SAFE MLO TEST BANK FULL SOLUTION
VERIFIED QUESTIONS AND ANSWERS
GUARANTEED TO PASS
●● TILA is administered by ______
Answer: CFPB
●● HOEPA considers a loan to be high cost if total charges to borrower
exceeds ______ % of loan amount?
Answer: 5%
●● For reverse mortgage, TILA disclosure must be delivered how many
days prior to closing?
Answer: 7 days
●● Home Mortgage Disclosure Act (HMDA) implemented by _____
Answer: FRB
●● Loan amount, gender, race, & age; which is not required on HMDA?
Answer: Age
●● HMDA does not
,Answer: Set lending quotas for protected classes
●● Bankruptcies are kept on record for how long?
Answer: 10 years
●● Tax liens are kept on record for how long?
Answer: 7 years
●● Borrowers entitled to a free credit report if lender takes adverse
action and they ask for the report within how many days of receiving
notice of the action?
Answer: 60 days
●● Company with established relationship can call someone _____ after
last purchase
Answer: 18 months
●● If consumer inquiry or submits an application, can call for how long?
Answer: 3 months
●● Lender has how long to refund excessive variance?
Answer: 60 days
,●● How many days before loan consummation is a borrower entitled to
see a revised CD that did not trigger an additional 3-day waiting period?
Answer: 1 business day
●● How may days before loan consummation is a seller entitled to see
the CD?
Answer: 0 (day of closing)
●● Without defaut or termination due to refinance, repayment or
rescission, lender has how long to deliver "Escrow Closing Notice"
when canceling an escrow account
Answer: 3 business days
●● Lender has to retain CD and LE for how long?
Answer: 5 years
●● Lender has to retain Partial Payment Policy for how long?
Answer: 5 years
●● Lender has to retain Escrow Cancellation Notice for how long?
Answer: 5 years
, ●● TILA Disclosure, Loan Estimate, Good Faith Estimate, HUD-1;
which is NOT delivered to a reverse mortgage applicant?
Answer: Loan Estimate
●● How many hours of CE required?
Answer: 8 hours
●● Maximum # of consecutive times SAFE can be taken?
Answer: 3 times
●● Wait how many days between first 2 exams?
Answer: 15 days
●● After failing _____ times, you have to wait how long to retake?
Answer: 3 times, 6 months
●● adopted brother, aunt grandfather, stepmother; which is NOT an
immediate family member?
Answer: Aunt is not immediate family member
●● What may be true of registered LOs?
Answer: Registered loan originators may be bank employee
VERIFIED QUESTIONS AND ANSWERS
GUARANTEED TO PASS
●● TILA is administered by ______
Answer: CFPB
●● HOEPA considers a loan to be high cost if total charges to borrower
exceeds ______ % of loan amount?
Answer: 5%
●● For reverse mortgage, TILA disclosure must be delivered how many
days prior to closing?
Answer: 7 days
●● Home Mortgage Disclosure Act (HMDA) implemented by _____
Answer: FRB
●● Loan amount, gender, race, & age; which is not required on HMDA?
Answer: Age
●● HMDA does not
,Answer: Set lending quotas for protected classes
●● Bankruptcies are kept on record for how long?
Answer: 10 years
●● Tax liens are kept on record for how long?
Answer: 7 years
●● Borrowers entitled to a free credit report if lender takes adverse
action and they ask for the report within how many days of receiving
notice of the action?
Answer: 60 days
●● Company with established relationship can call someone _____ after
last purchase
Answer: 18 months
●● If consumer inquiry or submits an application, can call for how long?
Answer: 3 months
●● Lender has how long to refund excessive variance?
Answer: 60 days
,●● How many days before loan consummation is a borrower entitled to
see a revised CD that did not trigger an additional 3-day waiting period?
Answer: 1 business day
●● How may days before loan consummation is a seller entitled to see
the CD?
Answer: 0 (day of closing)
●● Without defaut or termination due to refinance, repayment or
rescission, lender has how long to deliver "Escrow Closing Notice"
when canceling an escrow account
Answer: 3 business days
●● Lender has to retain CD and LE for how long?
Answer: 5 years
●● Lender has to retain Partial Payment Policy for how long?
Answer: 5 years
●● Lender has to retain Escrow Cancellation Notice for how long?
Answer: 5 years
, ●● TILA Disclosure, Loan Estimate, Good Faith Estimate, HUD-1;
which is NOT delivered to a reverse mortgage applicant?
Answer: Loan Estimate
●● How many hours of CE required?
Answer: 8 hours
●● Maximum # of consecutive times SAFE can be taken?
Answer: 3 times
●● Wait how many days between first 2 exams?
Answer: 15 days
●● After failing _____ times, you have to wait how long to retake?
Answer: 3 times, 6 months
●● adopted brother, aunt grandfather, stepmother; which is NOT an
immediate family member?
Answer: Aunt is not immediate family member
●● What may be true of registered LOs?
Answer: Registered loan originators may be bank employee
