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UTAH PLM TEST
Missed 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?
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9 Replies
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Here is a video on how an adjustable rate mortgages work
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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%.
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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.
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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.
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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.
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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.
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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.
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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
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The Utah Principal Lending Manager (PLM) Test is very important for those who wish to become licensed lending managers in Utah.
Let us guide you through the process:
Specific Criteria / Requirements
Education: This is to complete the 40-hour Utah PLM Pre-Licensing Course.
This course module is meant to meet the state’s pre-licensing education requirement, including Utah lending statutes.
NMLS National Exam: If that hasn’t been done, you are also required to take the NMLS national exam with the UST (Uniform State Test) part.
Preparation
Study Materials: Study guides and practice exams can be useful in preparation.
For instance, Mortgage Educators provides a PLM Test Prep Course that contains example questions and thoroughly explained answer options.
Practice Tests: Engage in practice tests to better understand the exam patterns and types of questions presented.
Taking the Exam
Scheduling: After completing your education, you can book the exam by calling and booking through Pearson Vue at 800-274-7292 or visiting their site.
Exam Content: The examination will include topics like lending statutes and regulations and ethical practices related to Utah.
After The Exam Has Been Cleared
License Application: Applications for the PLM license should be submitted via the NMLS contained in the application portfolio for submission.
Continuing Education: Per the state’s mandate, keeping your license alive will require completing various continuing education requirements.
The Utah Principal Lending Manager: Many people say the Hunger Games was an ordeal. It covers many topics, including the lending statutes and regulations as well as ethical practices specific to Utah. Still, this isn’t impossible if you prepare properly.
How Can GCA Forums Mortgage Group Assists
Gustan Cho Associates’ GCA Forums Mortgage Group will be of help while you are in the process of preparing :
Study Materials: They have tailor-made materials for the Utah PLM exam, including practice questions and detailed explanations.
Practice Tests: Taking Practice tests relieves anxiety by helping you gauge your readiness and allowing you to work on weak points.
Expert Support: Put queries and get help from seasoned guys on the forum who have already passed the exam.
Community: Other test-takers in the forum can also assist you with tips, resources, and motivation during the exam.
Content: The struggle is all the more real because the exam is broad, encompassing the ethical practices of mortgage protections and even the laws and regulations of a single state.
Structure: The pupils formulate multiple-choice quizzes designed to seek not only one’s knowledge but also how that knowledge can be translated into action in real scenarios.
Preparation: Admittedly, the challenge is heightened by the range of state and federal laws it covers.
Ways in which GCA Forums Mortgage Group Can Help Looking for GCA forums? Look out for GCA forums. Useful ideas Useful ideas More ideas.
Helpful Study Guides: Patrons can obtain study guides that enable them to grasp each difficult topic through self-study.
Practice Exams: Practicing with simulated tests provided as practice exams helps students get used to the structure and the kinds of questions asked.
Interactive Forums: Interact with fellow learners and professionals ready to offer hints, experiences, and real-time answers to your questions.
Expert-Led Sessions: Attend meetings, webinars, or Q&A sessions hosted by skilled mortgage professionals with expertise and much to share.
Customized Study Plans: Based on the assessment, they help prepare customized study plans specific to your strengths and weaknesses.
After utilizing these resources, you will be able to handle the exam with a positive mindset and confidence.
Does this make more sense now?
The Utah Principal Lending Manager (PLM) Test is necessary to qualify as a licensed lending manager in Utah.
Let’s delve into the specifics.
Eligibility Requirements
Education: Undertake the 40-hour Utah PLM Pre-Licensing Course. The course involves lending laws applicable in Utah and meets the state’s prelicensure educational conditions.
NMLS National Exam: If you have not done so already, you must also complete the NMLS national exam, of which the UST is a part.
Preparation
Study Materials: Have ample knowledge through guides and practice exams. For example, a Mortgage Educators PLM Test Prep Course with sample questions and a course explanation aids the PLM Test Prep.
Practice Tests: You can also take practice tests of your exam to learn what questions the exam will likely contain and in which formats.
Taking the Exam
Scheduling: After you have successfully completed the education part, you can schedule the examination by contacting Pearson Vu at 800-274-7292 or on their website.
Exam Content: Topics on lending laws, rules, and ethical principles relate to Utah form part of the exam.
After Passing the Exam
License Application: The next step is to seek a PLM license, which can be done through the NMLS by applying for one.
Continuing Education: The state requires a continuing education component as part of your license education requirement.
The Utah Principal Lending Manager (PLM) Exam is considered tough owing to its wide range of topics, including lending laws and ethical practices unique to Utah. Nonetheless, it can be done with the proper groundwork.
Gustan Cho Associates GCA Forums Mortgage Group Assistance
In case this is not sufficient for your groundwork, there is GCA Forums Mortgage Group, which, in my understanding, could be of immense aid:
Practice Questions: They give out several practice questions that explain how to tackle the questions related to the PLM exam in Utah. It considers various instructional perspectives.
Practice Tests: These tests allow you to check your level of mastery or qualification in a given field, thus providing you with credibility for your readiness.
Expert: It is also a forum where you can actively participate and ask questions directed at other exam-takers who have already passed the exam.
Others: Provide each other with greater moral support and motivation in the resources and other material.
Utah PML Exam Subjective Paper Description
Laws: The exam involves several laws, including state laws, ethical laws, and general principles on mortgage lending practices in Utah.
Examination Methods: Most examine the student’s knowledge via application tests, particularly multiple-choice, more practically oriented questions.
Supporting consideration: This is especially true for those new to the industry due to the time and self-study required to learn diverse information regarding state and federal laws.
Ways in Which GCA Forums Mortgage Group Can Help
Detailed Study Guides—The group has study guides that contain certain topics that are difficult to comprehend. They divide them into smaller parts so you can understand every topic.
Practice Exams – The practice exams and review books will get you used to the number of questions and the types of questions you will find in the real examination.
Interactive Forums: Join fellow students and professionals who can share tips and experiences and answer your questions during your studies.
Expert Answers: Join online seminars or use the forum to ask questions you have always wanted to and give yourself a chance to learn more from seasoned mortgage experts.
Customized Study Plans: They allow you to create study plans based on your strengths so you will know which areas require improvement.
With these resources, you’ll be ready to take the exam with a newfound sense of confidence. The Utah Principal Lending Manager (PLM) Test is the most important requirement for someone who seeks to be licensed as a lending manager in Utah.
Look at the section below for more details on how the process works:
Who is Eligible
Education: Complete a 40-hour Utah PLM Pre-Licensing Course.
This course includes lending regulations relevant to Utah and satisfies Utah’s requirements for education.
NMLS National Exam: The NMLS national exam that includes the UST (Uniform State Test) component must also be taken if the candidate has not already taken it.
Preparation
Study Materials: Prepare thoroughly with the help of study guides and other relevant practice exams.
For instance, Mortgage Educators offers a PLM Test Prep Course that includes questions addressing varied aspects of the exam.
Practice Tests: This step involves taking practice tests that help in understanding the format of the exam and the types of questions likely to be asked.
Taking the Exam
Scheduling: After your education, you can call Pearson Vue or visit their page to schedule your examination.
Exam Content: The topics include lending statutes, various provisions, and ethical dealings relevant to Utah.
After Passing the Exam
License Application: Apply for a PLM license using the NMLS.
Continuing Education: To retain a license and fulfill continual education responsibilities according to state requirements.
The Utah Principal Lending Manager (PLM) Exam is challenging for various reasons. The tests encompass everything from the statutes about lending activities to the regulations regarding lending activities and lending activities specifically in Utah, as well as the ethical practices pertaining to lending in Utah. Nonetheless, it is possible to accomplish this goal, provided you prepare well in advance.
How GCA Forums Mortgage Group Can Help
Gustan Cho Associates’ GCA Forums Mortgage Group will be a helpful tool for this level of preparation:
Materials: They furnish students with reading materials in the form of past questions, revision questions, and explanations, which will assist them in preparing for the Utah PLM exam.
Tests: They assist in obtaining and sitting for a number of practice tests to prepare them or help them if they need to improve in specific areas.
Experts: The forum gives a chance to post or ask questions that need guidance from those who have been able to pass the exam before.
People: Talk to other students to get tips on the tips you can use, the resources you require, and the moral support you might need.
Difficulty of the Utah PLM Exam
Content: The exam focuses on Utah lending laws and regulations, ethical conduct, and even fundamental lending aspects but provides no non-trivial detail on such topics.
Structure: Strictly speaking, it always contains multiple-choice questions, assessing the candidate’s knowledge and ability to apply knowledge in Practice.
Preparation: Many think it is harder because one must understand the nuances of Utah laws and regulations and those of the US.
What the GCA Forums Mortgage Group is Capable of
Detailed Study Guides: The group provides secondary learning with comprehensive understanding as they create section by section of even the most complex topics.
Practice Exams: Get access to test-like questions in practice exams to help you become comfortable with the kind and way of questioning.
Interactive Forums: Interact with several other learners and professionals who may offer advice and experience and answer questions in real-time.
Expert-Led Sessions: Attend webinars or Q&A sessions with skilled mortgage specialists, which can provide additional insights and a higher level of understanding.
Customized Study Plans: They may target the areas requiring improvement by altering the study scope depending on your strengths and weaknesses.
Now, you can go into the heat of the exam and come out successfully because of the confidence that you are armed with. Does this help clear some things up?