Mortgage Loan Originator Exam
Questions With Complete Solutions 2024
What jdoes jRESPA jstand jfor? j- jANS✓✓-The jReal jEstate jSettlement jProcedures
jAct j(Regulation jX)
What jdoes jECOA jstand jfor? j- jANS✓✓-Equal jCredit jOpportunity jAct j(Regulation
jB)
What jdoes jTILA jstand jfor? j- jANS✓✓-Truth jIn jLending jAct j(Regulation jZ)
What jdoes jTRID jstand jfor? j- jANS✓✓-TILA-RESPA jIntegrated jDisclosure jRule
j(a.k.a. j"Know jBefore jYou jOwe")
What jdoes jCFPB jstand jfor? j- jANS✓✓-Consumer jFinancial jProtection jBureau
What jdoes jNMLS jstand jfor? j- jANS✓✓-Nationwide jMortgage jLicensing jSystem
jand jRegistry
What jis jSAFE jand jUST? j- jANS✓✓-Secure jand jFair jEnforcement jfor jMortgage
jand jLicensing jAct jof j2008, jand jUniform jState jTest.
Included jin jthe jLoan jEstimate, jall jof jthe jfollowing jare jpart jof jthe jfinance
jcharge jexcept jthe:
A. jAppraisal jcost
B. jVA jfunding jfee
C. jPer jdiem jinterest
D. jOrigination jcharges j- jANS✓✓-A. jAppraisal jcost
If jan japplicant jworks j40 jhours jevery jweek jand jis jpaid j$13.52 jper jhour, jwhat jis
jthe japplicant's jmonthly jincome?
A. j$2,163.20
B. j$2,343.47
C. j$2,379.52
D. j$2,487.68 j- jANS✓✓-B. j$2,343.47
According jto jthe jTILA, jwhich jof jthe jfollowing jfees jis jexcluded jfrom jthe
jcalculation jof jthe jAPR?
A. jWire jTransfer
B. jPrepaid jinterest
C. jHazard jInsurance
, D. jMortgage jinsurance jpremiums j- jANS✓✓-C. jHazard jinsurance
Brokerage jServices j- jANS✓✓-Include jobtaining jor jattempting jto jobtain, jon
jbehalf jof ja jborrower, ja jresidential jmortgage jloan, jsecured jby jresidential jreal
jestate, jmade jwith jthe jfunds jof janother jinstitutional jlender jand jclosed jin jthe
jname jof jeither jthat jlender jor jthe jlicensee, jfor ja jfee jpaid jby jthe jborrower jor jthe
jinstitutional jlender.
What jis jDBO? j- jANS✓✓-Department jof jBusiness jOversight, jone jof jthe jtwo
jagencies jthat jgoverns jMortgage-related jactivities jin jCalifornia
What joccurred junder jthe jGovernor's jReorganization jPlan? j- jANS✓✓-The
jDepartment jof jCorporations jand jthe jDepartment jof jFinancial jInstitutions jwere
jmerged jas jof jJuly j1, j2013, jinto jthe jDepartment jof jBusiness jOversight j(DBO).
What jagency jis jthe jDepartment jof jBusiness jOversight j(DBO) junder? j- jANS✓✓-
The jBusiness, jConsumer jServices jand jHousing jAgency
The jCommissioner jmust jconduct ja jcompliance jexamination jat jleast jevery jhow
jmany jmonths? j- jANS✓✓-48 jMonths
When jmust ja jResidential jMortgage jLender jor jServicer jpost ja jsurety jbond? j-
jANS✓✓-Must jpost ja jsurety jbond jwhether jor jnot jit jemploys jone jor jmore
jmortgage jloan joriginators.
A jsurety jbond jmust jbe jposted jin jwhat jamount jif ja jResidential jMortgage jLender
jor jServicer jemploys jone jor jmore jMortgage jloan joriginators? j- jANS✓✓-Must
jmaintain ja jsurety jbond jbased jon jthe jdollar jamount jof jresidential jmortgage
jloans jit joriginated jor jserviced jin jthe jpreceding jcalendar jyear.
A jMortgage jBroker jor jFinance jLender jmust jmaintain ja jsurety jbond jin jwhat
jamount? j- jANS✓✓-$25,000
A jlicensed jmortgage jlender jor jServicer jmust jmaintain ja jminimum jtangible jnet
jworth jof jhow jmuch? j- jANS✓✓-$250,000
A jfinance jlender jor jBroker jlicensee jmust jhave ja jminimum jnet jworth jof jhow
jmuch? j- jANS✓✓-$25,000
A jlicensed jmortgage jlender jor jServicer jmust jmaintain jwhat jminimum jnet jworth
jif jit jemploys jMortgage jLoan jOriginators? j- jANS✓✓-$250,000
RMLA jstands jfor? j- jANS✓✓-Residential jMortgage jLending jAct
Questions With Complete Solutions 2024
What jdoes jRESPA jstand jfor? j- jANS✓✓-The jReal jEstate jSettlement jProcedures
jAct j(Regulation jX)
What jdoes jECOA jstand jfor? j- jANS✓✓-Equal jCredit jOpportunity jAct j(Regulation
jB)
What jdoes jTILA jstand jfor? j- jANS✓✓-Truth jIn jLending jAct j(Regulation jZ)
What jdoes jTRID jstand jfor? j- jANS✓✓-TILA-RESPA jIntegrated jDisclosure jRule
j(a.k.a. j"Know jBefore jYou jOwe")
What jdoes jCFPB jstand jfor? j- jANS✓✓-Consumer jFinancial jProtection jBureau
What jdoes jNMLS jstand jfor? j- jANS✓✓-Nationwide jMortgage jLicensing jSystem
jand jRegistry
What jis jSAFE jand jUST? j- jANS✓✓-Secure jand jFair jEnforcement jfor jMortgage
jand jLicensing jAct jof j2008, jand jUniform jState jTest.
Included jin jthe jLoan jEstimate, jall jof jthe jfollowing jare jpart jof jthe jfinance
jcharge jexcept jthe:
A. jAppraisal jcost
B. jVA jfunding jfee
C. jPer jdiem jinterest
D. jOrigination jcharges j- jANS✓✓-A. jAppraisal jcost
If jan japplicant jworks j40 jhours jevery jweek jand jis jpaid j$13.52 jper jhour, jwhat jis
jthe japplicant's jmonthly jincome?
A. j$2,163.20
B. j$2,343.47
C. j$2,379.52
D. j$2,487.68 j- jANS✓✓-B. j$2,343.47
According jto jthe jTILA, jwhich jof jthe jfollowing jfees jis jexcluded jfrom jthe
jcalculation jof jthe jAPR?
A. jWire jTransfer
B. jPrepaid jinterest
C. jHazard jInsurance
, D. jMortgage jinsurance jpremiums j- jANS✓✓-C. jHazard jinsurance
Brokerage jServices j- jANS✓✓-Include jobtaining jor jattempting jto jobtain, jon
jbehalf jof ja jborrower, ja jresidential jmortgage jloan, jsecured jby jresidential jreal
jestate, jmade jwith jthe jfunds jof janother jinstitutional jlender jand jclosed jin jthe
jname jof jeither jthat jlender jor jthe jlicensee, jfor ja jfee jpaid jby jthe jborrower jor jthe
jinstitutional jlender.
What jis jDBO? j- jANS✓✓-Department jof jBusiness jOversight, jone jof jthe jtwo
jagencies jthat jgoverns jMortgage-related jactivities jin jCalifornia
What joccurred junder jthe jGovernor's jReorganization jPlan? j- jANS✓✓-The
jDepartment jof jCorporations jand jthe jDepartment jof jFinancial jInstitutions jwere
jmerged jas jof jJuly j1, j2013, jinto jthe jDepartment jof jBusiness jOversight j(DBO).
What jagency jis jthe jDepartment jof jBusiness jOversight j(DBO) junder? j- jANS✓✓-
The jBusiness, jConsumer jServices jand jHousing jAgency
The jCommissioner jmust jconduct ja jcompliance jexamination jat jleast jevery jhow
jmany jmonths? j- jANS✓✓-48 jMonths
When jmust ja jResidential jMortgage jLender jor jServicer jpost ja jsurety jbond? j-
jANS✓✓-Must jpost ja jsurety jbond jwhether jor jnot jit jemploys jone jor jmore
jmortgage jloan joriginators.
A jsurety jbond jmust jbe jposted jin jwhat jamount jif ja jResidential jMortgage jLender
jor jServicer jemploys jone jor jmore jMortgage jloan joriginators? j- jANS✓✓-Must
jmaintain ja jsurety jbond jbased jon jthe jdollar jamount jof jresidential jmortgage
jloans jit joriginated jor jserviced jin jthe jpreceding jcalendar jyear.
A jMortgage jBroker jor jFinance jLender jmust jmaintain ja jsurety jbond jin jwhat
jamount? j- jANS✓✓-$25,000
A jlicensed jmortgage jlender jor jServicer jmust jmaintain ja jminimum jtangible jnet
jworth jof jhow jmuch? j- jANS✓✓-$250,000
A jfinance jlender jor jBroker jlicensee jmust jhave ja jminimum jnet jworth jof jhow
jmuch? j- jANS✓✓-$25,000
A jlicensed jmortgage jlender jor jServicer jmust jmaintain jwhat jminimum jnet jworth
jif jit jemploys jMortgage jLoan jOriginators? j- jANS✓✓-$250,000
RMLA jstands jfor? j- jANS✓✓-Residential jMortgage jLending jAct
