National and UST Mortgage Practice
Exam 5 Questions and Answers Graded
A+
The Telemarketing Sales Rule prohibits calls:
A. Made to a customer after 8:00 a.m. or before 9:00 p.m.
B. Made to consumers who have specifically asked a mortgage professional not to
contact them
B. To consumers not listed on the Do-Not-Call Registry
C. To customers who established a business relationship within the last 12 months -
Correct answer-B. Made to consumers who have specifically asked a mortgage
professional not to contact them
The Telemarketing Sales Rule prohibits calls made to consumers before 8:00am or
after 9:00pm. Also, mortgage professionals may not make calls to consumers listed
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,on the Do-Not-Call List or if an established business relationship is over 18 months
old. Finally, mortgage professionals must repsect a consumer's specific request to
be removed from a contact list.
The first step in the closing process is:
A. Rescission
B. Funding
C. Application
D. Steering - Correct answer-B. Funding
The first step in the closing process is funding. This occurs when the lender wires
funds to the title company or closing attorney. Once the closing has occurred, the
title company is authorized to release funds to the parties (disbursement).
Depending on state law and the type of transaction, disbursement could occur at
closing or several days later.
An underwriter would expect to see _____ in order to document the income of a
commissioned borrower.
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, A. Two years' tax returns if the borrower's commissions represent 20% of his/her
income
B. 1099s from the previous year
C. Profit and loss statement and two years' tax returns
D. Two years' tax returns and all schedules if the commission income is more than
25% of income - Correct answer-D. Two years' tax returns and all schedules if the
commission income is more than 25% of income
Commissioned borrowers must show two year's tax returns if their commission
income is more than 25% of their total income.
The Nationwide Multistate Licensing System and Registry was developed and is
maintained by:
A. The FHFA and CFPB
B. The CSBS and AARMR
C. The CFPB and CSBS
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Exam 5 Questions and Answers Graded
A+
The Telemarketing Sales Rule prohibits calls:
A. Made to a customer after 8:00 a.m. or before 9:00 p.m.
B. Made to consumers who have specifically asked a mortgage professional not to
contact them
B. To consumers not listed on the Do-Not-Call Registry
C. To customers who established a business relationship within the last 12 months -
Correct answer-B. Made to consumers who have specifically asked a mortgage
professional not to contact them
The Telemarketing Sales Rule prohibits calls made to consumers before 8:00am or
after 9:00pm. Also, mortgage professionals may not make calls to consumers listed
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,on the Do-Not-Call List or if an established business relationship is over 18 months
old. Finally, mortgage professionals must repsect a consumer's specific request to
be removed from a contact list.
The first step in the closing process is:
A. Rescission
B. Funding
C. Application
D. Steering - Correct answer-B. Funding
The first step in the closing process is funding. This occurs when the lender wires
funds to the title company or closing attorney. Once the closing has occurred, the
title company is authorized to release funds to the parties (disbursement).
Depending on state law and the type of transaction, disbursement could occur at
closing or several days later.
An underwriter would expect to see _____ in order to document the income of a
commissioned borrower.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, A. Two years' tax returns if the borrower's commissions represent 20% of his/her
income
B. 1099s from the previous year
C. Profit and loss statement and two years' tax returns
D. Two years' tax returns and all schedules if the commission income is more than
25% of income - Correct answer-D. Two years' tax returns and all schedules if the
commission income is more than 25% of income
Commissioned borrowers must show two year's tax returns if their commission
income is more than 25% of their total income.
The Nationwide Multistate Licensing System and Registry was developed and is
maintained by:
A. The FHFA and CFPB
B. The CSBS and AARMR
C. The CFPB and CSBS
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
