AMERITRAIN PRACTICE SAFE MLO EXAM
Service release premium - Answer -Reference to receiving a fee for giving up the rights
to servicing a loan would be associated with:
Securitization - Answer -Purchasing and pooling loans and converting them into
mortgage backed securities would be associated with:
FHA - Answer -Reference to a loan that is insured would be associated with:
Loan Prospector (LP) - Answer -The Freddie Mac automated underwriting system
would be associated with:
VA - Answer -Reference to a funding fee would be associated with:
Fannie Mae and Freddie Mac - Answer -A government sponsored enterprise (GSE)
would be associated with:
Table funding - Answer -Providing funds to a mortgage broker at closing and then
having the mortgage broker transfer the loan to the funding entity after closing would be
associated with:
TRID - Answer -The "toolkit" would be associated with:
The expired license would need to be reinstated - Answer -Reference to what happens
if a person with an expired license wants to continue originating would be associated
with:
Borrower - Answer -If a person is committing fraud for property it would be associated
with:
Power of Attorney (POA) - Answer -Referring to "Attorney in fact" would be associated
with
Churning - Answer -A loan originator who charges excessive fees for his benefit is
associated with:
Fair Credit Reporting Act (FCRA) - Answer -The regulation of consumer reporting
agencies would be associated with:
Abstract of Title - Answer -The Historical listing of property owners
VA appraisal - Answer -A certificate of reasonable value would be associated with:
,Choosing not to lend in certain challenged communities - Answer -The term redlining
would be associated with:
The Equal Credit Opportunity Act (ECOA) - Answer -Reference to marital status would
be associated with:
Tenants in common - Answer -Reference to leaving property to your heirs would be
associated with:
A retirement account - Answer -Reference to 60 percent of a vested interest for
reserves would be associated with:
The SAFE ACT version - Answer -Referring to any product other than a 30-year fixed
rate mortgage would be associated with:
Model State Law (MSL) - Answer -Referring to the template that was created to help
states implement the SAFE Act on a state level would be associated with:
RESPA - Answer -The settlement process is associated with:
Subprime loans - Answer -The "Interagency Guidance on Non-Traditional Mortgage
Product Risk" would be associated with:
RESPA - Answer -Cost of services is associated with:
FHA - Answer -A loan program associated with HUD would also be associated with:
The U.S. Department of Justice - Answer -Reference to the final decision as to whether
a participant in a third-party mortgage fraud transaction will be prosecuted, and under
which statute a participant would be charged, is usually associated with:
DIDMCA - Depository Institutions Deregulation and Monitory Control Act - Answer -
Reference to deregulation would be associated with:
Title theory - Answer -Reference to a form of title where the lender has legal title would
be associated with:
Cost approach appraisal - Answer -Determining the cost to rebuild would be associated
with:
A violation of RESPA Section 8 - Answer -Reference to an MLO paying a fee to a real
estate agent for a referral is:
Violation of GLBA - Answer -Reference to not providing the consumer the option to opt
out of having their information shared is:
, The SAFE Act - Answer -The law which is also known as regulation "H" would be
associated with:
If an MLO fails to meet the renewal requirements by the 31st of December, their license
to originate loans in that state will expire. - Answer -Reference to what happens if an
MLO license in a state is not renewed by the renewal date would be associated with:
The SAFE Act - Answer -The law that is Title V of HERA would be associated with:
E-Sign - Answer -Reference to an applicant receiving electronic documents and the
lender accepting an electronic signature would be associated with:
VA - Veterans Administration - Answer -A loan program that allows 100 percent
financing, guarantees the loan, requires entitlement and a certificate of eligibility would
be associated with:
Conference of State Bank Supervisors (CSBS) - Answer -Reference to the state
banking entity that helped to create the MSL and NMLS&R would be associated with:
Qualified Mortgage - Answer -Referring to a mortgage that does not have risky features
would be associated with:
NFIP - National Flood Insurance Program - Answer -Reference to a loan requiring flood
insurance would be associated with:
The sponsor of the MLO is not licensed in those states - Answer -Reference to why an
MLO, who has met the UST testing requirements and any state specific testing
requirements, is not allowed to originate in all states would be associated with:
CFPB - Consumer Financial Protection Bureau - Answer -Reference to the entity that
has regulatory oversight over most of the laws that regulate the residential mortgage
industry would be associated with:
VA - Veterans Administration - Answer -A loan program that does not allow a refund of
the upfront funding fee would be associated with:
BSA - Bank Secrecy Act - Answer -Reference to cash transactions that exceed
$10,000 within a single day would be associated with:
Fraud for housing - Answer -A person who is lying about their income would be
associated with:
Loan to Value (LTV) - Answer -Referring to the loan amount as a percentage of the
sales price or appraised value in a purchase transaction whichever is lower would be
associated with:
Service release premium - Answer -Reference to receiving a fee for giving up the rights
to servicing a loan would be associated with:
Securitization - Answer -Purchasing and pooling loans and converting them into
mortgage backed securities would be associated with:
FHA - Answer -Reference to a loan that is insured would be associated with:
Loan Prospector (LP) - Answer -The Freddie Mac automated underwriting system
would be associated with:
VA - Answer -Reference to a funding fee would be associated with:
Fannie Mae and Freddie Mac - Answer -A government sponsored enterprise (GSE)
would be associated with:
Table funding - Answer -Providing funds to a mortgage broker at closing and then
having the mortgage broker transfer the loan to the funding entity after closing would be
associated with:
TRID - Answer -The "toolkit" would be associated with:
The expired license would need to be reinstated - Answer -Reference to what happens
if a person with an expired license wants to continue originating would be associated
with:
Borrower - Answer -If a person is committing fraud for property it would be associated
with:
Power of Attorney (POA) - Answer -Referring to "Attorney in fact" would be associated
with
Churning - Answer -A loan originator who charges excessive fees for his benefit is
associated with:
Fair Credit Reporting Act (FCRA) - Answer -The regulation of consumer reporting
agencies would be associated with:
Abstract of Title - Answer -The Historical listing of property owners
VA appraisal - Answer -A certificate of reasonable value would be associated with:
,Choosing not to lend in certain challenged communities - Answer -The term redlining
would be associated with:
The Equal Credit Opportunity Act (ECOA) - Answer -Reference to marital status would
be associated with:
Tenants in common - Answer -Reference to leaving property to your heirs would be
associated with:
A retirement account - Answer -Reference to 60 percent of a vested interest for
reserves would be associated with:
The SAFE ACT version - Answer -Referring to any product other than a 30-year fixed
rate mortgage would be associated with:
Model State Law (MSL) - Answer -Referring to the template that was created to help
states implement the SAFE Act on a state level would be associated with:
RESPA - Answer -The settlement process is associated with:
Subprime loans - Answer -The "Interagency Guidance on Non-Traditional Mortgage
Product Risk" would be associated with:
RESPA - Answer -Cost of services is associated with:
FHA - Answer -A loan program associated with HUD would also be associated with:
The U.S. Department of Justice - Answer -Reference to the final decision as to whether
a participant in a third-party mortgage fraud transaction will be prosecuted, and under
which statute a participant would be charged, is usually associated with:
DIDMCA - Depository Institutions Deregulation and Monitory Control Act - Answer -
Reference to deregulation would be associated with:
Title theory - Answer -Reference to a form of title where the lender has legal title would
be associated with:
Cost approach appraisal - Answer -Determining the cost to rebuild would be associated
with:
A violation of RESPA Section 8 - Answer -Reference to an MLO paying a fee to a real
estate agent for a referral is:
Violation of GLBA - Answer -Reference to not providing the consumer the option to opt
out of having their information shared is:
, The SAFE Act - Answer -The law which is also known as regulation "H" would be
associated with:
If an MLO fails to meet the renewal requirements by the 31st of December, their license
to originate loans in that state will expire. - Answer -Reference to what happens if an
MLO license in a state is not renewed by the renewal date would be associated with:
The SAFE Act - Answer -The law that is Title V of HERA would be associated with:
E-Sign - Answer -Reference to an applicant receiving electronic documents and the
lender accepting an electronic signature would be associated with:
VA - Veterans Administration - Answer -A loan program that allows 100 percent
financing, guarantees the loan, requires entitlement and a certificate of eligibility would
be associated with:
Conference of State Bank Supervisors (CSBS) - Answer -Reference to the state
banking entity that helped to create the MSL and NMLS&R would be associated with:
Qualified Mortgage - Answer -Referring to a mortgage that does not have risky features
would be associated with:
NFIP - National Flood Insurance Program - Answer -Reference to a loan requiring flood
insurance would be associated with:
The sponsor of the MLO is not licensed in those states - Answer -Reference to why an
MLO, who has met the UST testing requirements and any state specific testing
requirements, is not allowed to originate in all states would be associated with:
CFPB - Consumer Financial Protection Bureau - Answer -Reference to the entity that
has regulatory oversight over most of the laws that regulate the residential mortgage
industry would be associated with:
VA - Veterans Administration - Answer -A loan program that does not allow a refund of
the upfront funding fee would be associated with:
BSA - Bank Secrecy Act - Answer -Reference to cash transactions that exceed
$10,000 within a single day would be associated with:
Fraud for housing - Answer -A person who is lying about their income would be
associated with:
Loan to Value (LTV) - Answer -Referring to the loan amount as a percentage of the
sales price or appraised value in a purchase transaction whichever is lower would be
associated with:
