Tagged: Adjustable Rate Mortgages, arms, MEC, MLO Continuing Education, Mortgage Educators Compliance, UTAH PLM, UTAH PLM EXAM, UTAH PLM STUDY GUIDE, utah-plm-question
-
UTAH PLM TEST
Posted by Gustan on July 30, 2023 at 12:39 amMissed by one question the Utah PLM exam. Going to set up a appointment for next available time at Pearson Vue.
Here is another question I do not understand
Edna is purchasing a four-unit investment property and is getting an ARM; the terms of the loan will be 3/6mo ARM with 1/1/5 CAP with a start interest rate of 4.25% and a margin of 2.25%. At the first adjustment, the index is 2.50%, at the second adjustment the index is 3.25%, and at the third, the index is 4.125%. What will the interest rate be at 18 months after the initial interest rate adjustment?
Gustan replied 1 year, 1 month ago 2 Members · 8 Replies -
8 Replies
-
Here is a video on how an adjustable rate mortgages work
-
Edna is purchasing a four-unit investment property and is getting an ARM; the loan terms will be 3/6mo ARM with 1/1/5 CAP with a start interest rate of 4.25% and a margin of 2.25%. At the first adjustment, the index is 2.50%. At the second adjustment, the index is 3.25%; at the third, the index is 4.125%. What will the interest rate be 18 months after the initial adjustment?
Start interest rate 4.25% MARGIN 2.25%
FIRST ADJUSTMENT INDEX 2.50%
SECOND ADJUSTMENT INDEX 3.25%
THIRD ADJUSTMENT INDEX 4.125%
WHAT WILL THE INTEREST RATE BE 18 MONTHS AFTER THE INITIAL ADJUSTMENT
THE FIRST ADJUSTMENT INDEX IS A 2.50% MARGIN OF 2.25% INTEREST IS 4.75% TRUE INTEREST RATE AFTER THE FIRST ADJUSTMENT IS 4.75%. THE MAXIMUM INTEREST RATE IN THE FIRST YEAR CAN BE UP TO 5.25%.
THE SECOND-YEAR ADJUSTMENT OF THE INDEX IS 3.25%, AND THE MARGIN IS 2.25%, WHICH TURNS OUT TO BE 5.50%, BUT BECAUSE OF THE CAP BUT BECAUSE OF THE CAP YOU CAN ONLY GO UP TO 4.25% PLUS 1.0% CAP WHICH CAPS IT AT 5.25%.
ON THE THIRD ADJUSTMENT, THE INDEX IS 4.125%, AND THE MARGIN IS 2.25% FOR A TOTAL OF 6.375%. BUT THE MAXIMUM INTEREST CAP OF 1% TO BE ADDED TO 5.25% CAPS THE RATE TO 6.25%.
-
The initial Utah PLM test was 210 questions. Thereafter, the retakes were 60 questions. I just took the Utah Principal Lending Manager Test for the sixth time today. I thought I aced it after completing the 60 questions test. Then totally out of the blue, I get another 35 questions. Boy that was a nightmare. They were asking me how much the fines are for violations and second-offense violations. I had no clue. I rescheduled the Utah PLM TEST for this coming Thursday. I don’t know why the extra 35 questions was added to the 60 question exam.
-
Utah MLO exams are no joke! Keep posting your experiences so I can know what is coming.
I will take my Utah PLM exam sometime in 2024.
-
I missed the dam thing by two questions today. I need practice exams. Let me know if you can get a hold of UTAH PLM practice exams. Lots of questions about fines such as maximum daily fines, maximum daily fines, APOR, ARMs, and a lot of bull shit.
-
-
-
mortgageeducators.com
Mortgage License | Online & Live Courses | M.E.C
Start you career in mortgage licensing today! M.E.C offers online and live PE, CE, and test prep courses in each state.
-
I have this UTAH PLM practice test form Mortgage Educators. Great practice tests but only 150 questions. I also have the AX5 practice exam from OnCourse Leaning.
e
-
Dustin, my man. Can you please do something for me? I need to get a hold of some practice exams for the Utah Principal Lending Manager state test. I keep on failing the damn thing, and I know what I am doing wrong They will not let you review the wrong questions. So I am marking the wrong answer every time I take it because I am thinking it is the correct answer, but it is the wrong answer. If you can help me find a mortgage education school in Utah where they may have it locally for the Utah PLM Test. I took the 210-question test, and every time I do a retest, it is 60 questions. I need to grab a hold of about 1,000 multiple-choice questions and then retake the exam. If I get a hold of those practice questions, I know I can ace the damn thing. I have the Quizlet, UTAH PLM EXAM from Mortgage Educators which is 150 questions, and the AX5 UTAH PLM STUDY GUIDE WITH PRACTICE EXAM (THE AX5 UTAH PLM Study Guide is absolutely worthless. Things mindblowing on the UTAH PLM Exam proctored by Pearson Vue are the following:]
1. ARMs
2. APOR
3. Where is the balloon payment rider on the closing docs: Trust deed, note, Loan Estimate.
Here is an informative video on ARMs