MLO Practice Questions
問題一覧
1
$46,517-$50,120 civil penalty for each violation
2
Dodd Frank Act & Consumer Protection Act
3
Settlement Service Providers
4
15 Days
5
Notification Describing the Adverse Action Taken, but use of the term “ Adverse Action” is not required
6
20
7
4%
8
Funding Fee
9
10 Business Days from when the loan originator provided it to the borrower
10
All the Above
11
$34,401 per offense may be charged for licensee who violate license law
12
Race
13
3 Business Days
14
30 Days and must deliver to applicant a written statement specifying the reasons for denial
15
30 Days
16
3 years
17
Loan estimate & Closing Disclosure
18
HELOCs & Refinances of borrowers primary residence
19
purchase loans, construction loans, commercial loans, second homes
20
CSBS & AARMR
21
2 years after loan consummation
22
Additional review to establish value
23
Second independent appraisal that is required & borrower cannot be charged for
24
ineligible to use FHA loan
25
Credit, Collateral, Capital, Capacity
26
3%
27
30 Days
28
180 days
29
Residential properties when the dwelling consists of 1-4 units and can have occupancy that may be a principal residence, a second home or investment property
30
Most common advertising misrepresentations
31
Model state law (MSL) to assist individual states with overseeing loan origination and mortgage services
32
Race, Color, Religion, National Origin, Sex, Familial Status, Disability
33
Race, Color, Religion, Sex, National Origin, Marital Status, Age, Receipt of Public Assistance
34
Home Mortgages, Reverse Mortgages, (Private) Student Loans, Credit Card Loans, HELOCs, Installment Loans
35
MLOs, Mortgage Bankers, Mortgage Brokers, Independent Contractors
36
ECOA, FCRA, HMDA, HOEPA, RESPA, SAFE Act, TILA, E-Sign Act
37
GUS
38
To properly dispose of consumer report information and records
39
NCUA
40
The APR is 2.5% higher than the APOR on first lien “Jumbo” loans
41
on the first day of the second month after closing
42
3 hr of federal law, 2 hr of ethics, 2 hr of Nontraditional mortgage products, 1 hr of electives
43
The borrower selects the settlement service from a lender provided list, lender selects service provider, recording fees
44
loan application, underwriting, points, origination fees, yield spread premiums
45
service for which the borrower can shop, prepaid taxes, mortgage interest, homeowners insurance / insurance, fees for services not required by the lender such as; inspections or owners title policy
46
$100,000 & $250,000
47
Competent parties, mutual consent, lawful objective & consideration
48
60 days
49
90
50
30
51
ECOA deals primarily with prohibiting credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance
52
processing fees, origination fees, discount fees, interest rates , underwriting fees, mortgage broker fees
53
Title insurance, Escrow, notary fee, Appraisal , credit report, termite inspection & seller credits
54
No later than 15 business days before the transfer to the new servicer & The new service lender has 15 business days after the transfer to send the servicing transfer disclosure (Hello letter)
55
7 years
56
3.5%
57
10%
58
below 500
59
4% of PNI
60
4% of PNI
61
4% of PNI
62
5% of PNI
63
6 months
64
2 months
65
25%
66
5%
67
2 years
68
FHA Fixed rate loan
69
Rehab Loan
70
3 business days
71
no later than 30 business days before the escrow account is closed
72
Fee simple Absolute & Fee simple defeasible
73
5 years
74
3 years
75
25 months
76
3 years
77
5 years
78
25 months
79
3 years
80
FEMA
81
Lenders should remove PMI when LTV reaches 78% and the equity reaches 22%
82
Lenders should remove PMI when the LTV reaches 77% and the equity reaches 23%
83
Occurs when a lender obtains funds for closing from a line of credit extended by a commercial bank
84
The closing agent sends an estoppel letter to the seller’s lender requesting the payoff amount
85
Monument Method, Lot & Block survey system, US Public land survey system, Metes & Bounds method
86
Currency Transaction Report
87
BSA/ AML
88
USA Patriot Act
89
$500 per fax sent
90
The Mortgage Assistance Relief Services Rule
91
Written Agreement
92
A negotiator interfering with communication between the borrower and lender & Negotiator telling borrowers to stop paying their mortgage
93
60 Business days
94
FRB
95
CFPB
96
7 business days
97
Federal Housing Finance Agency (FHFA)
98
Form 442
99
12 months
100
CFPB
問題一覧
1
$46,517-$50,120 civil penalty for each violation
2
Dodd Frank Act & Consumer Protection Act
3
Settlement Service Providers
4
15 Days
5
Notification Describing the Adverse Action Taken, but use of the term “ Adverse Action” is not required
6
20
7
4%
8
Funding Fee
9
10 Business Days from when the loan originator provided it to the borrower
10
All the Above
11
$34,401 per offense may be charged for licensee who violate license law
12
Race
13
3 Business Days
14
30 Days and must deliver to applicant a written statement specifying the reasons for denial
15
30 Days
16
3 years
17
Loan estimate & Closing Disclosure
18
HELOCs & Refinances of borrowers primary residence
19
purchase loans, construction loans, commercial loans, second homes
20
CSBS & AARMR
21
2 years after loan consummation
22
Additional review to establish value
23
Second independent appraisal that is required & borrower cannot be charged for
24
ineligible to use FHA loan
25
Credit, Collateral, Capital, Capacity
26
3%
27
30 Days
28
180 days
29
Residential properties when the dwelling consists of 1-4 units and can have occupancy that may be a principal residence, a second home or investment property
30
Most common advertising misrepresentations
31
Model state law (MSL) to assist individual states with overseeing loan origination and mortgage services
32
Race, Color, Religion, National Origin, Sex, Familial Status, Disability
33
Race, Color, Religion, Sex, National Origin, Marital Status, Age, Receipt of Public Assistance
34
Home Mortgages, Reverse Mortgages, (Private) Student Loans, Credit Card Loans, HELOCs, Installment Loans
35
MLOs, Mortgage Bankers, Mortgage Brokers, Independent Contractors
36
ECOA, FCRA, HMDA, HOEPA, RESPA, SAFE Act, TILA, E-Sign Act
37
GUS
38
To properly dispose of consumer report information and records
39
NCUA
40
The APR is 2.5% higher than the APOR on first lien “Jumbo” loans
41
on the first day of the second month after closing
42
3 hr of federal law, 2 hr of ethics, 2 hr of Nontraditional mortgage products, 1 hr of electives
43
The borrower selects the settlement service from a lender provided list, lender selects service provider, recording fees
44
loan application, underwriting, points, origination fees, yield spread premiums
45
service for which the borrower can shop, prepaid taxes, mortgage interest, homeowners insurance / insurance, fees for services not required by the lender such as; inspections or owners title policy
46
$100,000 & $250,000
47
Competent parties, mutual consent, lawful objective & consideration
48
60 days
49
90
50
30
51
ECOA deals primarily with prohibiting credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance
52
processing fees, origination fees, discount fees, interest rates , underwriting fees, mortgage broker fees
53
Title insurance, Escrow, notary fee, Appraisal , credit report, termite inspection & seller credits
54
No later than 15 business days before the transfer to the new servicer & The new service lender has 15 business days after the transfer to send the servicing transfer disclosure (Hello letter)
55
7 years
56
3.5%
57
10%
58
below 500
59
4% of PNI
60
4% of PNI
61
4% of PNI
62
5% of PNI
63
6 months
64
2 months
65
25%
66
5%
67
2 years
68
FHA Fixed rate loan
69
Rehab Loan
70
3 business days
71
no later than 30 business days before the escrow account is closed
72
Fee simple Absolute & Fee simple defeasible
73
5 years
74
3 years
75
25 months
76
3 years
77
5 years
78
25 months
79
3 years
80
FEMA
81
Lenders should remove PMI when LTV reaches 78% and the equity reaches 22%
82
Lenders should remove PMI when the LTV reaches 77% and the equity reaches 23%
83
Occurs when a lender obtains funds for closing from a line of credit extended by a commercial bank
84
The closing agent sends an estoppel letter to the seller’s lender requesting the payoff amount
85
Monument Method, Lot & Block survey system, US Public land survey system, Metes & Bounds method
86
Currency Transaction Report
87
BSA/ AML
88
USA Patriot Act
89
$500 per fax sent
90
The Mortgage Assistance Relief Services Rule
91
Written Agreement
92
A negotiator interfering with communication between the borrower and lender & Negotiator telling borrowers to stop paying their mortgage
93
60 Business days
94
FRB
95
CFPB
96
7 business days
97
Federal Housing Finance Agency (FHFA)
98
Form 442
99
12 months
100
CFPB