SAFE Mortgage Loan Originator Test - National 255 Component with Uniform State Content| Questions and Answers(A+ Solution guide)

What does UST stand for? - Uniform State Test Who does the CFPB protect? - The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) - a.Protect consumers from excessive settlement costs and unearned fees b.Limit the amount of funds that creditors can require consumers to deposit into escrow accounts c.Establish disclosures, policies, and procedures to facilitate timely communications between loan servicers and consumers Who is responsible for the enforcement of RESPA and for issuing implementing regulations? - The CFPB What are RESPA's regulations called? - Regulation X Which 2 documents replaced RESPA's Good Faith Estimate and the Truth-in-Lending Disclosure? - 1.) Loan Estimate 2.) Closing DisclosureWhat types of mortgages does RESPA cover? - "Federally-related mortgage loans," the requirements of RESPA apply to virtually every home loan secured by a mortgage. What type of loans does RESPA not pertain to? - a. Loans for business, commercial, or agricultural purposes b. Temporary financing c. Loans secured by vacant land d. The sale of a loan into the secondary market e. Loan conversions (same note - new terms) Is compensating someone for a referral legal? - No!!!