The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2 | 100 Questions and Answers(A+ Solution guide)

1. Which of the following is NOT a loan origination activity? - C. Assisting in a loan modification 2. A unilateral contract is binding on: - A. One party 3. Loan originator organizations must keep compensation records for how many years? - C. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - B. Three months 5. How many years must loan originator applicants wait after a felony fraud conviction, in order to qualify for a license? - D. They aren't eligible for licensing 6. How many years must loan originator applicants wait after having a loan origination license revoked in another state, in order to qualify for a license? - C. They aren't eligible for licensing 7. Who chooses force-placed hazard insurance companies? - A. Lender 8. Which of the following is required for an FHA Streamline refinance loan? - C. Current on mortgage payments for the last three months 9. What law addresses loan originators' compensation issues? - B. Loan Origination Rule 10. Commercial telemarketers are restricted to calling: - C. Between 8 AM and 9 PM 11. Commercial telemarketers must search the Do-Not-Call registry: - B. Every 31 days