Prepxl Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Prepxl? On this page you'll find 28 study documents about Prepxl.
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Prepxl practice test 2: Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 12 pages • 2024
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Prepxl practice test 2: Questions and 
answers, rated A+ 
Under RESPA, the servicer may require a borrower to pay into an escrow account to cover 
disbursements that are unanticipated or disbursements made before the borrower's monthly payments 
are available in the account, a cushion or reserve that must be no greater than _____ of the estimated 
total annual disbursements from the escrow account. 
- One half 
- One third 
- One sixth 
- One twelfth - -One sixth. 
Under RESPA, a lender ma...
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Prepxl (4) 6/1/22: Exam Review Questions and answers, VERIFIED/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 9 pages • 2024
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Prepxl (4) 6/1/22: Exam Review 
Questions and answers, VERIFIED/ 
The administrative authority of the Commissioner includes all but which of the following? 
Promulgate rules or regulations implementing the S.A.F.E. Act 
Administer, interpret, and enforce the S.A.F.E. Act 
Carry out the intentions of the Legislature 
Sentencing violators of the S.A.F.E. Act to appropriate prison terms - -The answer is sentencing 
violators of the S.A.F.E. Act to appropriate prison terms. State regulators, such ...
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PREPXL TEST 3: Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 5 pages • 2024
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PREPXL TEST 3: Questions and 
answers, rated A+ 
The preferred debt-to-income ratio for applicants for VA loans is: 
35% 
43% 
50% 
41% - -41% 
When would a license be suspended without a hearing? 
If a licensee fails to renew 
If a licensee fails to request a hearing with the state regulator 
If a licensee has failed to complete pre-licensing requirements 
If a licensee has already executed a right to a hearing for a previous violation - -If a licensee fails to 
request a hearing with the sta...
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PrepxL test 8 part 1: Review Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 5 pages • 2024
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PrepxL test 8 part 1: Review Questions 
and answers, rated A+ 
Which of the following is true? - -ethical issues are the basis of both state and federal laws and can 
have legal consequences. 
When may a homeowner request that PMI be cancelled? - -as soon as his/her equity position is 
20% or greater. 
A loan with a fixed rate at the start that will adjust regularly after a certain period is commonly referred 
to as a(n): - -hybrid arm 
Which of the following occurs when the parties to a loa...
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PrepXL Exam Review Questions and answers, VERIFIED/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 3 pages • 2024
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PrepXL Exam Review Questions and 
answers, VERIFIED/ 
How much rental income may be used to qualify for a loan? - -75% 
What is Freddie Mac's automated underwriting system called? - -Loan Product Advisor 
What is used to calculate DTI? - -simultaneous loans, debt obligations, alimony, and child support 
A loan which allows the borrower to take a lump sum distribution without any monthly repayment 
requirements is a(n) - -HECM 
According to the standard deed of trust, how soon must a borrower ...
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PrepxL Q'S: Exam Review Questions and answers, Verified/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 3 pages • 2024
- Available in package deal
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PrepxL Q'S: Exam Review Questions 
and answers, Verified/ 
According to ECOA, discrimination is: 
A. Never Allowed 
B. Allowed if based on income 
C. Allowed if based on sex 
D. Allowed if based on marital status - -A 
Which of the following would be an acceptable reason to decline a loan application? 
A. The borrower is a member of a minority race 
B. The borrower fails to disclose their race 
C. The borrower has a habit of going on maternity leave 
D. The mortgage loan originator feels the b...
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PrepXL Exam Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 3 pages • 2024
- Available in package deal
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- $9.49
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PrepXL Exam Questions and answers, 
rated A+ 
Which of the following statements about the Loan Estimate is NOT true? 
A. The lender is solely responsible for providing the Loan Estimate to the prospective borrower 
B. The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing loan 
C. The Loan Estimate is not a loan guarantee 
D. The Loan Estimate must be provided to the applicant no more than three business days after 
submission of the application - -B. 
The...
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PREPXL I DIDNT KNOW PT 4: Exam Review Questions and answers/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 2 pages • 2024
- Available in package deal
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PREPXL I DIDNT KNOW PT 4: Exam 
Review Questions and answers/ 
A piggyback loan are commonly used to avoid? - -PMI mortgage insurance or stay under jumbo 
limits 
In regards to title insurance a standards owners policy covers? - -Undetected encumbrances 
Foreclosure is the sale of a property after a bwrs default on payments. The exact procedure the lender 
follows in order to foreclose is dependent on the absence or presence of a? - -Power of sale calise 
Mortgage brokers serve as the agent o...
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