Ameritrain Practice SAFE MLO Exam Questions Answered Correctly
Service release premium - Answers Reference to receiving a fee for giving up the rights to
servicing a loan would be associated with:
Securitization - Answers Purchasing and pooling loans and converting them into mortgage
backed securities would be associated with:
FHA - Answers Reference to a loan that is insured would be associated with:
Loan Prospector (LP) - Answers The Freddie Mac automated underwriting system would be
associated with:
VA - Answers Reference to a funding fee would be associated with:
Fannie Mae and Freddie Mac - Answers A government sponsored enterprise (GSE) would be
associated with:
Table funding - Answers Providing funds to a mortgage broker at closing and then having the
mortgage broker transfer the loan to the funding entity after closing would be associated with:
TRID - Answers The "toolkit" would be associated with:
The expired license would need to be reinstated - Answers Reference to what happens if a
person with an expired license wants to continue originating would be associated with:
Borrower - Answers If a person is committing fraud for property it would be associated with:
Power of Attorney (POA) - Answers Referring to "Attorney in fact" would be associated with
Churning - Answers A loan originator who charges excessive fees for his benefit is associated
with:
Fair Credit Reporting Act (FCRA) - Answers The regulation of consumer reporting agencies
would be associated with:
Abstract of Title - Answers The Historical listing of property owners
VA appraisal - Answers A certificate of reasonable value would be associated with:
Choosing not to lend in certain challenged communities - Answers The term redlining would be
associated with:
The Equal Credit Opportunity Act (ECOA) - Answers Reference to marital status would be
associated with:
Tenants in common - Answers Reference to leaving property to your heirs would be associated
with:
, A retirement account - Answers Reference to 60 percent of a vested interest for reserves would
be associated with:
The SAFE ACT version - Answers Referring to any product other than a 30-year fixed rate
mortgage would be associated with:
Model State Law (MSL) - Answers Referring to the template that was created to help states
implement the SAFE Act on a state level would be associated with:
RESPA - Answers The settlement process is associated with:
Subprime loans - Answers The "Interagency Guidance on Non-Traditional Mortgage Product
Risk" would be associated with:
RESPA - Answers Cost of services is associated with:
FHA - Answers A loan program associated with HUD would also be associated with:
The U.S. Department of Justice - Answers Reference to the final decision as to whether a
participant in a third-party mortgage fraud transaction will be prosecuted, and under which
statute a participant would be charged, is usually associated with:
DIDMCA - Depository Institutions Deregulation and Monitory Control Act - Answers Reference to
deregulation would be associated with:
Title theory - Answers Reference to a form of title where the lender has legal title would be
associated with:
Cost approach appraisal - Answers Determining the cost to rebuild would be associated with:
A violation of RESPA Section 8 - Answers Reference to an MLO paying a fee to a real estate
agent for a referral is:
Violation of GLBA - Answers Reference to not providing the consumer the option to opt out of
having their information shared is:
The SAFE Act - Answers The law which is also known as regulation "H" would be associated
with:
If an MLO fails to meet the renewal requirements by the 31st of December, their license to
originate loans in that state will expire. - Answers Reference to what happens if an MLO license
in a state is not renewed by the renewal date would be associated with:
The SAFE Act - Answers The law that is Title V of HERA would be associated with:
E-Sign - Answers Reference to an applicant receiving electronic documents and the lender
accepting an electronic signature would be associated with:
Service release premium - Answers Reference to receiving a fee for giving up the rights to
servicing a loan would be associated with:
Securitization - Answers Purchasing and pooling loans and converting them into mortgage
backed securities would be associated with:
FHA - Answers Reference to a loan that is insured would be associated with:
Loan Prospector (LP) - Answers The Freddie Mac automated underwriting system would be
associated with:
VA - Answers Reference to a funding fee would be associated with:
Fannie Mae and Freddie Mac - Answers A government sponsored enterprise (GSE) would be
associated with:
Table funding - Answers Providing funds to a mortgage broker at closing and then having the
mortgage broker transfer the loan to the funding entity after closing would be associated with:
TRID - Answers The "toolkit" would be associated with:
The expired license would need to be reinstated - Answers Reference to what happens if a
person with an expired license wants to continue originating would be associated with:
Borrower - Answers If a person is committing fraud for property it would be associated with:
Power of Attorney (POA) - Answers Referring to "Attorney in fact" would be associated with
Churning - Answers A loan originator who charges excessive fees for his benefit is associated
with:
Fair Credit Reporting Act (FCRA) - Answers The regulation of consumer reporting agencies
would be associated with:
Abstract of Title - Answers The Historical listing of property owners
VA appraisal - Answers A certificate of reasonable value would be associated with:
Choosing not to lend in certain challenged communities - Answers The term redlining would be
associated with:
The Equal Credit Opportunity Act (ECOA) - Answers Reference to marital status would be
associated with:
Tenants in common - Answers Reference to leaving property to your heirs would be associated
with:
, A retirement account - Answers Reference to 60 percent of a vested interest for reserves would
be associated with:
The SAFE ACT version - Answers Referring to any product other than a 30-year fixed rate
mortgage would be associated with:
Model State Law (MSL) - Answers Referring to the template that was created to help states
implement the SAFE Act on a state level would be associated with:
RESPA - Answers The settlement process is associated with:
Subprime loans - Answers The "Interagency Guidance on Non-Traditional Mortgage Product
Risk" would be associated with:
RESPA - Answers Cost of services is associated with:
FHA - Answers A loan program associated with HUD would also be associated with:
The U.S. Department of Justice - Answers Reference to the final decision as to whether a
participant in a third-party mortgage fraud transaction will be prosecuted, and under which
statute a participant would be charged, is usually associated with:
DIDMCA - Depository Institutions Deregulation and Monitory Control Act - Answers Reference to
deregulation would be associated with:
Title theory - Answers Reference to a form of title where the lender has legal title would be
associated with:
Cost approach appraisal - Answers Determining the cost to rebuild would be associated with:
A violation of RESPA Section 8 - Answers Reference to an MLO paying a fee to a real estate
agent for a referral is:
Violation of GLBA - Answers Reference to not providing the consumer the option to opt out of
having their information shared is:
The SAFE Act - Answers The law which is also known as regulation "H" would be associated
with:
If an MLO fails to meet the renewal requirements by the 31st of December, their license to
originate loans in that state will expire. - Answers Reference to what happens if an MLO license
in a state is not renewed by the renewal date would be associated with:
The SAFE Act - Answers The law that is Title V of HERA would be associated with:
E-Sign - Answers Reference to an applicant receiving electronic documents and the lender
accepting an electronic signature would be associated with:
