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| Section | Objectives |
|---|---|
| Topic 1: Ethics and Professional Conduct | - Fraud Prevention - Disclosure Requirements - Consumer Protection Standards |
| Topic 2: Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
| Topic 3: General Mortgage Knowledge | - Loan Origination Process - Loan Closing Procedures - Underwriting Basics - Mortgage Types and Products |
| Topic 4: Federal Mortgage-Related Laws | - Truth in Lending Act (TILA) / Regulation Z - Fair Housing Act - Real Estate Settlement Procedures Act (RESPA) - Equal Credit Opportunity Act (ECOA) |
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?
Correct Answer: A 🗳️
Explanation: Only visible for VCEEngine members. You can sign-up / login (it's free).
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:
Correct Answer: B 🗳️
Explanation: Only visible for VCEEngine members. You can sign-up / login (it's free).
According to Fannie Mae, a loan with a purchase transaction loan amount of $160,000, sales price of
$180,000, and an appraised value of $200,000 has a loan-to-value ratio of what percentage?
Correct Answer: A 🗳️
Explanation: Only visible for VCEEngine members. You can sign-up / login (it's free).
Which of the following must be included on all residential mortgage loan application forms?
Correct Answer: A 🗳️
Explanation: Only visible for VCEEngine members. You can sign-up / login (it's free).
The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?
Correct Answer: A 🗳️
Explanation: Only visible for VCEEngine members. You can sign-up / login (it's free).
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