NATIONAL AND UST MORTGAGE PRACTICE EXAM 5 QUESTIONS AND CORRECT ANSWERS

NATIONAL AND UST MORTGAGE
PRACTICE EXAM 5 QUESTIONS AND
CORRECT ANSWERS
TheA2TelemarketingA2SalesA2RuleA2prohibitsA2calls:

A.A2MadeA2toA2aA2customerA2afterA28:00A2a.m.A2orA2beforeA29:00A2p.m.
B.A2MadeA2toA2consumersA2whoA2haveA2specificallyA2askedA2aA2mortgageA2professionalA2
notA2toA2contactA2them
B.A2ToA2consumersA2notA2listedA2onA2theA2Do-Not-CallA2Registry
C.A2ToA2customersA2whoA2establishedA2aA2businessA2relationshipA2withinA2theA2lastA212A2
monthsA2-A2Ans--
B.A2MadeA2toA2consumersA2whoA2haveA2specificallyA2askedA2aA2mortgageA2professionalA2
notA2toA2contactA2them

TheA2TelemarketingA2SalesA2RuleA2prohibitsA2callsA2madeA2toA2consumersA2beforeA28:00
amA2orA2afterA29:00pm.A2Also,A2mortgageA2professionalsA2mayA2notA2makeA2callsA2toA2con
sumersA2listedA2onA2theA2Do-Not-
CallA2ListA2orA2ifA2anA2establishedA2businessA2relationshipA2isA2overA218A2monthsA2old.A2Fi
nally,A2mortgageA2professionalsA2mustA2repsectA2aA2consumer'sA2specificA2requestA2toA2b
eA2removedA2fromA2aA2contactA2list.

TheA2firstA2stepA2inA2theA2closingA2processA2is:

A.A2Rescission
B.A2Funding
C.A2Application
D.A2SteeringA2-A2Ans--B.A2Funding

TheA2firstA2stepA2inA2theA2closingA2processA2isA2funding.A2ThisA2occursA2whenA2theA2lender
A2wiresA2fundsA2toA2theA2titleA2companyA2orA2closingA2attorney.A2OnceA2theA2closingA2hasA2
occurred,A2theA2titleA2companyA2isA2authorizedA2toA2releaseA2fundsA2toA2theA2partiesA2(dis
bursement).A2DependingA2onA2stateA2lawA2andA2theA2typeA2ofA2transaction,A2disbursemen
tA2couldA2occurA2atA2closingA2orA2severalA2daysA2later.

AnA2underwriterA2wouldA2expectA2toA2seeA2_____A2inA2orderA2toA2documentA2theA2incomeA
2ofA2aA2commissionedA2borrower.


A.A2TwoA2years'A2taxA2returnsA2ifA2theA2borrower'sA2commissionsA2representA220%A2ofA2hi
s/herA2income
B.A21099sA2fromA2theA2previousA2year
C.A2ProfitA2andA2lossA2statementA2andA2twoA2years'A2taxA2returns

, D.A2TwoA2years'A2taxA2returnsA2andA2allA2schedulesA2ifA2theA2commissionA2incomeA2isA2mo
reA2thanA225%A2ofA2incomeA2-A2Ans--
D.A2TwoA2years'A2taxA2returnsA2andA2allA2schedulesA2ifA2theA2commissionA2incomeA2isA2mo
reA2thanA225%A2ofA2income

CommissionedA2borrowersA2mustA2showA2twoA2year'sA2taxA2returnsA2ifA2theirA2commissio
nA2incomeA2isA2moreA2thanA225%A2ofA2theirA2totalA2income.

TheA2NationwideA2MultistateA2LicensingA2SystemA2andA2RegistryA2wasA2developedA2andA
2isA2maintainedA2by:


A.A2TheA2FHFAA2andA2CFPB
B.A2TheA2CSBSA2andA2AARMR
C.A2TheA2CFPBA2andA2CSBS
D.A2TheA2AARMRA2andA2CFPBA2-A2Ans--B.A2TheA2CSBSA2andA2AARMR

TheA2ConferenceA2ofA2StateA2BankA2SupervisorsA2(CSBS)A2andA2theA2AmericanA2Associa
tionA2ofA2ResidentialA2MortgageA2RegulatorsA2(AARMR)A2areA2twoA2organizationsA2respo
nsibleA2forA2creatingA2andA2implementingA2theA2NMLSA2(NationwideA2MultistateA2Licensin
gA2SystemA2andA2Registry).

ForA2ARMSA2characterizedA2byA2figuresA2likeA2"3/1,"A2"5/1,"A2"7/1,"A2orA2"10/1,"A2theA2firstA
2numberA2representsA2_____,A2andA2theA2secondA2numberA2representsA2_____.


A.A2TheA2startA2rate;A2theA2periodicA2cap
B.A2TheA2lockedA2term;A2theA2adjustmentA2frequency
C.A2TheA2initialA2cap;A2theA2periodicA2cap
D.A2TheA2lockedA2term;A2theA2adjustmentA2capA2-A2Ans--
B.A2TheA2lockedA2term;A2theA2adjustmentA2frequency

ARMsA2(AdjustableA2RateA2Mortgage)A2areA2oftenA2namesA2forA2theirA2features.A2InA2othe
rA2words,A2aA23/1A2ARMA2isA2lockedA2forA2threeA2years,A2andA2thenA2adjustsA2annuallyA2ea
chA2yearA2thereafter.A2TheA2firstA2numberA2representsA2theA2lockedA2termA2andA2theA2sec
ondA2numberA2representsA2theA2adjustmentA2frequency.

TheA2FCRAA2placesA2allA2ofA2theA2followingA2limitationsA2onA2theA2inclusionA2ofA2negativeA
2informationA2inA2creditA2reports,A2except:


A.A2AA2limitA2onA2bankruptciesA2thatA2areA2moreA2thanA2tenA2yearsA2old
B.A2AA2limitA2onA2accountsA2placedA2forA2collectionA2thatA2areA2moreA2thanA2sevenA2yearsA
2old
C.A2AA2limitA2onA2taxA2liensA2thatA2areA2moreA2thanA2sevenA2yearsA2old
D.A2AA2limitA2onA2bankruptciesA2thatA2areA2moreA2thanA2sevenA2yearsA2oldA2-A2Ans--
D.A2AA2limitA2onA2bankruptciesA2thatA2areA2moreA2thanA2sevenA2yearsA2old