Multiple Choice
Which of the following is a correct statement regarding residential mortgages?
A) Lenders are no longer allowed to pay mortgage brokers a commission based on the interest rate for a home loan.
B) The Dodd-Frank Act would require borrowers to pay a portion of the closing cost up front and include the rest within the loan in the form of a higher interest rate.
C) Prepayment penalties are unlimited unless they are capped in the mortgage agreement.
D) Lenders are not required to determine whether the borrower could afford the monthly mortgage/payments, combined with insurance and assessments.
Correct Answer:
Verified
Correct Answer:
Verified
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