based on the income-generating potential of the property, which is most relevant for investment properties, including rentals.
* The Income Approach assesses the property's ability to generate future cash flow by evaluating the income that can be derived from renting it. The formula often involves determining the net operating income (NOI) and applying a capitalization rate (cap rate) to estimate value.
* This method is most appropriate for rental properties because their value is inherently tied to their profitability.
Other methods:
* Cost approach: More suited for unique properties or new construction.
* Sales comparison approach: Often used for owner-occupied properties, comparing recent sales of similar properties.
References:
* Uniform Standards of Professional Appraisal Practice (USPAP)
* Fannie Mae's Appraisal Guidelines for Rental Properties
NEW QUESTION # 22
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?
Answer: C
Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
Truth in Lending Act (TILA), 12 CFR §1026.4
CFPB Regulation Z Guidelines
NEW QUESTION # 23
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