Safe Mortgage Loan Originator|75 Test Questions with 100% Correct Answers | Updated | Guaranteed A+

An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant .Which of the following is not included on the Adverse Action Notice? - ️️C. The right to dispute the credit denial Under the Home Ownership Equity Protection act which loan would be identified as a high cost mortgage? - ️️B. A $95,000 loan with $6175 in fees. Which of the following is not considered a "prohibited basis." under Regulation B? - ️️C. Gender The Home Mortgage Disclosure Act requires lenders to ask applicants and borrowers for information regarding their ethnicity, race, and sex even when applications are made entirely by telephone, mail, or the Internet. If an applicant submitting his or her application in person fails to provide the information from an applicant's. - ️️C. Appearance and surname What law requires mortgage loan originators to implement a written identity thief prevention program to detect the warning signs of identity theft? - ️️A. Fair and Accurate Credit Transaction Act of 2003 Assume a refinance closing is set for Thursday and that all material disclosures and notices are provided to the parties at the time. What is the first day this refinance could fund? - ️️D. Tuesday RESPA places restrictions on lender's requirement for tax and insurance escrow accounts. In addition, the servicer may add an amount to maintain a cushion no greater than: - ️️B. 1/6 of the estimated total annual payments from the account Mortgage originators must provide the borrower with a copy of the Loan Estimate no later than: - ️️A. Three business days after the application is received