Mortgage Loan Originator Exam UPDATED
Exam Questions and CORRECT Answers
AARMR - CORRECT ANSWER - American Association of Residential Mortgage
Regulators
AML - CORRECT ANSWER - Anti-Money Laundering
APR - CORRECT ANSWER - Annual Percentage Rate
ARM - CORRECT ANSWER - Adjustable Rate Mortgage
BSA - CORRECT ANSWER - Bank Secrecy Act
CC&R - CORRECT ANSWER - covenants, conditions, and restrictions
CE - CORRECT ANSWER - continuing education
CFPB - CORRECT ANSWER - Consumer Finance Protection Bureau
CFR - CORRECT ANSWER - Code of Federal Regulations
CHARM - CORRECT ANSWER - Consumer Handbook on Adjustable Rate Mortgages
COFI - CORRECT ANSWER - Cost of Funds Index
COSI - CORRECT ANSWER - Cost of Savings Index
,CRV - CORRECT ANSWER - Certificate of Reasonable Value
CSBC - CORRECT ANSWER - Conference of State Bank Supervisors
DTI - CORRECT ANSWER - debt to income ratio
ECOA - CORRECT ANSWER - Equal Credit Opportunity Act
FACTA - CORRECT ANSWER - Fair and Accurate Credit Transaction Act of 2003
FCRA - CORRECT ANSWER - Fair Credit Reporting Act
FEMA - CORRECT ANSWER - Federal Emergency Management Agency
FFIEC - CORRECT ANSWER - Federal Financial Institutions Examination Council
FHA - CORRECT ANSWER - Federal Housing Administration
FInCEN - CORRECT ANSWER - Financial Crimes Enforcement Network
FTC - CORRECT ANSWER - Federal Trade Commission
GFE - CORRECT ANSWER - Good Faith Estimate
GPM - CORRECT ANSWER - graduated payment mortgage
,HECM - CORRECT ANSWER - Home Equity Conversion Mortgage
HELOC - CORRECT ANSWER - Home Equity Line of Credit
HLTV or HCLTV - CORRECT ANSWER - Home equity line of credit loan to value
HMDA - CORRECT ANSWER - Home Mortgage Disclosure Act
HOEPA - CORRECT ANSWER - Home Ownership and Equity Protection Act
HUD - CORRECT ANSWER - Housing and Urban Development
LIBOR - CORRECT ANSWER - London Interbank Offer Rate
LTV - CORRECT ANSWER - Loan to Value
MARS - CORRECT ANSWER - Mortgage Assistance Relief Services
MSA - CORRECT ANSWER - Mortgage Assistance Relief Services
MTA - CORRECT ANSWER - Monthly Treasury Average
NMLS - CORRECT ANSWER - Nationwide Mortgage Licensing System
NPI - CORRECT ANSWER - Non-public Personal Information
PITI - CORRECT ANSWER - Principal, Interest, Taxes, Insurance
, PMI - CORRECT ANSWER - Private Mortgage Insurance
QM - CORRECT ANSWER - Qualified Mortgage
QRM - CORRECT ANSWER - Qualified Residential Mortgage
RESPA **** - CORRECT ANSWER - Real Estate Settlement Procedures Act (Regulation
X)
SAFE - CORRECT ANSWER - Secure and Fair Enforcement
SAR - CORRECT ANSWER - Suspicious Activity Report
SRP - CORRECT ANSWER - Service Release Premium
TILA - CORRECT ANSWER - Truth-In-Lending Act, Regulation Z
UFMIP - CORRECT ANSWER - Up Front Mortgage Insurance Premium
USC - CORRECT ANSWER - US Code
USDA - CORRECT ANSWER - United States Department of Agriculture
UST - CORRECT ANSWER - Uniform State Test
VA - CORRECT ANSWER - Veterans Affairs
Exam Questions and CORRECT Answers
AARMR - CORRECT ANSWER - American Association of Residential Mortgage
Regulators
AML - CORRECT ANSWER - Anti-Money Laundering
APR - CORRECT ANSWER - Annual Percentage Rate
ARM - CORRECT ANSWER - Adjustable Rate Mortgage
BSA - CORRECT ANSWER - Bank Secrecy Act
CC&R - CORRECT ANSWER - covenants, conditions, and restrictions
CE - CORRECT ANSWER - continuing education
CFPB - CORRECT ANSWER - Consumer Finance Protection Bureau
CFR - CORRECT ANSWER - Code of Federal Regulations
CHARM - CORRECT ANSWER - Consumer Handbook on Adjustable Rate Mortgages
COFI - CORRECT ANSWER - Cost of Funds Index
COSI - CORRECT ANSWER - Cost of Savings Index
,CRV - CORRECT ANSWER - Certificate of Reasonable Value
CSBC - CORRECT ANSWER - Conference of State Bank Supervisors
DTI - CORRECT ANSWER - debt to income ratio
ECOA - CORRECT ANSWER - Equal Credit Opportunity Act
FACTA - CORRECT ANSWER - Fair and Accurate Credit Transaction Act of 2003
FCRA - CORRECT ANSWER - Fair Credit Reporting Act
FEMA - CORRECT ANSWER - Federal Emergency Management Agency
FFIEC - CORRECT ANSWER - Federal Financial Institutions Examination Council
FHA - CORRECT ANSWER - Federal Housing Administration
FInCEN - CORRECT ANSWER - Financial Crimes Enforcement Network
FTC - CORRECT ANSWER - Federal Trade Commission
GFE - CORRECT ANSWER - Good Faith Estimate
GPM - CORRECT ANSWER - graduated payment mortgage
,HECM - CORRECT ANSWER - Home Equity Conversion Mortgage
HELOC - CORRECT ANSWER - Home Equity Line of Credit
HLTV or HCLTV - CORRECT ANSWER - Home equity line of credit loan to value
HMDA - CORRECT ANSWER - Home Mortgage Disclosure Act
HOEPA - CORRECT ANSWER - Home Ownership and Equity Protection Act
HUD - CORRECT ANSWER - Housing and Urban Development
LIBOR - CORRECT ANSWER - London Interbank Offer Rate
LTV - CORRECT ANSWER - Loan to Value
MARS - CORRECT ANSWER - Mortgage Assistance Relief Services
MSA - CORRECT ANSWER - Mortgage Assistance Relief Services
MTA - CORRECT ANSWER - Monthly Treasury Average
NMLS - CORRECT ANSWER - Nationwide Mortgage Licensing System
NPI - CORRECT ANSWER - Non-public Personal Information
PITI - CORRECT ANSWER - Principal, Interest, Taxes, Insurance
, PMI - CORRECT ANSWER - Private Mortgage Insurance
QM - CORRECT ANSWER - Qualified Mortgage
QRM - CORRECT ANSWER - Qualified Residential Mortgage
RESPA **** - CORRECT ANSWER - Real Estate Settlement Procedures Act (Regulation
X)
SAFE - CORRECT ANSWER - Secure and Fair Enforcement
SAR - CORRECT ANSWER - Suspicious Activity Report
SRP - CORRECT ANSWER - Service Release Premium
TILA - CORRECT ANSWER - Truth-In-Lending Act, Regulation Z
UFMIP - CORRECT ANSWER - Up Front Mortgage Insurance Premium
USC - CORRECT ANSWER - US Code
USDA - CORRECT ANSWER - United States Department of Agriculture
UST - CORRECT ANSWER - Uniform State Test
VA - CORRECT ANSWER - Veterans Affairs
