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P3-1b 2

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Question 1 of 12

1. Question
Which underwriting method is required for a Qualified Mortgage?
- A) Based only on the introductory (teaser) rate
- B) Based on an interest-only payment schedule
- C) Based on a fully-amortizing schedule using the maximum rate permitted during the first 5 years
- D) Based on a negatively amortizing schedule
Correct

Incorrect
Question 2 of 12

2. Question
What is the maximum debt-to-income ratio typically allowed for a Qualified Mortgage?
- A) 50%
- B) 36%
- C) 43%
- D) 30%
Correct

Incorrect
Question 3 of 12

3. Question
Which type of loan is not permitted under Qualified Mortgage standards?
- A) A fully-amortizing 30-year fixed loan
- B) A loan eligible for purchase by Fannie Mae
- C) An interest-only loan
- D) A loan insured by FHA or USDA
Correct

Incorrect
Question 4 of 12

4. Question
Which of the following is required for a loan to be considered a Qualified Mortgage?
- A) Must be eligible for purchase by Fannie Mae or Freddie Mac, or eligible for FHA/USDA/VA programs
- B) Must include a balloon payment regardless of location
- C) Must have a term exceeding 30 years
- D) Must be a negative-amortization product
Correct

Incorrect
Question 5 of 12

5. Question
For a loan amount of $150,000, what is the maximum allowable QM points and fees under the 2025 rules?
- A) 3% of the total loan amount
- B) 5% of the total loan amount
- C) $4,045
- D) 8% of the total loan amount
Correct

Incorrect
Question 6 of 12

6. Question
A Qualified Mortgage with a loan amount of $20,000 is limited to what maximum total points and fees?
- A) 5% of the loan amount
- B) $4,045
- C) 8% of the loan amount
- D) $1,348
Correct

Incorrect
Question 7 of 12

7. Question
Which underwriting method is required for a Qualified Mortgage?
- A) Based only on the introductory (teaser) rate
- B) Based on an interest-only payment schedule
- C) Based on a fully-amortizing schedule using the maximum rate permitted during the first 5 years
- D) Based on a negatively amortizing schedule
Correct

Incorrect
Question 8 of 12

8. Question
What is the maximum debt-to-income ratio typically allowed for a Qualified Mortgage?
- A) 50%
- B) 36%
- C) 43%
- D) 30%
Correct

Incorrect
Question 9 of 12

9. Question
Which type of loan is not permitted under Qualified Mortgage standards?
- A) A fully-amortizing 30-year fixed loan
- B) A loan eligible for purchase by Fannie Mae
- C) An interest-only loan
- D) A loan insured by FHA or USDA
Correct

Incorrect
Question 10 of 12

10. Question
Which of the following is required for a loan to be considered a Qualified Mortgage?
- A) Must be eligible for purchase by Fannie Mae or Freddie Mac, or eligible for FHA/USDA/VA programs
- B) Must include a balloon payment regardless of location
- C) Must have a term exceeding 30 years
- D) Must be a negative-amortization product
Correct

Incorrect
Question 11 of 12

11. Question
For a loan amount of $150,000, what is the maximum allowable QM points and fees under the 2025 rules?
- A) 3% of the total loan amount
- B) 5% of the total loan amount
- C) $4,045
- D) 8% of the total loan amount
Correct

Incorrect
Question 12 of 12

12. Question
A Qualified Mortgage with a loan amount of $20,000 is limited to what maximum total points and fees?
- A) 5% of the loan amount
- B) $4,045
- C) 8% of the loan amount
- D) $1,348
Correct

Incorrect

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