Which is not a purpose for the Mortgage Servicing Disclosure Statement?
A) To inform the consumer the likelihood that the mortgage could be sold
B) To inform the consumer the likelihood that the servicing of the mortgage will be sold
C) To explain the resolution of "servicing complaints" required by law
D) To disclose the percentages of the loan closings this lender has serviced in the last three
years - ANSWER A) To inform the consumer the likelihood that the mortgage could be
sold
Which act establishes disclosure requirements and prohibits equity stripping and other abu-
sive practices in connection with "high cost" mortgages?
A) HMDA
B) HPA
C) HOEPA
D) CRA - ANSWER C) HOEPA
The term "20 basis points" expressed as a percentage is
A) .20%
B) .02%
C) 2.00%
D) 20.00% - ANSWER A) .20%
1
, What does a loan originator use to determine the estimated value of a property based on an
analytical comparison of similar property sales?
A) An area survey
B) A market survey
C) An appraisal
D) A cost-benefit analysis - ANSWER C) An appraisal
The Fraud Enforcement and Recovery Act was adopted by Congress in 2009 to
A) Respond to the rising incidence of foreclosure scams
B) Strengthen the Red Flags Rules
C) Respond to identity theft and help victims restore their credit
D) Facilitate the prosecution of those who commit mortgage fraud - ANSWER D) Facili-
tate the prosecution of those who commit mortgage fraud
The federal agency that is responsible for the implementation and enforcement of the PA-
TRIOT Act is
A) The Department of Homeland Security
B) The Federal Reserve Board
C) The Department of Housing and Urban Development
D) The Treasury Department - ANSWER D) The Treasury Department
The Real Estate Settlement Procedures Act includes all of the following provisions except
A) It prohibits receipt of referral fees
B) It requires the use of a uniform settlement statement
2
A) To inform the consumer the likelihood that the mortgage could be sold
B) To inform the consumer the likelihood that the servicing of the mortgage will be sold
C) To explain the resolution of "servicing complaints" required by law
D) To disclose the percentages of the loan closings this lender has serviced in the last three
years - ANSWER A) To inform the consumer the likelihood that the mortgage could be
sold
Which act establishes disclosure requirements and prohibits equity stripping and other abu-
sive practices in connection with "high cost" mortgages?
A) HMDA
B) HPA
C) HOEPA
D) CRA - ANSWER C) HOEPA
The term "20 basis points" expressed as a percentage is
A) .20%
B) .02%
C) 2.00%
D) 20.00% - ANSWER A) .20%
1
, What does a loan originator use to determine the estimated value of a property based on an
analytical comparison of similar property sales?
A) An area survey
B) A market survey
C) An appraisal
D) A cost-benefit analysis - ANSWER C) An appraisal
The Fraud Enforcement and Recovery Act was adopted by Congress in 2009 to
A) Respond to the rising incidence of foreclosure scams
B) Strengthen the Red Flags Rules
C) Respond to identity theft and help victims restore their credit
D) Facilitate the prosecution of those who commit mortgage fraud - ANSWER D) Facili-
tate the prosecution of those who commit mortgage fraud
The federal agency that is responsible for the implementation and enforcement of the PA-
TRIOT Act is
A) The Department of Homeland Security
B) The Federal Reserve Board
C) The Department of Housing and Urban Development
D) The Treasury Department - ANSWER D) The Treasury Department
The Real Estate Settlement Procedures Act includes all of the following provisions except
A) It prohibits receipt of referral fees
B) It requires the use of a uniform settlement statement
2
