20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW Exam Questions With Verified Answers

20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW Exam Questions With Verified Answers Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - answer31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market data approach Neighborhood value approach - answerMarket data approach The Truth in Lending Act is contained in Title I of the: Real Estate Settlement Procedures Act Fair Credit Reporting Act Consumer Credit Protection Act Equal Credit Opportunity Act - answerConsumer Credit Protection Act FHA (Federal Housing Administration) sellers are permitted to provide financing concession up to 6 percent of the: Sales price Loan amount FHA non-allowable closing cost Origination charges - answerSales price The APR disclosure for a regular transaction the allowable tolerance of: .250% 1% .125% .500% - answer.125% = 1/8 The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS-developed Mortgage Loan Originator Test with a score of: 80 or better 75 or better 70 or better 65 or better - answer75 or better The Consumer Financial Protection Act of 2010 establishes Consumer Financial Protection Bureau (CFPB), as an independent entity housed within the: Federal Housing Finance Agency Federal Trade Commission Federal National Mortgage Association Federal Reserve System - answerFederal Reserve System TRID requires that the Closing Disclosure must be completed and made available for inspection: a. During the business day immediately preceding the day of settlement b. The day of consummation