Truth In Lending Quiz

5 Questions

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Truth Quizzes & Trivia

Quiz on Truth in Lending product knoweldge after attending training course.


Questions and Answers
  • 1. 
    State one reason a TIL would be required
  • 2. 
    What does TIL stand for?
    • A. 

      Truth In Legal

    • B. 

      True In Loans

    • C. 

      Truth In Lending

  • 3. 
    Where could you find the Maximum Ever interest rate (the end rate)?
    • A. 

      The Modification Agreement

    • B. 

      MAS1/LNL1

    • C. 

      The APR Worksheet

    • D. 

      Both A and C

  • 4. 
    Extra verbiage is needed when Private Mortgage Insurance is included in the escrow amount.
    • A. 

      True

    • B. 

      False

  • 5. 
    The Deferred Principal Balance will result in a Final Balloon Payment due on _______ in the amount of _________.