All but which of the following are not covered by RESPA?
a) Simple assumptions
b) The sale of loans on the secondary market
c) Loans intended for sale
... [Show More] to Freddie Mac
d) Bridge loans - ANSWER-c) Loans intended for sale to Freddie Mac
The requirement to include the credit repository's name and address on the adverse action notice is established through:
a) ECOA
b) FCRA
c) ECOA & FCRA
d) FACTA - ANSWER-b) FCRA
Which regulation governs the issuance of the CHARM?
a) TILA
b) RESPA
c) ECOA
d) HMDA - ANSWER-a) TILA
What is the maximum penalty that the Commissioner may impose against a licensee?
a) $10,000
b) $25,000
c) One year in prison
d) $5,000 - ANSWER-b) $25,000
Convincing an appraiser to fraudulently overvalue a property that is ultimately sold for the artificially-inflated price with the fraudulent proceeds split between the seller and the appraiser is an example of:
a) Fraud for housing
b) An air loan
c) Fraud for profit
d) Illegal property flipping - ANSWER-c) Fraud for profit
An advertisement promoting a 3.5% interest rate should also disclose:
a) Nothing else since 3.5% is a pretty great rate
b) Whether the rate is fixed or adjustable
c) Whether the rate is fully amortizing or may result in a balloon payment
d) The APR, whether the rate is fixed or adjustable, if adjustable what the term is, and, if it contains a balloon component, those terms as well - ANSWER-d) The APR, whether the rate is fixed or adjustable, if adjustable what the term is, and, if it contains a balloon component, those terms as well
Which of the following disclosures is not required by RESPA for a refinance transaction?
a) HUD's Home Loan Toolkit
b) Loan Estimate
c) Mortgage Servicing Disclosure Statement
d) ABAD - ANSWER-a) HUD's Home Loan Toolkit
All but which of the following must be completed prior to securing a license to originate mortgages?
a) Remitting payment of the appropriate fees
b) Securing a letter of reference from a previous business contact
c) Obtaining a unique identifier
d) Completing the appropriate education - ANSWER-b) Securing a letter of reference from a previous business contact
Which of the following is not a part of state supervisory authority?
a) Examining, taking, and preserving testimony
b) Suspending, terminating, or refusing renewal of a loan originator's license
c) Administering oaths and affirmations
d) Establishing maximum interest rate caps - ANSWER-d) Establishing maximum interest rate caps
hat were the primary overseers of mortgage industry reform?
a) The CSBS, HUD, and the FTC
b) The CSBS, FTC, and the AARMR
c) The CSBS, NMLS, and HUD
d) The CSBS, HUD, and the AARMR - ANSWER-d) The CSBS, HUD, and the AARMR
A mortgage originator receives a call from a friend who wishes to rent a house to a potential renter. The friend does not wish to purchase a credit report but has authorization to access the applicant's credit. To avoid having to pay for a report, the friend asks the loan originator to order the potential tenant's credit report on his behalf. The loan originator agrees to and does so. Consequently, the loan originator:
a) Violated the FCRA
b) Complied with the law since the applicant gave permission
c) Complied with the law but should bill his friend for the cost of the credit report
d) Violated the FACTA - ANSWER-a) Violated the FCRA
The Safeguards Rule is a component of what federal regulation?
a) The Gramm-Leach-Bliley Act
b) The FTC Red Flags Rule
c) The U.S.A. Patriot Act
d) RESPA - ANSWER-a) The Gramm-Leach-Bliley Act
An option loan affords all but which of the following four payment options:
a) Interest only [Show Less]