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An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant .Which of the following is not included on the Adverse Action Notice? - C. The right to dispute the credit denial Under the Home Ownership Equity Protection act which loan would be identified as a high cost mortgage? - B. A $95,000 loan with $6175 in fees. Which of the following is not considered a "prohibited basis." under Regulation B? - C. Ge...

What does UST stand for? - Uniform State Test Who does the CFPB protect? - The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) - a.Protect consumers from excessive settlement costs and unea...

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SAFE Mortgage Loan Originator Test - National Component with Uniform State Content

Prequalification - ️️an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - ️️29/41 FHA ratio - ️️31/43 Asset based loan - ️️-loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - ️️Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime offer rate 1. 5% 2. 6.5%...

What does UST stand for? - ️️Uniform State Test Who does the CFPB protect? - ️️The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - ️️CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) - ️️a.Protect consumers from excessive...

An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant .Which of the following is not included on the Adverse Action Notice? - ️️C. The right to dispute the credit denial Under the Home Ownership Equity Protection act which loan would be identified as a high cost mortgage? - ️️B. A $95,000 loan with $6175 in fees. Which of the following is not considered a "prohibited basis." under Regulati...

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