NMLS
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The preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% - Answer-D. 41% 
 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the state regulator 
C. If a licensee has failed to complete pre-licensing requirements 
D. If a licensee has already executed a right to a hearing for a previous violation - Answer-B. If a licensee fails to request a hearing with the state regul...
RESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process 
 
RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts 
 
Regulation X - Answer-The rules for complying with RESPA are found in? 
 
something of value - Answer-A kickback is generally defined as providing ____________ ____ ________ to a third-party in return for a referral, customer, or business. 
 
Fine up to $10,000 and/or prison for one...
TILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? - Answer-two (2) 
 
A telemarketer can be fined how much per incident for calling someone registered on the National Do Not Call Registry? - Answer-$16,000 
 
The appraiser determines the home's value based on differences between the home and recent - Answer-sold homes in the area 
 
One of the many tasks of the Consumer Financial Protection Bureau (CFPB) is to - Answer-ensure bor...
What is Freddie Mac's automated underwriting system called? - Answer-Loan Product Advisor 
 
Which of the following contains only items which should be used in calculating a borrower's debt-to-income ratio? - Answer-car payment 
boat payment 
child support obligations 
 
Under the S.A.F.E. Act, a licensed loan originator's responsibilities with regard to recordkeeping include all of the following, except: - Answer-Making all of the licensee's records available to borrowers upon demand 
 
Wh...
In the absence of caps, adjustments on an ARM loan would be determined solely by: 
The index 
The margin 
The fully-indexed rate 
The lifetime rate - Answer-the fully-indexed rate 
 
A consumer signs a closed-end lending agreement on Wednesday. What is the latest that he/she may wait to exercise the right to rescind? 
Midnight on Friday 
Midnight on Saturday 
Midnight on Monday 
Midnight on Tuesday - Answer-midnight on Saturday. 
 
All of the following types of information must be reported for g...
3 - Answer-Most RESPA disclosures must be sent within ___ days from application 
 
Initial Escrow Statement - Answer-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? 
 
X - Answer-RESPA is also known as Regulation ___ 
 
1. Loan Terms 
2. Projected Payments 
3. Costs at Closing - Answer-List the 3 main sections on page 1 of the Loan Estimate 
 
15 - Answer-The Notice of Transfer of Servicing Rights is due within ___ days prior to trans...
standard index - Answer-Once the initial rate has been set for an adjustable rate mortgage (ARM), future interest rate adjustments are based on the upward and downward movements of 
 
Par Rate - Answer-when the borrower neither pays discount points nor receives a premium for the rate received from the creditor 
 
servicing a mortgage loan - Answer-collecting payments and maintaining a payment schedule and escrows, which can be optional, for a mortgage loan. 
 
loan to value ratio - Answer-The am...
Yes as long as the title company is legitimate and the arrangement is disclosed - Answer-A mortgage broker also owns a title conpany is this arrangement allowed by respa 
 
TILA - Answer-As a mortgage broker puts together an ad to attract some new customers what law should he be most concerned about 
 
Home equity lines of credit - Answer-Of these loans which would require reporting under the home mortgage disclosure act 
 
annually - Answer-For a loan that has escrow included RESPA requires a l...
1) Mortgage loan fraud is reported at what level? 
A. State 
B. Federal 
C. County 
D. City - Answer-B. Mortgage Fraud is reported to the FBI and to HUD ( 
 
The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 
 
2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: 
A. The SAFE Act 
B. RESPA 
C. TILA 
D. CRA - Answer-A. S.A.F.E --The complete name of which is the Secure and ...
Fraud for money Laundering - Answer--Criminal uses scheme known as value tampering 
-Criminal offers to buy house at reduced rate 
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. 
 
Adverse Action - Answer-An unfavorable credit decision rendered against a consumer made on 
the basis of information contained on the credit application. If a lender takes adverse 
action against an applicant, the lender must notify the applicant in w...