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NEW QUESTION # 227
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 # 228
Which of the following statements is permissible in an advertisement?
Answer: C
Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules
NEW QUESTION # 229
Interest-only mortgages are considered high risk compared to traditional mortgage products because:
Answer: D
Explanation:
Interest-only mortgages are considered higher risk compared to traditional mortgages because the borrower' s scheduled payments only cover the interest on the loan, and none of the principal balance is reduced during the interest-only period. As a result, the loan balance remains unchanged, which increases the risk for both the borrower and lender if the value of the home decreases or if the borrower cannot make larger payments when the principal becomes due.
* Other risks, such as exceeding the APOR (Average Prime Offer Rate) by a certain margin (C, D), apply to high-cost mortgages, not specifically interest-only loans.
References:
* CFPB Qualified Mortgage and Ability-to-Repay Rule
* Fannie Mae Guidelines on interest-only mortgages
NEW QUESTION # 230
If a borrower is using commission income for 25% or more of their total income, the FHA lender will:
Answer: B
Explanation:
For FHA loans, when a borrower's commission income is 25% or more of total income, the lender must obtain copies of the borrower's signed federal income tax returns for the previous two years and must also document current commission income.
"Commission income must be averaged over the previous two years. Borrowers whose commission income represents 25 percent or more of their total annual employment income must provide signed tax returns for the previous two years."
- HUD 4000.1 FHA Single Family Housing Policy Handbook
References:
HUD 4000.1, FHA Single Family Housing Policy Handbook, see "Commission Income"
NEW QUESTION # 231
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:
Answer: B
Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term "elderly" is defined as anyone who is 62 years of age or older. This designation is significant in fair lending, as the ECOA prohibits discrimination based on age in any aspect of a credit transaction, including mortgage lending.
* ECOA protects borrowers from being denied credit or offered unfavorable terms based solely on their age, and it provides additional protections to borrowers considered "elderly." References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691(a)
* CFPB Regulation B, 12 CFR Part 1002
NEW QUESTION # 232
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