20 HOUR SAFE APPLYING MORTGAGE KNOWLEDGE TO EXAM PREPARATION QUESTIONS AND ANSWERS.pdf

20 HOUR SAFE APPLYING
MORTGAGE KNOWLEDGE TO EXAM
PREPARATION QUESTIONS AND
ANSWERS
TheFpenaltiesFforFpayingForFacceptingFanFillegalFreferralFfeeFare:



a.FFinesFofFupFtoF$5,000FandFupFtoFoneFyearFinFprison

b.FFinesFofFupFtoF$10,000FandFupFtoFoneFyearFinFprison

c.FFinesFofFupFtoF$10,000FandFupFtoFthreeFyearsFinFprison

d.FFinesFofFupFtoF$20,000FandFupFtoFoneFyearFinFprisonF-FCORRECTFANSWERS-B



AnFannualFescrowFanalysisFisFusedFtoFdoFwhichFofFtheFfollowing?



a.FReportFunderwritingFerrors

b.FPreventFescrowFoverages

c.FEnsureFtheFloanFisFproperlyFamortized

d.FReduceFburdenFonFtheFservicerF-FCORRECTFANSWERS-B



TheFdisclosureFrequirementsFofFRESPAFwouldFapplyFtoFwhichFofFtheFfollowingFloans?F



a.FAFloanFtoFpurchaseF75FacresFofFland

b.FAFfarmFloan

c.FAFloanFtoFpurchaseFaFpropertyFthatFincludesFaFgasFstationFandFconvenienceFstoreF

d.FAFloanFtoFpurchaseFaFduplexFandFrehabilitateFitFintoFaFsingle-familyFdwellingF-
FCORRECTFANSWERS-D

,AFcustomerFwithFanFexcellentFcreditFscoreFsubmitsFaFloanFapplication.FWhenFdoesFECOAFrequireFth
atFtheFapplicantFbeFadvisedFofFtheFstatusFofFtheFapplication?



a.FWithinFoneFweek

b.FWithinFthreeFdays

c.FWithinF30Fdays

d.FWithinF90FdaysF-FCORRECTFANSWERS-C



Mr.FJones'sFloanFapplicationFhasFbeenFdeniedFandFheFisFprovidedFwithFanFAdverseFActionFNoticeFasF
requiredFbyFECOA.FWhichFofFtheFfollowingFpiecesFofFinformationFwouldFnotFbeFincludedFonFtheFnot
ice?



a.FInformationFonFtheFcreditFreportingFagencyFifFtheFadverseFactionFisFbasedFonFhisFcreditFreport

b.FReasonsFforFtheFdenialFofFcredit

c.FAFdescriptionFofFcreditFheFrequested

d.FHisFcreditFscoreF-FCORRECTFANSWERS-D



AccordingFtoFfairFlendingFlaws,FwhichFofFtheFfollowingFmayFloanFapplicantsFbeFaskedFtoFdiscloseFfor
FHMDAFdataFcollectionFpurposes?F




a.FTheirFreligionF

b.FTheirFraceF

c.FIfFtheyFwillFstopFworkingFonceFtheyFhaveFchildrenF

d.FIfFtheyFplanFtoFhaveFmoreFthanFoneFchildF-FCORRECTFANSWERS-B



FinanceFchargesFalwaysFincludeFwhichFofFtheFfollowing?
F



a.FMortgageFbrokerFfeeF

, b.FTitleFinsuranceFchargesF

c.FDocumentFpreparationFfeesF

d.FCreditFreportFfeeF-FCORRECTFANSWERS-A



WhichFofFtheFfollowingFisFnotFincludedFinFcalculatingFtheFAPR?F



a.FDiscountFpointsF

b.FUnderwritingFfeesF

c.FPMIF

d.FEscrowFfeesF-FCORRECTFANSWERS-D



TheFamountFofFtheFdownFpayment,FtheFamountFofFtheFfinanceFcharge,ForFtheFnumberFofFpayment
sFneededFareFallFexamplesFofF_______________FunderFTILA.F



a.FComponentsFofFtheFfinanceFchargeF

b.FComponentsFofFtheFAPRF

c.FTriggerFtermsF

d.FProhibitedFdisclosuresF-FCORRECTFANSWERS-C



AFborrowerFhasFgoneFtoFsettlementFforFaFcash-
outFrefinanceFonFTuesdayFforFhisFprincipalFresidence.FHisFrescissionFperiodFisFoverFatFmidnightFonFF
riday.FAccordingFtoFtheFprovisionsFspecifiedFunderFfederalFlaw,FwhatFisFtheFfirstFpossibleFdayFtheFlo
anFcouldFfund?F



a.FTuesdayF

b.FFridayF

c.FSaturdayF