The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers

The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers 1. Which of the following is NOT a loan origination activity? - answerC. Assisting in a loan modification 2. A unilateral contract is binding on: - answerA. One party 3. Loan originator organizations must keep compensation records for how many years? - answerC. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - answerB. Three months 5. How many years must loan originator applicants wait after a felony fraud conviction, in order to qualify for a license? - answerD. 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? - answerC. They aren't eligible for licensing 7. Who chooses force-placed hazard insurance companies? - answerA. Lender 8. Which of the following is required for an FHA Streamline refinance loan? - answerC. Current on mortgage payments for the last three months 9. What law addresses loan originators' compensation issues? - answerB. Loan Origination Rule 10. Commercial telemarketers are restricted to calling: - answerC. Between 8 AM and 9 PM 11. Commercial telemarketers must search the Do-Not-Call registry: - answerB. Every 31 days 12. In order to send a fax, advertisers must: - answerA. Have an established business relationship with recipient 13. The first page of an advertiser's fax must include: - answerD. Opt-out instructions 14. What type of real estate co-ownership is only for married couples? - answerC. Tenancy by the entireties 15. Increasing neighborhood crime exemplifies what type of depreciation? - answerA. Economic obsolescence 16. What agency was established to respond to consumer financial complaints? - answerD. Consumer Financial Protection Bureau 17. What law protects homeowners from foreclosure-prevention scams? - answerB. Mortgage Assistance Relief Services Rule 18. Individuals must file a report when they transport how much cash out of the country? - answerB. $10,000 or more 19. What type of federal report is filed when financial institutions detect suspicious activity? - answerA. Suspicious Activity Report 20. What agency becomes the receiver for some failing financial institutions? - answerA. Federal Deposit Insurance Company 21. The ability-to-repay regulation applies to: - answerC. Investment home purchases 22. Which of the following is NOT a feature of a qualified mortgage? - answerC. Maximum debt-to-income ratio of 50 percent 23. Individuals submit an annual Report of Foreign Bank and Financial Accounts to: - answerA. IRS 24. Which of the following is part of the Mortgage Assistance Relief Services Rule? - answerC. Negotiators can't interfere with communication between borrowers and 25. Loan originators aren't allowed to receive compensation: - answerA. Based on loan terms 26. High-cost home loans require a borrower to: - answerB. Receive homeownership counseling 27. Which law prohibits discrimination by lenders? - answerC. Total amount of payments 28. Which of the following is NOT true of high-cost home loans? - answerB. Borrower must have a minimum credit score of 650 29. Which of the following does NOT have zero variance between the GFE and HUD-1? - answerA. Title insurance 30. Which of the following can have an unlimited variance between the GFE and HUD-1? - answerA. Hazard insurance