P3-83 quiz

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Question 1 of 8

1. Question
Under the HPML rules described, when is a first-lien mortgage generally considered a higher-priced mortgage loan (HPML)?
- A) When the APR is 0.5 percentage points or more higher than the APOR.
- B) When the APR is 1.5 percentage points or more higher than the APOR.
- C) When the APR is 2.5 percentage points or more higher than the APOR.
- D) When the APR is 3.5 percentage points or more higher than the APOR.
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Question 2 of 8

2. Question
For a first-lien “jumbo” loan, at what point is the loan generally considered a higher-priced mortgage loan (HPML)?
- A) When the APR is 0.5 percentage points or more higher than the APOR.
- B) When the APR is 1.0 percentage point or more higher than the APOR.
- C) When the APR is 1.5 percentage points or more higher than the APOR.
- D) When the APR is 2.5 percentage points or more higher than the APOR.
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Question 3 of 8

3. Question
When is a subordinate-lien mortgage generally considered a higher-priced mortgage loan (HPML)?
- A) When the APR is 1.5 percentage points or more higher than the APOR.
- B) When the APR is 2.5 percentage points or more higher than the APOR.
- C) When the APR is 3.5 percentage points or more higher than the APOR.
- D) When the APR is 4.5 percentage points or more higher than the APOR.
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Question 4 of 8

4. Question
What is the primary purpose of a rate lock agreement in a mortgage transaction?
- A) To guarantee that closing costs cannot change.
- B) To lock in the mortgage interest rate for a specified time to protect against rising rates.
- C) To guarantee the borrower’s loan approval.
- D) To waive the borrower’s right to receive updated disclosures.
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Question 5 of 8

5. Question
Which scenario best illustrates table funding?
- A) A broker closes a loan in its own name using funds advanced at closing by another lender, and assigns the loan to that lender.
- B) A lender uses only its own deposits to fund and service a loan for its entire term.
- C) A loan is purchased by an investor several years after closing.
- D) A broker issues a pre-approval letter without identifying a funding source.
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Question 6 of 8

6. Question
Which statement best explains the nature of a mortgage as described in the text?
- A) A mortgage permanently transfers ownership of the property to the lender.
- B) A mortgage is only a promise to repay, with no interest in the property.
- C) A mortgage is a security interest in real property that secures a debt owed to the lender.
- D) A mortgage guarantees the borrower will never face foreclosure.
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Question 7 of 8

7. Question
According to the text, which type of loan is identified as one a lender cannot be forced to repurchase?
- A) A fully amortizing 30-year fixed-rate loan.
- B) A conventional conforming mortgage sold to the GSEs.
- C) An adjustable-rate mortgage with an interest-only feature.
- D) A non-recourse loan.
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Question 8 of 8

8. Question
Which description best matches a delinquent mortgage as defined in the text?
- A) A mortgage that has been fully paid off and released.
- B) A mortgage where the borrower is late on required payments and risks fees, credit damage, and possible foreclosure.
- C) A mortgage that is current but has no escrow account.
- D) A mortgage where the interest rate has recently adjusted.
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