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問題一覧
1
what is the maximum seller concessions on conventional loans if the LTV is over 90% ?
3%
2
What are the maximum seller concessions for FHA loans?
6%
3
What are the maximum seller concessions for VA loans?
4%
4
What are the maximum seller concessions for USDA Loans?
6%
5
What are the 2 appraisals of VA Loans?
NOV & CRV
6
What items 6 items make up a complete application?
Name , Social Security Number , Income , Loan amount , Subject Property’s Address, Estimate of subject property’s value
7
Where is HMDA information found on the 1003 loan application?
Section 8
8
HOEPA applies to which one of the following types of loans?
Refinances
9
Under the “Late Payment” heading of a LE, there is a statement that states if 10 days pass after a payment is due, a $300 charge will apply. Does this statement conform to federal regulations? why or why not ?
Yes. This statement satisfies all as par ts of the relvant regulation
10
Which Tolerance threshold applies to escrow accounts
No or Unlimited Tolerance
11
A borrower just received a large bonus, which she plans to use for the down payment of her house. For how many days must the money be in her bank account for her to be able to use the funds ?
60 days
12
What information does schedule B-1 of an ALTA title commitment provide ?
Requirements that must be met before a title policy will be issued
13
What information does schedule B-2 of an ALTA title commitment provide ?
identifies standard exceptions, or flaws, that are not being insured in the policy.
14
The Dodd Frank Act created CFPB to Promote transparency for mortgages and other financial products (T/F)?
True
15
Which of these statement is true about Qualified mortgages ?
it meets CFPB guidelines
16
How long must all mortgage loan advertisements and commercial communication regarding a mortgage credit report to be retained for?
2 years
17
As an MLO what are you permitted to ask the prospective borrower if they have any children?
“How many dependents do you have?”
18
As an MLO what may you ask a prospective borrower regarding their marital status?
“Are you Married, Unmarried or Separated?”
19
What is a Defeasance Clause ?
A clause that requires the borrower to pay off their loan & the lender is required to send a satisfaction of mortgage notice to the borrower within 60 days of paying off the loan
20
What’s a Subordination clause?
A clause that permits a senior mortgage to assume a junior lien position
21
What’s a Escalation Clause?
Allows the lender to increase the interest rate of the loan under certain conditions
22
What’s a Lis pendens?
A notice filed by the lender when it initiates a foreclosure lawsuit
23
What are the three common dispersement plans in a construction mortgage?
Voucher, Fixed & Warrants
24
What’s a FHA Reverse Mortgage Called?
HECM
25
What’s the Penalty for violations the SAFE Act?
$34,401 per violation
26
Who enforces FCRA ?
FTC
27
Who enforces TILA?
CFPB
28
Who enforces RESPA?
CFPB
29
Who created DNC List?
FTC & FCC
30
Who implemented HMDA
FRB
31
Who created Red Flag Rules ?
FTC & FACTA
32
What’s the IRS Form 8821
Tax information authoritization
33
What’s the 4506 C?
Request for transcript of tax return
34
What’s a QWR?
A Qualified Written Request that imposes a duty to respond to borrowers inquiries & requires that the lender acknowledge receipts of the request within 5 business days & seek to resolve the issues within 30 days with a 15 day extension if needed, if it’s connection to notices of error submitted by the borrower.
35
TILA applies to credit transactions payable in how many installments
5 installments or more
36
How many pages is the CD?
5 pages
37
How many pages is the LE?
3 pages
38
When a settlement service provider asks in a transaction refers a consumer to another provider with ownership or beneficial interest of more than 1% what should be provided?
Affiliated Business Arrangement
39
At what percentage of ownership interest is the RESPA Affiliated Business Arrangement disclosure required to be provided to borrowers ?
1%
40
when should the service provider provide the ABA form to the consumer ?
At or Before referral ( or immediately)
41
ABA stands for ?
Affiliated Business Arrangement
42
Is the consumer obligated to use the affiliated business arrangement?
No
43
For 2025, a consumer loan secured by the consumer's principal dwelling is considered a high-cost mortgage (HOEPA) if the total points and fees exceed either__ of the total loan amount for loans of $26,968 or more,
5%
44
How long must lenders maintain records of all compensation paid to loan originators after payment date?
3 years
45
How long must loan originators retain copies of all compensation agreements with creditors & any documents of payments made by creditors to the loan origination?
3 years
46
Creditor must provide the new owner with a copy of the disclosures, How long must the new owner retain the records ?
5 years
47
Are MLOs required to provide their UI to consumers before acting as an MLO & through written documentation?
Yes MLOs must provide their UI to consumers when required
48
What type of loan are not assumable ?
Conventional
49
NMLS considers “Successive years” to mean:
2 years
50
If a MLO need to change NMLS record such as their name, address, employment, legal status or other disclosure. What is the MLO required to do?
Notify NMLS immediately
51
To obtain temporary authority a MLO must:
Be employed by a state licensed mortgage company in the state they’re applying to, registered as an MLO for 1 year preceding the application submission or for 30 days preceding the application date
52
The NMLS period for renewing license begins:
November 1
53
The NMLS period for renewing license ends:
December 31
54
When does currency transaction report have to be filed?
within 15 calendar days
55
Where is borrowers Name found on the uniform residential loan application
Section 1
56
Where can you locate information about prospective borrowers income on fannie form 1003
Section 1
57
In which section of URLA can you locate loan amount sought
section 4
58
Section 8 in form 1003 contains information about prospective borrower’s:
Demographics
59
which section contains information about prospective borrowers assets & liabilities on URLA
section 2
60
Hard inquiries typically:
are triggered by a formal loan application & can affect the borrowers credit score
61
Soft Inquiries is best defined as:
inquiries used for prequalification that does not affect the borrowers credit score