FREE Loan Officer Questions and Answers
All of the following are included in the original escrow statement, EXCEPT:
Explanation:
Owners association dues are not paid into the escrow account or included in the mortgage payment each
month.
A Good Faith Estimate cannot be provided until a customer's complete application has been received. Which of the following answers DOES NOT constitute information sufficient to be considered a received application?
Explanation:
A Good Faith Estimate (loan estimate) must be delivered to the customer no later than three business days
following the acceptance of an application; however, the consumer's assets are not a necessary component
of the Good Faith Estimate.
When is a notice of adverse action required?
Explanation:
An adverse action on a mortgage application is a bad action that the customer is informed about in relation
to the denial of the credit application.
What aspect can be taken into account while assessing a loan application?
Explanation:
Immigration status may be taken into account when examining the application because it may have an
impact on a person's capacity to repay a loan.
Which loans fall outside the Real Estate Settlement Procedures Act's (RESPA) exemptions?
Explanation:
Any loan that is backed by a first or second lien on a residential property is typically subject to RESPA.
What kind of property is covered by a right rescission?
Explanation:
Only when a principal residence is being refinanced is there a right of revocation.
Which form of income is not taken into account when reviewing a loan?
Explanation:
Benefits from the military's educational program will end once the borrower has completed their studies,
hence they cannot be regarded as a source of income.