2013 4 HOUR WA SAFE
WASHINGTON MORTGAGE LAW
- FINAL EXAM (TRAININGPRO)
1. 1. In order to improve the understanding that consumers have of the terms
of a mortgage loan, Washington law requires
The elimination of the multiple disclosures required by mortgage lending laws,
and the exclusive use of a single-page disclosure
A one-page disclosure summary used in addition to other disclosures
Loan counseling for every borrower that uses his/her primary residence as
collateral for a loan
Loan options, with a written explanation of the advantages and disadvantages
of each product offered
Answer A one-page disclosure summary used in addition to other disclosures
(X) Loan options, with a written explanation of the advantages and disadvantages of each product ottered
1/
17
,2. 2. Effective April 1, 2013, mortgage loan originator license applicants in
Washington must complete hours of pre-licensing education and pass the
National and Tests prior to becoming licensed.
24; Uniform State
24; State-specific
22; Uniform State
22; State-specific
Answer 22; Uniform State
3. 3. A distressed home consultant has a fiduciary duty to do all of the following,
except
Act in a homeowner's best interest
Disclose all immaterial facts to the homeowner
Use reasonable care while performing its duties
Provide a proper accounting to the homeowner
Answer Disclose all immaterial facts to the home- owner
2/
17
, 4. 4. Grounds for denying a loan originator application include all but which of
the following?
A history of unpaid debt in the past 18 months
Tax liens that exceed $5,000
Foreclosures in the past ten years
Suspension of a license in another state
Answer Foreclosures in the past ten years
3/
17
WASHINGTON MORTGAGE LAW
- FINAL EXAM (TRAININGPRO)
1. 1. In order to improve the understanding that consumers have of the terms
of a mortgage loan, Washington law requires
The elimination of the multiple disclosures required by mortgage lending laws,
and the exclusive use of a single-page disclosure
A one-page disclosure summary used in addition to other disclosures
Loan counseling for every borrower that uses his/her primary residence as
collateral for a loan
Loan options, with a written explanation of the advantages and disadvantages
of each product offered
Answer A one-page disclosure summary used in addition to other disclosures
(X) Loan options, with a written explanation of the advantages and disadvantages of each product ottered
1/
17
,2. 2. Effective April 1, 2013, mortgage loan originator license applicants in
Washington must complete hours of pre-licensing education and pass the
National and Tests prior to becoming licensed.
24; Uniform State
24; State-specific
22; Uniform State
22; State-specific
Answer 22; Uniform State
3. 3. A distressed home consultant has a fiduciary duty to do all of the following,
except
Act in a homeowner's best interest
Disclose all immaterial facts to the homeowner
Use reasonable care while performing its duties
Provide a proper accounting to the homeowner
Answer Disclose all immaterial facts to the home- owner
2/
17
, 4. 4. Grounds for denying a loan originator application include all but which of
the following?
A history of unpaid debt in the past 18 months
Tax liens that exceed $5,000
Foreclosures in the past ten years
Suspension of a license in another state
Answer Foreclosures in the past ten years
3/
17
