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Question 1 of 2
1. Question
A first-time homebuyer applies for a closed-end mortgage loan secured by a primary residence. The loan contains a negative amortization feature that could increase the principal balance over time if minimum payments are made.
What must the creditor obtain before extending the loan?
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Question 2 of 2
2. Question
A lender offers a negative amortization mortgage loan to a first-time borrower and informs the applicant that loan approval will only be granted if counseling is completed through a specific HUD-approved counseling agency selected by the lender.
Which statement is correct?
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