20 HR MLO SAFE COMPREHENSIVE
MLO FUNDAMENTALS HOMEWORK
MLOs Must comply w requirements of the National Do-Not-Call Registry and UPDATE
any download of registry at LEAST Every: - ANSWER-31 days
The appraisal approach that is used as the best indicator of values for the existing
properties is : - ANSWER-Market Data Approach
The Equal Credit Opportunity Act is implemented by the CFPB's: - ANSWER-Regulation
B
Excessivelendingactivityforthepurposeofgeneratingfeesandcommissionsiscalled: -
ANSWER-Churning
Excessivelendingactivityforthepurposeofgeneratingfeesandcommissionsiscalled: -
ANSWER-Negative amortization
Excessivelendingactivityforthepurposeofgeneratingfeesandcommissionsiscalled: -
ANSWER-FACTA-Fair and Accurate Credit Transaction Act of 2003
Whenever a mortgage loan originator discusses an ARM product, the Truth in Lending
Act requires they provide to the borrower (at application or within 3 business days of
application) the booklet - ANSWER-CHARM
FHA sellers are permitted to provide financing concessions up to 6% of the: - ANSWER-
Sales Price
APR disclosed for a regular transaction the allowable tolerance of: - ANSWER-.125% or
1/8th
The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS-developed
Mort- gage Loan Originator Test with a score of: - ANSWER-75%
The Consumer Financial Protection Act of 2010 establishes the Consumer Financial
Protection Bureau (CFPB), as an independent entity housed within the: - ANSWER-
Federal Reserve
TRID requires that the Closing Disclosure must be completed and made available for
inspec- tion: - ANSWER-3 business days prior to consummation
VA loans allow for a maximum LTV of what percent? - ANSWER-100%
MLO FUNDAMENTALS HOMEWORK
MLOs Must comply w requirements of the National Do-Not-Call Registry and UPDATE
any download of registry at LEAST Every: - ANSWER-31 days
The appraisal approach that is used as the best indicator of values for the existing
properties is : - ANSWER-Market Data Approach
The Equal Credit Opportunity Act is implemented by the CFPB's: - ANSWER-Regulation
B
Excessivelendingactivityforthepurposeofgeneratingfeesandcommissionsiscalled: -
ANSWER-Churning
Excessivelendingactivityforthepurposeofgeneratingfeesandcommissionsiscalled: -
ANSWER-Negative amortization
Excessivelendingactivityforthepurposeofgeneratingfeesandcommissionsiscalled: -
ANSWER-FACTA-Fair and Accurate Credit Transaction Act of 2003
Whenever a mortgage loan originator discusses an ARM product, the Truth in Lending
Act requires they provide to the borrower (at application or within 3 business days of
application) the booklet - ANSWER-CHARM
FHA sellers are permitted to provide financing concessions up to 6% of the: - ANSWER-
Sales Price
APR disclosed for a regular transaction the allowable tolerance of: - ANSWER-.125% or
1/8th
The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS-developed
Mort- gage Loan Originator Test with a score of: - ANSWER-75%
The Consumer Financial Protection Act of 2010 establishes the Consumer Financial
Protection Bureau (CFPB), as an independent entity housed within the: - ANSWER-
Federal Reserve
TRID requires that the Closing Disclosure must be completed and made available for
inspec- tion: - ANSWER-3 business days prior to consummation
VA loans allow for a maximum LTV of what percent? - ANSWER-100%
