A 7.25% interest-only loan has an initial balance of $239,500.00. The annual homeowner's insurance premium is $551.00, and the annual property taxes are $1,773.00. What is the total monthly payment, including the escrow?

• A.$1,446.98
• B.$1,584.65
• C.$1,640.65
• D.$1,701.29

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A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

• A.The MLO must present them with a reverse mortqaqe.
• B.The MLO must present them with a home equity line of credit (HELOC).
• C.The MLO must complete the application and proceed as normal.
• D.The MLO must inquire about the ability to repay in the event of a borrower's death.

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Private mortgage insurance (PMI) is required to be automatically removed by a lender/servicer when which of the following events occur?

• A.When the borrower provides a cancellation request
• B.When the principal balance of the loan reaches 78% of the original value when scheduled
• C.When the borrower has been current for at least five years and has a loan to value of 80% or less
• D.If the borrower produces an appraisal that shows that the borrower currently has more than 20% equity

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Which of the following loan types is covered by the Real Estate Settlement Procedures Act (RESPA)?

• A.Auto loan
• B.Student loan
• C.Residential real estate loan
• D.Commercial real estate loan

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According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

• A.Providing a consumer with a Homebuyer's Toolkit
• B.Providing a consumer with the loan policies of the lender
• C.Communicating with a consumer to arrange a loan closing
• D.Communicating the details of an offer for the first time over the phone

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