A New York home loan of $300,000 in 2026 carries total points and fees of 5.5%. Assuming no FHA or VA purchase-money exception applies, does it cross the New York points-and-fees high-cost threshold?
Correct Answer
A) High-cost: the threshold is 5% at $50,000 or more
The threshold is met where total points and fees exceed five percent of the total loan amount if that amount is fifty thousand dollars or more. Other choices: New York uses five percent at this size; and the figure is 5 rather than 3 or 8. Source: N.Y. Banking Law § 6-l(1)(g)(ii)
Why This Is the Correct Answer
The threshold is met where total points and fees exceed five percent of the total loan amount if that amount is fifty thousand dollars or more. Other choices: New York uses five percent at this size; and the figure is 5 rather than 3 or 8. Source: N.Y. Banking Law § 6-l(1)(g)(ii)
More UST Questions
A Washington broker provides the federal settlement service estimates and booklet in 2026 and no separate state itemization. Can disclosures compliant with RESPA and Regulation X satisfy the state third-party itemization subsection?
Priya is comparing pre-license education providers before applying for a Florida mortgage loan originator license. How many hours of approved pre-license education must she complete in total?
An applicant is budgeting for a Florida MLO license and asks what the state application fee comes to at filing. Which figure is correct?
A newly sponsored Florida MLO is told she must buy an individual surety bond in her own name before she can originate. Is that correct?
A Washington consumer loan act licensee also brokers loans in 2026 outside the authority of that act. Does the consumer-loan-act exemption extend to mortgage brokerage outside that act’s authority?
A $200,000 Texas home equity loan has $3,700 in fees subject to the constitutional cap and a separate $600 fee for an appraisal performed by a third-party appraiser. Do the capped fees exceed the limit?
An owner applies for a Texas home equity loan on 4 May 2026 and the lender delivers the required notice on 8 May. Which date starts the constitutional 12-day waiting period for closing?
An owner closed a Texas home equity loan on 3 February 2026 and wants a second one on the same homestead in November 2026. Assuming no declared-emergency exception applies and the earlier home equity lien will be paid off, may the new loan close in November?
A Texas home equity loan forecloses and the sale leaves the lender $62,000 short of the balance owed. Absent actual fraud in obtaining the credit, may the lender recover the shortfall personally from the owner or spouse?
A Washington real estate broker helps a 2026 buyer arrange financing and takes only the usual sales commission. Does financing assistance incidental to a bona fide sale for only the customary real-estate commission fall within the exemption?
People Also Study
Federal Mortgage-Related Laws
24% of exam
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam