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17. What is the net benefit (loss) of the borrowers decision to refinance today given the following information and that she intends to move in 5 years? Current loan closing costs: 2 points New loan type: 15-year fixed rate Current loan original balance: $350,000 New loan interest: 5.00% Current loan balance: $263,993.63 New loan total fees: 2.5 points Current loan interest rate: 7.5% Individual discount rate: 6% Current loan payment: $2,447.25 Income Tax Rate: 10% a. $11,461.06 b. $13,321.16 c. $18,601.03 d. $23,495.89 e. None of the above

18. How long will it take you to breakeven assuming you take the refinance in question #17 using the same discount rate? a. 28 months b. 29 months c. 30 months d. 31 months e. None of the above

19. Which of the following qualifies as technical default? a. 30 days late on payment b. an assisted sale c. 90 days late on payments d. a violation of the terms of the loan

20. Types of prepayment penalties include all of the following EXCEPT? a. Yield maintenance b. Assumability c. Defeasance penalty d. A percentage of the outstanding loan balance

21. Which of the following is NOT a type of conforming loan? a. FHA b. Jumbo c. VA d. Conventional

22. The benefits of an FHA loan vs a conventional loan include: a. Lower down payment b. Lower interest rate c. Higher allowable HER and TDR d. All of the above

23. Which of the following gives the borrower the ability to choose between a full-, partial-, non-, or negative-amortizing loan payment every year? a. IO balloon mortgage b. IO amortizing mortgage c. Option ARM d. Hybrid ARM

24. Loan origination occurs in the: a. Primary market b. Secondary market c. Either of the above d. Neither of the above

25. When the interest rate on an ARM either increases or decreases after being recalculated, this is due to movement in which of the following? a. Margin b. Index c. Both d. Neither