Which of the following statements about HOEPA loans is NOT true?
A) Lenders must make disclosures three days before closing.
B) Lenders are prohibited from charging an APR that is 10 points higher than a rate on a Treasury Bill.
C) Lenders may not require balloon payments in less than five years on most loans.
D) Lenders may not make loans that do not adequately consider the borrower's ability to repay.
Correct Answer:
Verified
Q5: Lowered lending criteria for home mortgages benefited
Q6: The first step in the mortgage approval
Q7: A reverse mortgage is repaid
A)over the term
Q8: A mortgage is the longest and largest
Q9: Interest rates are usually lower for fixed
Q11: The Real Estate Settlement Procedures Act was
Q12: A shared appreciation mortgage (SAM) is a
Q13: The final step of the mortgage approval
Q14: The _ requires banks to record and
Q15: Private mortgage insurance protects the lender against
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