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Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?
A. The number of days that the rate is available
B. The MLO's business address
C. The MLO's personal website
D. The APR
Answer: D
Explanation:
Under Regulation Z (TILA), when mortgage loan originators (MLOs) advertise mortgage services, including payment amounts, they must disclose the Annual Percentage Rate (APR). The APR reflects the total cost of the loan, including interest and certain fees, and provides a clear picture of the loan's true cost over time.
* Failure to include the APR in an advertisement that mentions payment amounts, interest rates, or other specific loan terms is considered a violation of TILA's advertising requirements.
* Other details (B, C, D), such as the MLO's website or the number of days the rate is available, are not mandatory in all advertisements, but the APR is required.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Rules for Mortgage Services
NEW QUESTION # 212
An easement:
A. is a right to cross or otherwise use someone else's land for a specified purpose.
B. is a mortgage modification.
C. allows a borrower to make less than the required payments without going through a full mortgage modification.
D. allows a loan applicant to close on a loan even if all the stipulations have not been met.
Answer: A
Explanation:
An easement is a legal right granted to one party to cross or use another party's land for a specific purpose, such as for utility lines, access roads, or water drainage. Easements are commonly granted in property transactions and are recorded in the public records.
* Easements are unrelated to mortgage modifications (A) or payment reductions (D).
References:
* Real Estate Law on property easements
* HUD Guidelines on easements in property transactions
NEW QUESTION # 213
Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?
A. A state regulator
B. The Conference of State Bank Supervisors
C. The Federal Trade Commission
D. NMLS
Answer: A
Explanation:
For state-licensed, non-depository lenders, the primary regulatory authority is the state regulator in the jurisdiction where the lender operates. Each state has its own agency or department responsible for overseeing licensing, compliance, and enforcement of mortgage laws for non-depository institutions.
* The NMLS (A) is the system used to manage licenses but is not a regulatory authority.
* The Federal Trade Commission (B) oversees federal consumer protection laws but is not the primary regulator for state-licensed lenders.
* The Conference of State Bank Supervisors (CSBS) (D) helps coordinate state regulation but does not directly regulate individual lenders.
References:
* SAFE Act, 12 USC ¡ì5101
* NMLS and State Regulator Guidelines
NEW QUESTION # 214
A borrower's monthly debt-to-income ratio is calculated by taking the:
A. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
B. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
C. eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income
Answer: B
Explanation:
The debt-to-income (DTI) ratio is a key metric used by lenders to assess a borrower's ability to manage monthly payments and repay a mortgage. It is calculated by dividing the borrower's total monthly debt obligations, including:
* Monthly housing expenses (principal, interest, taxes, and insurance, also known as PITI).
* Any other recurring debt obligations (car loans, student loans, credit card payments, etc.).
This total is divided by the borrower's gross monthly income (before taxes and deductions). This calculation helps determine whether the borrower meets lending standards, with most lenders preferring a DTI ratio below 43% for qualified mortgages.
References:
Fannie Mae and Freddie Mac guidelines on debt-to-income ratio
CFPB Qualified Mortgage Rules
NEW QUESTION # 215
The characteristics of a fixed-rate mortgage include a:
A. fixed margin.
B. mandatory 30-year term.
C. minimum balloon payment.
D. fixed interest rate.
Answer: D
Explanation:
A fixed-rate mortgage is characterized by a fixed interest rate that remains constant throughout the life of the loan, ensuring that the borrower's monthly principal and interest payments remain the same over time. This is the defining feature of a fixed-rate mortgage.
Other options:
* A fixed margin (A) applies to adjustable-rate mortgages (ARMs).
* Mandatory 30-year terms (C) and balloon payments (D) are not characteristics of a fixed-rate mortgage, as fixed-rate loans can have varying term lengths (15, 20, or 30 years) without balloon payments.
References:
Fannie Mae Selling Guide on fixed-rate mortgages
Freddie Mac Mortgage Products
NEW QUESTION # 216
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