Mortgage Loan Originator Safe Exam Prep (100% Verified)

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? a. Disclosure of the applicant's credit score b. Statement of reasons for credit denial c. The right to dispute the credit denial d. Disclosure of use of information obtained from an outside source correct answers The right to dispute the credit denial Under the Home Ownership Equity Protection act which loan would be identified as a highcost mortgage? a. A $20,000 loan with $1,000 in fees. b. A $95,000 loan with $6,175 in fees. c. A $200,000 loan with $8,000 in fees. d. A $300,000 loan with $9,000 in fees. correct answers A $95,000 loan with $6,175 in fees. Which of the following in not considered a "prohibited bases" under Regulation B? a. Race b. Age c. Gender d. Religion correct answers Gender The Home Mortgage Disclosure Act requires lenders to ask applicants and borrowers for information regarding their ethnicity, race, and sex even when applications are made entirely by telephone, mail, or the Internet. If an applicant submitting his or her application in person fails to provide the information, the lender must note the information from an applicant's a. Birth certificate b. Accent and voice patterns c. Appearance and surname d. Valid driver license correct answers Appearance and surname What law requires mortgage loan originators to implement a written identity theft prevention program to detect the warning signs of identity theft? a. Fair and Accurate Credit Transaction Act of 2003 b. Fair Credit Reporting Act c. USA Patriot Act d. Red Flag Act of 2003 correct answers Fair and Accurate Credit Transaction Act of 2003 Assume a refinance closing is set for Thursday and that all material disclosures and notices are provided to the parties at that time. What is the first day this refinance loan could fund? a. Friday b. Saturday c. Monday d. Tuesday correct answers Tuesday