Within three business days of receiving an application, which of the following information is a creditor required to provide to an applicant?

• A.The applicant's right to receive a copy of the appraisal report
• B.The applicant's right to select the appraiser
• C.A copy of the appraisal report
• D.Timeline of the appraisal process

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Which of the following responses describes the loan-to-value ratio when buying a home?

• A.The loan amount divided by the appraised value
• B.The loan amount divided by the lesser of the appraised value or the sales price
• C.The total loan amount, plus closing costs, divided by the appraised value
• D.The total loan amount, plus mortgage insurance, divided by the appraised value

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A borrower's monthly debt-to-income ratio is calculated by taking the:

• A.borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
• B.eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
• C.eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income

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Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

• A.Origination charge
• B.Referral fee
• C.Servicing fee
• D.Yield-to-loan fee

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If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

• A.Loan Estimate only
• B.Closing Disclosure only
• C.Uniform Residential Loan Application
• D.Both the Loan Estimate and Closing Disclosure

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