Federal Mortgage-Related Laws questions well answered 2023 latest update
Federal Mortgage-Related Laws questions well answered 2023 latest updateWhat information is a mortgage loan originator NOT allowed to ask a borrower who is applying for a home mortgage? A. Receipt of public assistance B. Sex C. Ethnicity D. Race - correct answer A. Receipt of public assistance A mortgage loan originator may not ask a borrower if the source of income is public assistance. The other issues may be asked in order to comply with the Home Mortgge Disclosure Act Which fee can be collected prior to delivery of a Loan Estimate and Closing Disclosure? A. Credit report fee B. Application fee C. No fees can be collected prior to delivery of these disclosures D. Any legitimate fee can be collected prior to delivery of these disclosures - correct answer A. Credit report fee Mortgage loan originators are forbidden from imposing or collecting any fee — prior to delivering the required disclosures A mortgage broker rents office space from a title company at a discount in exchange for referring customers for settlement services. Which federal law does this arrangement violate? A. TILA B. RESPA C. SAFE Act D. It does not violate any federal law. - correct answer B. RESPA
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