©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
Mortgage Loan Originator Fundamentals
Homework. Exam Questions And Answers.
Verified And Updated.
Mortgage loan originators who make cold calls must comply with the requirements of the
National Do-Not-Call registry and the DO-Not-Call rules. the Loan originator needs to update
any download of registry at least every?
A 31 days
B 18 months
C 7 days
D Year - Answer✔A) 31 days
The appraisal approach that is used as the best indicator of value for existing properties is?
A) Similar property approach
B) Fair market value approach
C) Sales Comparison Approach
D) Neighborhood value approach - Answer✔C) Sales comparison approach.
The Equal Credit Opportunity Act is implemented by the CFPB's:
Regulation B
Regulation C
Regulation X
Regulation Z - Answer✔A) Regulation B (ECOA)
FHA sellers are permitted to provide financing concessions up to 6 percent of the:
1|Page
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
A) Sales price
B) Loan Amount
C) FHA non-allowable closing costs
D) Origination charges - Answer✔A) Sales Price
The Final APR disclosed, for a regular transaction, must be within the allowable tolerance of:
A) .250%
B) 1%
C) .125%
D) .500% - Answer✔C) .125%
The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS developed Mortgage
Loan Originator Test with a score of:
A) 80% or better.
B) 75% or better.
C) 70% or better
D) 65% or better. - Answer✔B) 75% or better.
The Consumer Financial Protection Act of 2010 establishes the Consumer Financial Protection
Bureau (CFPB), as an independent entity housed within the:
A) Federal Housing Finance Agency
B) Federal Trade Commission
C) Federal National Mortgage Association
D) Federal Reserve System - Answer✔D) Federal Reserve System
TRID requires that the Closing Disclose must be completed and made available for inspection:
A) During the business day immediately preceding the day of settlement
B) The day of consummation
C) Within 3 days of application
D) 3 business days prior to consummation - Answer✔D) 3 business days prior to consummation
VA loans allow for a maximum LTV of what percent?
A) 90%
B) 95%
2|Page
Mortgage Loan Originator Fundamentals
Homework. Exam Questions And Answers.
Verified And Updated.
Mortgage loan originators who make cold calls must comply with the requirements of the
National Do-Not-Call registry and the DO-Not-Call rules. the Loan originator needs to update
any download of registry at least every?
A 31 days
B 18 months
C 7 days
D Year - Answer✔A) 31 days
The appraisal approach that is used as the best indicator of value for existing properties is?
A) Similar property approach
B) Fair market value approach
C) Sales Comparison Approach
D) Neighborhood value approach - Answer✔C) Sales comparison approach.
The Equal Credit Opportunity Act is implemented by the CFPB's:
Regulation B
Regulation C
Regulation X
Regulation Z - Answer✔A) Regulation B (ECOA)
FHA sellers are permitted to provide financing concessions up to 6 percent of the:
1|Page
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
A) Sales price
B) Loan Amount
C) FHA non-allowable closing costs
D) Origination charges - Answer✔A) Sales Price
The Final APR disclosed, for a regular transaction, must be within the allowable tolerance of:
A) .250%
B) 1%
C) .125%
D) .500% - Answer✔C) .125%
The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS developed Mortgage
Loan Originator Test with a score of:
A) 80% or better.
B) 75% or better.
C) 70% or better
D) 65% or better. - Answer✔B) 75% or better.
The Consumer Financial Protection Act of 2010 establishes the Consumer Financial Protection
Bureau (CFPB), as an independent entity housed within the:
A) Federal Housing Finance Agency
B) Federal Trade Commission
C) Federal National Mortgage Association
D) Federal Reserve System - Answer✔D) Federal Reserve System
TRID requires that the Closing Disclose must be completed and made available for inspection:
A) During the business day immediately preceding the day of settlement
B) The day of consummation
C) Within 3 days of application
D) 3 business days prior to consummation - Answer✔D) 3 business days prior to consummation
VA loans allow for a maximum LTV of what percent?
A) 90%
B) 95%
2|Page
