P4-79 Quiz

Quiz Summary

0 of 6 Questions completed

Questions:

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 6 Questions answered correctly

Your time:

You have reached 0 of 0 point(s), (0)

Current
Review
Answered
Correct
Incorrect

Question 1 of 6

1. Question
When can a lender rely on the credit report alone to verify a borrower’s prior mortgage payment history?
- Only if the borrower provides a written statement confirming payment history
- If the credit report covers the previous 12 months (or longer) of mortgage payment history reported by the mortgage credit grantor
- Only if the credit report shows no late payments in the past 6 months
- Never—payment history must always be verified directly with the servicer
Correct

Incorrect
Question 2 of 6

2. Question
A credit report shows significant debt the borrower did not list on the loan application. What must the borrower provide?
- A new credit report
- Proof the debt has been paid off
- A written explanation for the omission
- A copy of the promissory note for each debt
Correct

Incorrect
Question 3 of 6

3. Question
If a revolving account has an outstanding balance but no stated minimum required payment, how should the monthly payment be calculated?
- 2% of the outstanding balance
- The outstanding balance divided by 12
- $25 per month regardless of balance
- The greater of 5% of the outstanding balance or $10 per month
Correct

Incorrect
Question 4 of 6

4. Question
What is required when a borrower has judgments, garnishments, or liens?
- They must be paid in full before closing, and the borrower must provide a satisfactory explanation and have re-established good credit
- They may remain unpaid if the borrower has strong reserves
- Only judgments must be paid; liens may remain open
- They must be paid after closing using escrowed funds
Correct

Incorrect
Question 5 of 6

5. Question
Under standard guidelines, what is the minimum elapsed time required between bankruptcy discharge and the mortgage application?
- 12 months
- 2 years
- 3 years
- 4 years
Correct

Incorrect
Question 6 of 6

6. Question
A borrower had a foreclosure three years ago due to a serious long-term illness. Under what conditions might the borrower still be acceptable?
- Only if the foreclosed home was an investment property
- If the borrower has re-established satisfactory credit and demonstrated ability to manage financial matters
- Only if seven years have passed regardless of circumstances
- If the borrower pays a larger down payment
Correct

Incorrect

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question