Maryland Exam
Maryland Exam
Study online at https://quizlet.com/_aijcfz
1. The Finder's Fee Law sets specific limits on the amount mortgage brokers
of compensation that can be earned by which of the
following in a mortgage loan transaction?
mortgage lenders
underwriters
loan processors
mortgage brokers
2. which agency has argued that markups made by and x
for the benefit of a single party are in violation of
RESPA's prohibition against fee splitting? HUD
Congress The Department of Hous-
FHA ing and Urban Develop-
Consumer Financial Protection Bureau ment has been at odds
HUD with the mortgage indus-
try, taking the side of the
consumer.
Even though Maryland is
within a federal judicial
district that does not find
markups to be illegal, reg-
ulations promulgated by
the Office of the Commis-
sioner of Financial Regula-
tion PROHIBITS THEM.
The regulations state the
licensees may not retain a
fee, or any portion of a fee,
collected from a borrower
, Maryland Exam
Maryland Exam
Study online at https://quizlet.com/_aijcfz
if that fee is represented as
a third-party charge
3. Mortgage brokers must provide a signed and dated x
copy of the agreement to a loan applicant within how
many days after completion of a loan application? within 10 business days
three business days
three days
ten business days
five business days
4. The disclosure required by the Finder's Fee Law must x
state the fact that the broker is acting as a broker and
not as a: lender
dual agent
table-funder
underwriter
lender
5. This occurs when one settlement service provider in- up-charge
creases the fee charged by another settlement service
provider and retains the additional fees.
transactional increase
up-charge
inflation
price increase
6. The Maryland Mortgage Originator Law specifies that judgements for unpaid
the Commissioner cannot use any of the following child support
as the sole reason for finding an individual applicant
Maryland Exam
Study online at https://quizlet.com/_aijcfz
1. The Finder's Fee Law sets specific limits on the amount mortgage brokers
of compensation that can be earned by which of the
following in a mortgage loan transaction?
mortgage lenders
underwriters
loan processors
mortgage brokers
2. which agency has argued that markups made by and x
for the benefit of a single party are in violation of
RESPA's prohibition against fee splitting? HUD
Congress The Department of Hous-
FHA ing and Urban Develop-
Consumer Financial Protection Bureau ment has been at odds
HUD with the mortgage indus-
try, taking the side of the
consumer.
Even though Maryland is
within a federal judicial
district that does not find
markups to be illegal, reg-
ulations promulgated by
the Office of the Commis-
sioner of Financial Regula-
tion PROHIBITS THEM.
The regulations state the
licensees may not retain a
fee, or any portion of a fee,
collected from a borrower
, Maryland Exam
Maryland Exam
Study online at https://quizlet.com/_aijcfz
if that fee is represented as
a third-party charge
3. Mortgage brokers must provide a signed and dated x
copy of the agreement to a loan applicant within how
many days after completion of a loan application? within 10 business days
three business days
three days
ten business days
five business days
4. The disclosure required by the Finder's Fee Law must x
state the fact that the broker is acting as a broker and
not as a: lender
dual agent
table-funder
underwriter
lender
5. This occurs when one settlement service provider in- up-charge
creases the fee charged by another settlement service
provider and retains the additional fees.
transactional increase
up-charge
inflation
price increase
6. The Maryland Mortgage Originator Law specifies that judgements for unpaid
the Commissioner cannot use any of the following child support
as the sole reason for finding an individual applicant
