記憶度
15問
35問
0問
0問
0問
アカウント登録して、解答結果を保存しよう
問題一覧
1
Sellers and telemarketers who violate the Do Not call provision may face?
$46,517-$50,120 civil penalty for each violation
2
What Two laws created CFPB?
Dodd Frank Act & Consumer Protection Act
3
RESPA (Regulation Z) Prohibits kickbacks between:
Settlement Service Providers
4
15 Days
5
If a lender takes Adverse Action on an applicants mortgage loan application, what must the lender provide to the applicant?
Notification Describing the Adverse Action Taken, but use of the term “ Adverse Action” is not required
6
If a borrower rescinds, the borrower is entitled to a full refund of any funds provided to escrow within how many days ?
20
7
Late charges for VA loans are capped at:
4%
8
Funding Fee
9
Whats the expiration of loan estimate settlement charges
10 Business Days from when the loan originator provided it to the borrower
10
Which of the following can you not discriminate against?
All the Above
11
What is the maximum fine an MLO may be charged for a violation of state rules?
$34,401 per offense may be charged for licensee who violate license law
12
Which of the following according to the civil rights act can you not discriminate against?
Race
13
What’s the Recission Period ?
3 Business Days
14
If an application is declined, the financial institution must notify the applicant within
30 Days and must deliver to applicant a written statement specifying the reasons for denial
15
Once a complete credit application has been submitted to a lender, how long does the lender have to inform the applicant of the credit decision?
30 Days
16
If a lender does not provide notice of their right to rescind to consumer, the consumer will have and extended right of rescission up to:
3 years
17
What are two forms required by TRID rules to be used in all lender financed residential closings?
Loan estimate & Closing Disclosure
18
The right of rescission Applies to:
HELOCs & Refinances of borrowers primary residence
19
The right of rescission does not apply to:
purchase loans, construction loans, commercial loans, second homes
20
Who created NMLS ( Nationwide multi state licensing system & registry) ?
CSBS & AARMR
21
Lender is required to keep escrow cancellation notice for how many years ?
2 years after loan consummation
22
If a property is sold within 180 days to 1 year it is subject to:
Additional review to establish value
23
If a property is sold within 91 to 180 days it is subject to:
Second independent appraisal that is required & borrower cannot be charged for
24
If a borrower is purchasing a home being sold within 90 days the borrower is
ineligible to use FHA loan
25
The 4 C’s of Underwriting
Credit, Collateral, Capital, Capacity
26
Qualified mortgages have a limit on upfront points and fees. Assuming a loan amount of $200,000 or more, the point can’t exceed __ of the total loan amount
3%
27
Applicants are subject to a waiting period of how many days after the failed attempt of the first and second test?
30 Days
28
After every third failed test, applicants are subject to a waiting period of how many days before retaking the test?
180 days
29
Fannie Mae & Freddie Mac purchases first lien mortgages that are secured by:
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
Regulation N provides 19 examples of the _____ that were the subject of enforcement actions before its adoption
Most common advertising misrepresentations
31
The conference of state bank supervisors and the american association of residential mortgage regulators created a:
Model state law (MSL) to assist individual states with overseeing loan origination and mortgage services
32
What is the Fair housing Act protected classes:
Race , Color , Religion , National Origin, Sex, Familial Status , Disability
33
What is ECOA protected Classes?
Race , Color , Religion , Sex, National Origin , Marital Status , Age, Receipt of Public Assistance
34
Loans Covered under TILA (Truth in lending Act) Reg Z:
Home Mortgages , Reverse Mortgages , (Private) Student Loans , Credit Card Loans , HELOCs, Installment Loans
35
Who needs to be licensed ?
MLOs, Mortgage Bankers , Mortgage Brokers, Independent Contractors
36
CFPB oversees and enforces federal mortgage related acts and law including:
ECOA, FCRA , HMDA, HOEPA, RESPA, SAFE Act, TILA, E-Sign Act
37
What is the name of the AUS ( Automated underwriting system) Used for Sec 502 Loans ?
GUS
38
What is the purpose of Sec 216 of the FACT Act ?
To properly dispose of consumer report information and records
39
What Agency oversees credit unions ?
NCUA
40
A loan will be considered a high price mortgage loan ( HPML) if:
The APR is 2.5% higher than the APOR on first lien “Jumbo” loans
41
When is the borrower’s first mortgage payment due?
on the first day of the second month after closing
42
What’s does the 8 hours of continuing education include:
3 hr of federal law , 2 hr of ethics , 2 hr of Nontraditional mortgage products , 1 hr of electives
43
10% Tolerance (fees cannot increase more than 10% in any given category] include:
The borrower selects the settlement service from a lender provided list , lender selects service provider, recording fees
44
Zero tolerance ( fees may not increase before closing) include
loan application , underwriting , points, origination fees, yield spread premiums
45
Unlimited / No tolerance (fees for which the cost is out of the lender’s control) include
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
What’s the minimum and maximum amount of flood insurance needed ?
$100,000 & $250,000
47
Whats the 4 elements of a valid contract?
Competent parties, mutual consent, lawful objective & consideration
48
An applicant can request a statement of reasons within how many days of receiving the original adverse notice ?
60 days
49
If an application for credit is denied based on the appraisal the borrower has how many days to request a copy
90
50
If an application for credit is denied based on the appraisal the lender has how many days to deliver the copy once borrower requests it ?
30
51
ECOA deals primarily with what:
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
What is Included in the APR:
processing fees, origination fees, discount fees, interest rates , underwriting fees, mortgage broker fees
53
What is not included in the APR ?
Title insurance, Escrow, notary fee, Appraisal , credit report, termite inspection & seller credits
54
When do you give the servicing transfer statement ?
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
Fannie Mae requires only a__ year history to be reviewed for all credit & public information
7 years
56
whats the minimum downpayment for a FHA loan for borrowers credit score that is 580 or higher
3.5%
57
What is the minimum downpayment for a FHA loan for Borrowers that have a credit score between 500-579
10%
58
At what credit score is the borrower not eligible for FHA Loan
below 500
59
Whats the late fee for a VA Loan?
4% of PNI
60
Whats the late fee for a FHA Loan?
4% of PNI
61
What’s the late fee for a USDA Loan
4% of PNI
62
Whats the late fee for a Conventional loan?
5% of PNI
63
How many months of PITI payments must be verified for a loan on a non-owner occupied property?
6 months
64
How many months of PITI payments must be verified for a loan on a owner occupied property ?
2 months
65
What percentage of ownership do you need to be self employed?
25%
66
If the credit report does not show a required minimum payment amount the lender should use an amount equal to what percent of the outstanding balance ?
5%
67
Commission, overtime bonus & part time income must be averaged over how many years ?
2 years
68
What is a 203(b) loan?
FHA Fixed rate loan
69
what is a 203(k) loan
Rehab Loan
70
If a consumer requests cancellation of their escrow account the lender must deliver an escrow closing notice no later than how many days before closure of the account ?
3 business days
71
If the escrow account is closed for any other reason aside from request from borrower when must the lender deliver an escrow closing notice ?
no later than 30 business days before the escrow account is closed
72
2 types of freehold estates:
Fee simple Absolute & Fee simple defeasible
73
How long must you retain the DNC ( Do not call) List ?
5 years
74
How long must you retain the MAP ( Mortgage Acts & practices) records?
3 years
75
How long do you have to retain the LAR ( Loan application registry) ?
25 months
76
How long do you have to retain the LOC ?
3 years
77
How long do you have to retain SAR (Suspicious Activity Report)?
5 years
78
How long do you have to retain ECOA disclosure ?
25 months
79
How long do you have to retain the Affiliated business disclosure records?
3 years
80
Who maintains flood maps?
FEMA
81
When must lenders remove PMI for conforming loans?
Lenders should remove PMI when LTV reaches 78% and the equity reaches 22%
82
When should the lender remove the PMI for nonconforming loans ?
Lenders should remove PMI when the LTV reaches 77% and the equity reaches 23%
83
What is Warehouse Funding:
Occurs when a lender obtains funds for closing from a line of credit extended by a commercial bank
84
What is an Estoppel letter?
The closing agent sends an estoppel letter to the seller’s lender requesting the payoff amount
85
What are the 4 types of legal descriptions for properties
Monument Method, Lot & Block survey system, US Public land survey system , Metes & Bounds method
86
What is a CTR:
Currency Transaction Report
87
Who is the CTR under:
BSA/ AML
88
Who is the BSA/AML under:
USA Patriot Act
89
What is the penalty for sending an unauthorized fax?
$500 per fax sent
90
What does MARS stand for:
The Mortgage Assistance Relief Services Rule
91
No fees are collected without a ___ from the borrower
Written Agreement
92
What does MARS prohibit?
A negotiator interfering with communication between the borrower and lender & Negotiator telling borrowers to stop paying their mortgage
93
The lender has how many days after closing to refund the borrower any portion of the charges that exceed the acceptable amount of tolerance levels?
60 Business days
94
TILA (Reg Z) was implemented by:
FRB
95
Who Administers TILA (Reg Z):
CFPB
96
A creditor must respond to a payoff request within how many days?
7 business days
97
Who took control of Fannie mae & Freddie Mac in 2008 ?
Federal Housing Finance Agency (FHFA)
98
What is the Appraisal Recertification called?
Form 442
99
A borrowers repayment history on previous mortgages & rent must be verified for how long?
12 months
100
Who enforces ECOA (Reg B)?
CFPB