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B2B: ATR/QM Rule Qualified & Quantified

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Quiz for Back2Basics: ATR/QM Rule

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B2B: ATR/QM Rule Qualified & Quantified
Back2Basics: ATR/QM Rule

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Question 1 of 10

1. Question
1. Which of the following is NOT a type of qualified mortgage?
a. Interest-Only QM
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b. General/Price-Based QM
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c. Seasoned QM
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d. Small Creditor QM
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Question 2 of 10

2. Question
1. The ATR/QM rule generally applies to:
a. Closed-end, consumer purpose transactions secured by a lien on a dwelling
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b. Closed-end, consumer purpose transactions secured by a first lien on a dwelling
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c. Consumer-purpose transactions secured by real estate
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d. Consumer-purpose transactions secured by a primary dwelling
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Question 3 of 10

3. Question
1. For a qualified mortgage that is not a higher-priced covered transaction, the creditor will have ____________ of compliance with the rule
a. A presumption of compliance
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b. A reasonable chance
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c. A safe harbor
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d. None of the above
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Question 4 of 10

4. Question
1. The commentary on the exemptions to the ATR/QM rule indicates that a temporary or bridge loan may be exempt from the ATR/QM rule:
a. If the loan is subject to a possible renewal of 12 months or less
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b. If the bank makes a good faith determination that a term over 12 months will unequivocally benefit the consumer
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c. If it includes a renewal that will result in at least a 10% reduction in the consumer’s monthly payment
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d. If the consumer’s DTI is below 43%
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Question 5 of 10

5. Question
1. Which of the following in NOT required for a creditor to make a Small Creditor Balloon Qualified Mortgage:
a. The loan has a fixed rate
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b. The creditor operated in a rural or underserved area in the prior year
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c. The loan is not a higher-priced covered transaction
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d. The loan does not have negative amortization
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Question 6 of 10

6. Question
1. Which of the following is exempt from the restrictions on prepayment penalties found at the end of 1026.43?.
a. Reverse mortgages
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b. Bridge loans
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c. ARM loans
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d. HELOCs
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Question 7 of 10

7. Question
1. Whether a loan is a higher priced covered transaction depends on:
a. Whether the loan has interest-only or negative amortization features
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b. Whether the points and fees on the transaction exceed the thresholds set in the regulation
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c. The difference between the loan’s APR and the average prime offer rate as of the date the rate is set
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d. Whether the consumer was offered risk-based pricing
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Question 8 of 10

8. Question
1. Which of the following is NOT a requirement for all qualified mortgages?
a. No interest-only payments
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b. Minimum term of five years
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c. Maximum term of 30 years
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d. Points and fees within the thresholds set out in 1026.31(b)
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Question 9 of 10

9. Question
1. For Seasoned QMs, the “seasoning period” is typically:
a. 10 years
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b. 5 years
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c. 3 years
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d. 12 months
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Question 10 of 10

10. Question
1. In the year a bank ceases to qualify as a small creditor, it may still act as a small creditor with respect to application received prior to:
a. March 1
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b. April 1
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c. June 30
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d. July 1
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