Chapter 1 Laws Regulation Flashcards
Which of the following is part of the Mortgage Assistance Relief ServicesRule?
A. Negotiators may be paid an up-front fee
B. Borrowers must pay a fee if they cancel their contract with the
negotiator
C. Negotiators can’t interfere with communication between borrowers andlenders
D. Negotiators only have to present reasonable lender offers to the
borrower
C
Borrowers are entitled to a free credit report if the lender takes adverseaction against them and they ask for their report within how many days of receiving notice of the action? A. 30 B. 60 C. 90 D. 120
B
What should a loan originator do on a Loan Estimate address field when the borrower requests a pre-approval?
A. Leave it blank
B. Enter one or more zip codes of likely locations
C. Enter the applicant’s personal address
D. Deny the loan application
B
The APR must be finalized at least how many days before closing? A. 1 B. 3 C. 5 D. 7
B
The APR must be finalized at least three days before closing - Also final Til
3 days after application - delivered within
7 business days after initial application placed in mail
3 business days prior to closing - Final Til (APR)
****You are working on a file referred to you by a realtor. The realtor calls you to see if there is going to be any problem getting the customer qualified. The realtor wants to know what the borrower’s credit scores are before presenting the offer.
The most appropriate course of action is to:
A. refer the realtor to the borrower.
B.never disclose a borrower’s information to a realtor.
C. obtain permission from the borrower to disclose the information.
D. tell the realtor the credit score.
A
HUD-1 is used for what type of mortgage? a. Refinance B. Reverse and all 1-4 unit residential property C. ARMs D. QM
B
HUD-1 for reverse mortgage and TILA for refinance
The HUD-1 Settlement Statement/Closing Disclosure is required to be usedas the standard real estate settlement form in all transactions in the United States that involve federally-related mortgage loans and have closing costs for the borrower.
The Truth-in-Lending Act (TILA) was implemented by the: A. Federal Reserve Board B. Fannie Mae C. Federal Bureau of Investigation D. Federal Express
A
The HUD-1/Closing Disclosure is not required if? A. Borrower has no closing cost B. If it’s a reverse mortgage C. If the consumer rescinds the offer D. If there is no appraisals
Answer: A
The HUD-1/Closing Disclosure isnot required if the borrower has no closing costs.
All of the following loans are covered by HOEPA except: A. Purchase Money B. Home Equity C. Refinances D. Reverse Mortgages
D
HOEPA covers Purchase Money Mortgage, HEL, and Refinance loan
What type of balloon mortgage is allowed in a HOEPA loan? A. Short term bridge loans B. Interest Only Loan C. Long Term Balloons D. None of the above
A
What conditions must be satisfied before a foreclosure proceedings can take place?
A. The borrower agrees to mitigation
B. the servicer determines that the borrower is ineligible for mitigation and has no more possible appeals; the borrower declines any offers, or the borrower fails to honor the terms of an agreement.
C. When the lender successfully uses the borrower
D. When the judgement decides on the case
B
The Fair Credit Reporting Act is enforced by: A. HUD B. FCC C. FHA D. FTC
D
Regulation Z requires an initial ARM interest rate adjustment notice must be provided toconsumers:
(a) between 15 and 45 days before the first payment at the adjusted level is due.
(b) between 30 and 60 days before the first payment at the adjusted level is due.
(c) between 180 and 210 days before the first payment at the adjusted level is due.
(d) between 210 and 240 days before the first payment at the adjusted level is due.
D
The rule defines small creditors as businesses with less than $2
billion in assets and fewer than 500 closed-end, first-lien residentialmortgages in the previous year is defined by which of the following
A. FHA
B. QM ATR
C. RHS
D. Fannie Mae
Answer: QM loan Small Creditor Exception
As defined under TRID, charges for third-party services and recording fees paid by or imposed on the consumer are grouped together and subject to a 10% cumulative tolerance.
Which of the following charges is subject to the 10% cumulative tolerance?
(a) Amounts placed into an escrow, impound, reserve or similar account.
(b) Charges paid to third-party service providers for services not required by the creditor.
(c) Charges for third-party services where the charge is not paid to the creditor or the creditor’s affiliate.
(d) Fees paid to an unaffiliated third party if the creditor did not permit the consumer to shop fora third-party service provider for a settlement service.
C
ECOA allows an applicant to have a copy of his: A. Credit score B. Credit report C. Property appraisal report D. Bank records
C
According to MDIA, what is the waiting period once initial disclosures are provided to the borrower before the loan can close?
- 10 business days
- 7 business days
- 5 business days
- 3 business days
7 business days
The applicant and MLO is almost complete with the LE when the MLO notices that there is an increase in the interest rate. What should an MLO do?
A. With the borrower permission, revise the loan estimate and increase the closing cost on an unlocked loan
B. With the borrower permission, revise the loan estimate and increase the closing cost on an locked loan
C. With the lenders approval, With the borrower permission, revise the loan estimate and increase the closing cost on an unlocked loan
D. With the lenders approval, With the borrower permission, revise the loan estimate and increase the closing cost on a locked loan
A
****A borrower wants to purchase a 2nd home and tells you that they intend to rent the property out when they are not living in it. You have reviewed their financial information and realize that the borrower would qualify for financing if the property is classified as a2nd residence. However, if the property is classified as an investment property, the borrower is unlikely to qualify. What should you do?
A. Classify the property as a rental property even though the borrower intends to reside there part of the year.
B. Classify the property as a 2nd residence; since the borrower intends to use the property for part of the year, this is acceptable.
C. Classify the property as a 2nd residence because it is not legal for the borrower to
personally reside in a property classified as a rental for any length of time.
D. Deny the borrower because it is neither legal to rent out a 2nd residence or reside in a rental property for any length of time.
A
How many days does lenders have to refund refund any excessive variance between the GFE and the HUD-1? A. 30 days B. 60 C. 90 D. 120
Answer: B
Lenders have 30 days to refund any excessive variance between the GFE and the HUD-1.
A change to which of the following does NOT trigger a new 3-daywaiting period?
A. Seller credits buyer money for landscaping
B. APR
C. Loan product
D. Addition of a prepayment penalty
A
Which of the following for must be made available, upon request by the borrower (for reverse mortgages) one business day prior to closing for the settlement statement? A. LE B. GFE C. HUD-1 D. FNMA 1003
Answer C
Settlement statement for reverse mortgage is a HUD-1
If a Loan Estimate is mailed, It must be mailed how many days before loan consummation? A. 1 B. 3 C. 5 D. 7
D
The HUD-1/Closing Disclosure is not required if? A. Borrower has no closing cost B. If it’s a reverse mortgage C. If the consumer rescinds the offer D. If there is no appraisals
Answer: A
The HUD-1/Closing Disclosure isnot required if the borrower has no closing costs.
How many days does an applicant have after receipt of an adverse actionnotice to request a statement of reasons from the lender? A. 10 B. 15 C. 30 D. 60
D
Pay attention to applicant or MLO or lender
Adverse Action Notices must be retained for how long? A. 24 months B. 25 months C. 36 months D. 60 months
B
What type of disclosure do you give to a loan with no land? A. No disclosure needed B. TILA Disclosures C. LE and CD D. GFE
Answer: B. A home such as mobile home not attached to land is called a chattel nd covered by the TILA Disclosures
What is the punitive charges for failure to comply with ECOA?
A. $10,000 in individual actions and the lesser of $500,000 or 1 percent of the MLO net worth in class actions.
B. $10,000 in individual actions and one year in jail.
C. 1,000 and/or 30,000 year in jail
D. $10,000 in individual actions and the lesser of $500,000 or 1 percent of thecreditor’s net worth in class actions.
Answer D $10,000 in individual actions and the lesser of $500,000 or 1 percent of thecreditor’s net worth in class actions.
The Good Faith Estimate/Loan Estimate must be sent to the borrowerwithin how many business days of receiving a loan application? A. 1 B. 3 C. 5 D. 10
B
A supreme court decision has held that:
a) RESPA does not prohibit earned fees
b) Markups are not illegal unless they are split
c) RESPA does not prohibit markups if they are earned
d) Minimal markups do not violate RESPA
b) Markups are not illegal unless they are split
What type of loan is exempt from HOEPA?
A. Refinance, Government, New construction, investment
B. Reverse, Government, New construction, investment
C. Refinance , Government, Residential, investment
D. Reverse, Residential, New construction, investment
B
HOEPA exempts, Reverse Mortgages, Governmental Mortgages, Investment and new construction
What law protects homeowners from foreclosure-prevention scams?
A. Foreclosure Mediation Rule
B. Mortgage Assistance Relief Services Rule
C. Truth-in-Lending Act
D. Homeowner’s Protection Act
B
What is exempt from ability to repay rule?
A. Home Equity, Reverse Mortgages, Construction Loan. Commercial Loan and money Mortgages
B. Home Equity, Refinance Mortgages, Construction Loan and vacant land, and timeshare
C. Home Equity, Reverse Mortgages, Construction Loan and vacant land, and timeshare
D. Home Equity, Reverse Mortgages, Construction Loan and vacant land, and Money Mortgage
Answer: C
The ability to repay exempts the following
Home Equity, Reverse Mortgages, Construction Loan and vacant land, and timeshare
What type of disclosure is the HUD-1? A. Application disclosure B. Pre-Settlement C. Settlement D. Post- Settlement
B
The HUD-1 Settlement Statement/Closing Disclosure is required to be used as the standard real estate settlement form in all transactions in the United States that involve federally-related mortgage loans and have closing costs for the borrower.
Which of the following has a grace period of 60 days payment before being penalized? A. Initial Escrow Statement B. Final Escrow Statement C. Service Transfer Disclosure D. HUD-1 Disclosure
Answer: C
Borrowers can’t be penalized for non-payment if they continued tomake payments to the prior servicer; this grace period expires after60 days.
According to RESPA, a lender making a purchase loan may collect how many months of hazard insurance at settlement?
- 12 months
- 14 months
- Two months
- Only what is required to pay the insurance premium
14 months
Which are two forms of settlement disclosure? A. HUD-1 and ABA B. Final HUD-1 and ABA C. Final HUD-1/CD and Initial Escrow D. Initial HUD-1 and Initial Escrow
C
Answer C
RESPA requires two disclosures that must be given at settlement: Final HUD-1 Settlement (if the borrower has closing costs for reverse mortgages)or the Closing Disclosure, and the Initial Escrow Statement, which may be given shortly after closing.
The 60 days does lenders have to refund any excessive variance between
A. Final HUD-1 and GMP
B. GFE and HUD-1
C. GFE and Appraisal
D. Loan Estimate and the Closing Disclosure
D
Which of the following is true of CD?
A. there is no 3-business-day-receipt requirement for MLO
B. there is no 3-business-day-receipt requirement for sellers.
C. There is no 3-business-day-receipt requirement for lenders
D. None of the above
B
When should a revised loan estimate be received?
A. 3 business days before loan consummation and mailed 7 days prior to consummation
B. 3 business days before loan consummation and mailed 10 days prior to consummation
C. 4 business days before loan consummation and mailed 7 days prior to consummation
D. 4 businessl days before loan consummation and mailed 10 days prior to consummation
Answer. C
Lender must ensure that the revised estimate is received at least 4 business days prior to loan consummation (mailed at least 7
business days prior).
Rescission Business Days
In this case, a business day is every day but Sunday and federal holidays. If the closing is scheduled before then, the changes may be reflected in the closing statement without reissuing the estimate.
The servicer has how many days to notify the borrower if the servicing rights have been sold and are being transferred to another company? A. 3 B. 5 C. 15 D. 45
Answer: C
According to RESPA, the loan servicer must notify the borrower 15 days before the effective date of the loan transfer.
Kay is behind on her mortgage payments and is concerned that she will soon be going into the foreclosure process. Kay receives a phone call from a company stating that they can help her avoid foreclosure if she pays them $3,000 upfront to discuss options with her servicer. What type of scheme is likely occurring in this situation?
- Loan Flipping
- Foreclosure Rescue Scheme
- Illegal Property Flipping
- Equity Skimming
Foreclosure Rescue Scheme
The Home Mortgage Disclosure Act (HMDA) was implemented by the:
A. Department of Housing and Urban Development
B. Department of Veterans Affairs
C. Federal Communication Commission
D. Federal Reserve Board
D
Alexandra is a licensed mortgage loan originator, and she works for a licensed mortgage lender. Alexandra also works part time as a mortgage loan originator at her friend’s brokerage. Is Alexandra doing anything wrong?
- Yes, Alexandra is working simultaneously for two companies, which is prohibited
- No, Alexandra is properly licensed
- Yes, Alexandra is not properly licensed
- No, Alexandra can work for more than 1 company at a time
Yes, Alexandra is working simultaneously for two companies, which is prohibited
Which of the following is true of loan revisions?
A. It’s only allowed in an LE under the right circumstances
B. It’s only allowed on GFE under right circumstances
C. It’s allowed on both GFE and LE under the right circumstances
D. It’s neither allowed for GFE nor LE
Answer C
Creditors may not revise an estimate because of technical issues, incorrect calculations or low estimates.
They can revise the estimate if changing circumstances:
Increase the closing costs (interest rate increase on an unlockedloan), disaster such as storm that damage home, borrower lost job, or consumer wait more than ten days with intent to proceed, more than 60 days for new construction loan.
What does the borrower receives an at the closing or within 45 days after closing that estimates the first-year escrow payment for property taxes and homeowner’s insurance.
A. Initial Escrow Statement
B. Final Escrow Statement
C. LE
D. CD
Answer A
Initial Escrow Statement
The borrower receives an Initial Escrow Statement at the closing or Within 45 days after closing that estimates the first-year escrow
payment for property taxes and homeowner’s insurance.
The Mortgage Servicing Disclosure Statement must be sent to the
borrower within how many business days of receiving a loan application?
A. 1
B. 3
C. 5
D. 10
B
When must the the initial Closing Disclosure must be received? A. Three business days after application B. Three business days before closing. C. At Closing D. At time of appraisal
B. At least three business days before closing.
If the buyer request the settlement statement be made available, when should the buyer expect it to be delivered? A. One business day before closing B. Three business days before closing C. Seven business days before closing D. At closing
Answer A. Upon request by the buyer for reverse mortgages Settlement Statement itemizes the costs and disbursements to the buyer and seller and must be made available, upon request by the borrower (for reverse mortgages) one business day prior to closing.
Which of the following is part of a post settlement statement? A. HUD-1 and ABA B. Final HUD-1 and Initial Escrow C. Service Transfer and Annual Escrow D. Final HUD-1 and Annual Escrow
C
The applicant and MLO is almost complete with the LE when the MLO notices that there is an increase in the interest rate. What should an MLO do?
A. With the borrower permission, ask creditor to revise the loan estimate and increase the closing cost on the unlocked loan
B. With the borrower permission, revise the loan estimate and increase the closing cost on an locked loan
C. With the lenders approval, With the borrower permission, revise the loan estimate and increase the closing cost on an unlocked loan
D. With the lenders approval, With the borrower permission, revise the loan estimate and increase the closing cost on a locked loan
Answer A
Creditors may not revise an estimate because of technical issues, incorrect calculations or low estimates.
They can revise the estimate if changing circumstances:
Increase the closing costs (interest rate increase on an unlockedloan), disaster such as storm that damage home, borrower lost job, or consumer wait more than ten days with intent to proceed, more than 60 days for new construction loan.
A loan originator who accepts an upfront fee for negotiating a loan modification is violating which law? A. RESPA B. TILA C. HMDA D. MARS
D
The lender has how many days after settlement to refund any portion ofcharges on the HUD-1 that exceeded the acceptable variance? A. 15 B. 30 C. 45 D. 60
B
Which government agency enforces the RESPA regulations? A. CFPB B. FCC C. FHA D. FTC
A
What disclosure does the borrower receives an at the closing or within 45 days after closing that estimates the first-year escrow payment for property taxes and homeowner’s insurance? A. Initial Escrow Statement B. Final Escrow Statement C. Service Transfer Disclosure D. HUD-1 Disclosure
A. Initial Escrow Statement
HUD-1 is used for what type of mortgage? a. Refinance B. Reverse C. ARMs D. QM
B
A borrower is in the process of a loan application and got fired, what should the MLO do?
A. Offer to revise GFE/LE
B. Offer to use the same comps if it’s less than 60 days since the applicant got fired
C. Offer to talk to the lender
D. Reject the loan
A
Which law requires businesses to print only the last five card numbers ona credit card receipt? A. Homeowner’s Protection Act B. Fact Act C. Gramm-Leach-Bliley D. Dodd-Frank
B
A borrower must indicate an Intent to Proceed within how many business days after receiving the Loan Estimate? A. 3 B. 10 C. 15 D. 30
B
Consumer waits more than 10 business days to indicate an Intent to Proceed May need to have their LE/GFE revised
Which fees can be adjusted with no tolerance?
A. Loan Origination, Interest, Title
B. Credit Report, Appraisal, Recording, Title if recommended
C. Processing Fee
D. Hazard, TItle, Pre-Paid mortgage Interest
Answer D
Hazard Insurance, Title Insurance. Pre paid mortgage or per diem
Which of the following requires maintain eacrow account for property tax and hazard insurance on principal residencies for five years? A. TIlA B. RESPA C. HPML D. HOEPA
C
Which of the following best describes third party charges:
A. Fees paid to any party other than the creditor.
B. Fees paid to any party other than affiliates of the creditor.
C. Fees for services the borrower Is not allowed to choose.
D. All of the above.
The correct answer is D. Third party charges include the appraisal fee, credit report fee, flood certification, private mortgage insurance, termite inspection report, recording fees, surveys, and other fees.
An applicant that is interested in a reverse mortgage should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. LE, CD, Service Transfer Disclosure,
B
What do ability to pay cover?
A. closed end, Primary and Investment Property
B. Closed End, Residential, Open and Money Mortgage
C. Closed End, Refinance. HELOC, and Money Mortgage
D. Closed End, Secondary Lien, Jumbo Loans
A
Which of the following is NOT delivered to a reverse mortgage applicant? A. TILA Disclosure B. Loan Estimate C. Good Faith Estimate D. HUD-1
B
Reverse mortgage applicants use GFE not LE
When must the The initial Closing Disclosure must be received? A. Three business days after application B. Three business days before closing. C. At Closing D. At time of appraisal
B
The HUD-1 Settlement Statement is required for what type oftransaction? A. Cash purchase of a condo B. Financed purchase of a warehouse C. Reverse Mortgage D. Cash purchase of a strip mall
C
An applicant is applying for a reverse mortgage, which form should the MLO use? A. LE/HUD-1 B. GFE/HUD-1 C. LE/Initial Escrow GFE/Initial Escrow
Answer B
GFE/HUD-1 are used for reverse mortgages.
Which of the following is true of loan revisions?
A. It’s only allowed in an LE under the right circumstances
B. It’s only allowed on GFE under right circumstances
C. It’s allowed on both GFE and LE under the right circumstances
D. It’s neither allowed for GFE nor LE
C
Which of the following is considered a “federally related mortgage loan” under Regulation X?
(a) A one-to-four family structure is located on 50 acres of land
(b) A farm loan
(c) A loan to purchase a property that includes a gas station and convenience store
(d) A loan to purchase a duplex and rehabilitate it into a single-family dwelling
D
****What kind of authority does the Consumer Financial Protection Bureau have:
A. None
B. Limited authority subject to the regulators of the Federal Reserve
C. Rule making and enforcement authority over many consumer financial laws
D. Unlimited power over all federally insured financial institutions
C
An applicant that is interested in certain types of homebuyer assistance programs should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. Initial/Final TILA disclosure, Recission Disclosures, Appraisal Independence
C
Which of the following if recommended by lender can have a 10% Tolernce fee.
A. Loan Origination, Interest, Title
B. Credit Report, Appraisal, Recording, Title if recommended
C. Hazard, Title and Appraisal
D. Hazard, TItle, Pre-Paid mortgage Interest
B
Fees that the lender chooses or identifies (government recordingfees, and title insurance if selected or “recommended” by the
lender) can’t vary on the two documents by more than 10
percent.
How many business days before loan consummation is a borrower
entitled to see a revised Closing Disclosure that did not trigger an additional3-day waiting period?
A. 1
B. 2
C. 3
D. 4
A
What information must included in the Service Transfer? A. Loan Application Disclosures B. Pre-Settlement Disclosures C. Settlement Disclosure D. Post Settlement Disclosure
D
How many days does a lender have to send a statement of reasons for anadverse action after receiving a request from an applicant? A. 10 B. 15 C. 30 D. 60
C
An applicant that is interested in vacant land should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. LE, CD
D
A HEL is a A. PrimaryClosed-End Debt B. Secondary Closed-End Debt C. Primary Open-End Debt C. Secondary Open End Debt
Answer: B
A HEL is a closed end secondary lien
Which of the following would NOT be considered a change of circumstance and allow the lender to re-disclose the Loan Estimate?
- An Act of God changes the condition of the property
- The borrower decides to change from an ARM to a fixed rate product
- The borrower’s appraisal comes in low and to continue with the loan they need to change from a conventional to an FHA loan
- The initial Loan Estimate indicates that the interest rate will be locked, and the mortgage loan originator forgets to lock the loan, and the interest rate goes up the next day, so the mortgage loan originator re-discloses the Loan Estimate with the new r
The initial Loan Estimate indicates that the interest rate will be locked, and the mortgage loan originator forgets to lock the loan, and the interest rate goes up the next day, so the mortgage loan originator re-discloses the Loan Estimate with the new r
Which of the following is NOT protected from discrimination by the FairHousing Act? A. HIV patients B. Elderly C. Pregnant women D. Mexicans
B
Fair Housing Not ECOA
The 30 days does lenders have to refund any excessive variance between
A. Final HUD-1 and GMP
B. GFE and HUD-1
C. GFE and Appraisal
D. Loan Estimate and the Closing Disclosure
B
How many days does a lender have after receipt of an application tonotify the applicant of its action on the application? A. 10 B. 15 C. 30 D. 60
C
What are some loss mitigation options? A. Bankruptcy B. Reverse Mortgage, HELOc, Short Sales C. refinancing, loan modification, short sale and deed-in-lieu D. Apply for Hardship
C
A borrower is in the process of a loan application and got fired, what should the MLO do?
A. Offer to revise GFE/LE
B. Offer to use the same comps if it’s less than 60 days since the applicant got fired
C. Offer to talk talk to the lender
D. Reject the loan
Answer A
Creditors may not revise an estimate because of technical issues, incorrect calculations or low estimates.
They can revise the estimate if changing circumstances:
Increase the closing costs (interest rate increase on an unlockedloan), disaster such as storm that damage home, borrower lost job, or consumer wait more than ten days with intent to proceed, more than 60 days for new construction loan.
Adverse Action Notices must be retained for how long? A. 24 months B. 25 months C. 36 months D. 60 months
B
The Special Information Booklet must be sent to the borrower within howmany business days of receiving a loan application? A. 1 B. 3 C. 5 D. 10
B
If the APR, Loan Product or Pre-Payment fees change, what must be disclosed 3 business days before consummation? A. A new LE B. A new GFE C. A new CD D. All of the above
Answer C
If the APR, Loan Product, Pre-Payment Penalty change, a new Closing Disclosure must be provided tothe borrower and settlement is delayed for an additional 3 business days
The servicer has how many days to notify the borrower if the servicingrights have been sold and are being transferred to another company? A. 3 B. 5 C. 10 D. 15
D
The Truth-in-Lending Disclosure does NOT include: A. APR B. Finance charge C. Total amount of payments D. Borrower’s credit score
D
There is a lender working in a large metropolitan area, but currently, they are targeting a low- income neighborhood and charging more for their loans because the individuals in the area are mostly African American. This would be considered:
- Chunking
- Churning
- Reverse Redlining
- Redlining
Reverse Redlining
The Truth-in-Lending Disclosure must be delivered within how manybusiness days prior to closing a reverse mortgage? A. 3 B. 7 C. 10 D. 15
A
Delivered three business days before consummation
3 days after application - delivered within
7 business days after initial application placed in mail
3 business days prior to closing - Final Til (APR)
The loan estimate is done but new information came out which shows that the house was a flooded unit. What should the MLO required to do?
A. Continue with the process and address later
B. Notify the CFPB
C. Ask the Realtor to negotiate the price down
D. Do an estimate revision
D
The Right of Rescission does NOT apply to: A. Refinance loan B. Second mortgage C. Home improvement D. First mortgage on a purchase
D
The rescission period does not apply to a first mortgage on a purchase of a property.
If you are applying for a mobile home loan, what ch of the following Disclosures will you receive?
A. An initial disclosure outlining your mortgage loan and APR
B. An initial disclosure and final disclosure outlining your mortgage loan and APR
C. GFE
D. LE
Answer B.
A mobile home falls under the category of not secured by repeal estate and requires initial and final TIL Disclosures.
A reverse mortgage, a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you should receive a Truth-in-Lending disclosure.
You receive a Truth-in-Lending disclosure twice: an initial disclosure when you apply for a mortgage loan, and a final disclosure before closing. Your Truth-in-Lending form includes information about the cost of your mortgage loan, including your annual percentage rate (APR).
***which is true of subordinate liens A. second mortgage loans often carry higher interest rates than first mortgage loans. B. Longer term than primary C. Shorter term than primary D. Paid off sooner than the primary loan
Answer A.
Subordinate loans have higher interest rate and paid after the primary loan
An applicant that is interested in a HELOC should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. Initial/Final TILA disclosure, Recission Disclosures, Appraisal Independence
C
Which of the following is true of CD?
A. there is no 3-business-day-receipt requirement for MLO
B. there is no 3-business-day-receipt requirement for sellers.
C. There is no 3-business-day-receipt requirement for lenders
D. None of the above
Answer B
Lenders or closing agents prepare the Closing Disclosure. Sellers are permitted to receive a disclosure that only shows their costs and credits.
They may receive the disclosure when the loan is consummated; there is no 3-business-day-receipt requirement for sellers.
What is the thing that Loan originator not allowed to say to those who is getting an interest only loan?
A. You will pay off your principal in five years
NA
Which of the following allows the lender to collect anadditional 2 months of escrow payments to act as a cushion? A. TIlA B. RESPA C. HPML D. HOEPA
B
A borrower is entitled to request and obtain a copy of the HUD-1Settlement Statement how many days before closing? A. 1 B. 3 C. 5 D. 7
A
Tax liens can be kept in the credit report for: A. 2 years B. 5 years C. 7 years D. 10 years
C
The TILA-regulated 10% cumulative tolerance on settlement service provider charges is best described as which of the following:
A. The creditor may charge the consumer more than the amount disclosed on the Loan Estimate.
B. The total sum of the applicable charges added together cannot exceed the sum of those charges disclosed on the Loan Estimate by more than 10%.
C. The creditor may never charge the borrower more than the amount listed on the Loan Estimate.
D. A & B.
Answer D
Renee is a real estate broker working for a property developer. She has been going door-to- door discussing with homeowners in a certain area the possibility of them selling. She often tells these homeowners that there has been an increase of Latinos moving into the area and that they really should move now before their property values drop because of this influx of lower income individuals. This would be considered:
- Redlining
- Reverse Redlining
- Blockbusting
- Churning
Blockbusting
If there are changes other than the APR, Loan Product or Pre-Payment Penalties, which of the following is true?
A. The borrower must get a revised Cd within three days of consummation
B. The borrower has the right to view the revised Closing Disclosure 1 business day before consummation.
C. The borrower needs to sign off within three days of consummation
D. The borrower will receive a Change Disclosure
Answer: B
If there are changes other than the APR, Loan Product or Pre-Payment Penalties, the borrower has the right toview the revised Closing Disclosure 1 business day before consummation.
A customer makes a complaint about the MLO website, which of the following is true?
A. The MLO have 5 days to acknowledge a borrower’s complaint, and 45 days to resolve or explain their position
B. The MLO have 10 days to acknowledge a borrower’s complaint, and 45 days to resolve or explain their position
C. The MLO have 30 days to acknowledge a borrower’s complaint, and 45 days to resolve or explain their position
D. The MLO should report the complaint to CFPB
A
For how many years must a lender retain the Partial Payment Policy? A. 2 B. 3 C. 4 D. 5
A
Escrow Cancellation Notice and Partial Payment Policy for 2 years after consummation.
The basic idea of the new TRID requirements is which of the following:
A. To impose specific penalties on MLOs who are in violation of the new requirements.
B. To provide more information to the consumer so they can make better decisions.
C. To allow consumers to escape liability for loan obligations.
D. To raise the level of competition among MLOs.
Answer B
Which of the following is eligible for a revised LE?
A. Consumer waits more than 10 business days to indicate an Intent to proceed
B. If the interest increase on a Locked Loan
C. If the consumer hired their own appraiser
D. If the lender retracts loan
A
Which of the following is true of a high cost loan?
A. Information Booklet Needed
B. Interest Rate Increase If default
C. Borrowers must have a documented ability to repay the loan prior to funding.
D. It is a QM Loan
C
What is a HELOC is considered an A. PrimaryClosed-End Debt B. Secondary Closed-End Debt C. Primary Open-End Debt D. Secondary Open End Debt
Answer: D
A HELOC is an Open end Secondary Lien
What is the difference between the GFE and LE?
A. LE contains Finance Charges and Terms
B. GFE contains Finance Charges and Terms
C. LE contains expiration dates for aninterest rate lock
D. GFE contains expiration dates for aninterest rate lock
Answer A
The Loan Estimate is very similar to the GFE except that, in addition to
anticipated closing costs, it also includes the financing charges and terms,which eliminates the need for a separate TILA disclosure.
What agency was established to respond to consumer financial complaints?
A. Federal Deposit Insurance Company
B. Federal Insurance Office
C. Financial Stability Oversight Council
D. Consumer Financial Protection Bureau
D
An applicant that is interested in commercial loans should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. LE, CD
D
A lender has how many days to refund excessive variances on a ClosingDisclosure? A. 10 B. 30 C. 60 D. 90
C
Residential Mortgage Loan include which of the following?
A. Loan for a personal, family or household dwelling that’s secured by a mortgage or deed of trust and vacant land
B. Loan for a personal, family or household dwelling that’s secured by a mortgage or deed of trust and construction
C. Loan for a personal, family or household dwelling that’s secured by a mortgage or deed of trust only
D. Loan for a personal, family or household dwelling that’s secured by a lien
A
Which of the following have no limit on variance/Tolernce fee.
A. Loan Origination, Interest, Title
B. Credit Report, Appraisal, Recording, Title if recommended
C. Credit Report, Appraisal
D. Hazard, TItle, Pre-Paid mortgage Interest
D
Fees for services that the owner chooses for themselves (hazardinsurance or title insurance if the homeowner doesn’t chooseone of the lender-identified selections) and fees that are paid per diem (pre-paid mortgage interest) have no limit on the acceptable amount of variance between the estimates and theclosing statement.
Lola is working on a loan for her sister, Joan. She knows Joan is currently receiving child support, and Joan has authorized Lola to use that income to qualify her. Lola also knows that her nephew is 17 years old, and once he turns 18, Joan’s child support payment will drop dramatically. Lola decides to indicate on the 1003 that Joan’s oldest child 14 instead of 17 to help Joan qualify for the loan. This would be considered:
- Negligence
- Actual Fraud
- Misrepresentation
- A good deed
Actual Fraud
According to ATR, how long must customer file be kept? A. 2 Years B. 3 Years C. 5 years D. 25 Months
B
The loan estimate is done but new information came out which shows that the house was a flooded unit. What should the MLO required to do?
A. Continue with the process and address later
B. Notify the CFPB
C. Ask the Realtor to negotiate the price down
D. Do an estimate revision
D
For how many years must a lender retain the Loan Estimate? A. 2 B. 3 C. 4 D. 5
B
Loan Estimate and related documents for 3 years afterconsummation.
John intentionally tells the mortgage loan originator that he is working for that he only pays $1500 in child support when he pays $2000 in child support. This would be considered:
- Material misstatement
- Omission
- Collusion
- Inflation
Material misstatement
A borrower must indicate an Intent to Proceed within how many businessdays after receiving the Loan Estimate? A. 3 B. 10 C. 15 D. 30
10
An Applicant Interested in an ARMs product should receive which Disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. Initial/Final TILA disclosure, Consumer Handbook on Adjustable Rate Mortgages (CHARM), ARM Disclosures, Appraisal Independence
D
Which of the following is eligible for a revised LE?
A. Settlement is delayed more than 10 calendar days for a new
construction loan if the original Loan Estimate includes thestatement that the estimate can be revised for this reason.
B. Settlement is delayed more than 60 calendar days for a
Residential loan if the original Loan Estimate includes thestatement that the estimate can be revised for this reason.
C. Settlement is delayed more than 30 calendar days for a new
construction loan if the original Loan Estimate.
D. Settlement is delayed more than 60 calendar days for a new
construction loan if the original Loan Estimate includes thestatement that the estimate can be revised for this reason.
D
Which of the following is allowed to call numbers on the Do Not CallList? A. Loan originators B. Charities C. Car dealerships D. Dry cleaners
B
Settlement charges that are regulated by the 10% cumulative tolerance rule include which of the following:
A. Third party charges and recording fees.
B. Charges the borrower can shop for.
C. Any charge paid directly to the creditor.
D. Transfer taxes.
Answer A
Fees that the lender chooses or identifies (government recordingfees, and title insurance if selected or “recommended” by the
lender) can’t vary on the two documents by more than 10
percent.
An applicant that is interested in a refinance should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. Initial/Final TILA disclosure, Recission Disclosures, Appraisal Independence
D
An applicant that is interested in a residential mortgage should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. LE, CD, Service Transfer Disclosure,
A
Which of the following situations would be considered a prohibited act or practice?
- Tyler discusses with a borrower particular rates and terms that they qualify for
- Laurie, an independent contract processor, renews her mortgage loan originator license
- Riley, working as a processor for a mortgage lender, discusses specific options for locking a borrowers loan
- Eileen, a mortgage loan originator, provides an additional appraiser comparables with the hopes that the appraiser might change the value on her borrower’s appraisal
Riley, working as a processor for a mortgage lender, discusses specific options for locking a borrowers loan
What is the difference between the GFE and LE?
A. LE contains Finance Charges and Terms
B. GFE contains Finance Charges and Terms
C. LE contains expiration dates for aninterest rate lock
D. GFE contains expiration dates for aninterest rate lock
A
Travis is a mortgage loan originator, and he primarily does refinances for borrowers. He has a borrower, Steve, who calls him once a year to refinance and every time Travis refinances his property even though Steve does not need to refinance. Travis does this to make sure that he receives the fees for the refinance. What would this be considered?
- Steering
- Churning
- Chunking
- Redlining
Churning
An applicant that is interested in a residential mortgage should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. LE, CD, Service Transfer Disclosure,
A
***Which of the following is NOT a trigger term? A. 5 % interest rate B. $200 monthly payment C. Lowest rates in town D. 48 easy payments
C
When a consumer requests the cancellation of their escrow account, the
lender has how many business days prior to closing the account to deliver an Escrow Closing Notice?
A. 1
B. 3
C. 10
D. 30
B
What type of disclosure is the HUD-1? A. Application disclosure B. Pre-Settlement C. Settlement D. Post- Settlement
C
Which of the following is True of HPML?
A. Flipping Homes are allowed
B. Are considered qualified mortgage
C. Borrowers must receive homeownership counseling from aHUD-approved counselor.
D. Refinancing a higher-priced mortgage may result in a higherbalance, balloon payments or negative amortization.
Answer: A
An additional appraisal is required if the purchase is a “flipped”
home. Flips are defined as resells within 90 days with seller
paying a minimum 10 percent price increase, or resells within
the past 91-180 days with seller paying a minimum 20 percentprice increase.
QM needs to meet certain parameters- a covered transaction is not a qualified mortgage if the transaction’s total points and fees exceed: 3 Percent of the total loan amount for a loan amount greater than or equal to $100,000
Home ownership counseling is for High Cost Loans
How many days does a lender have after receipt of an application to notify the applicant of its action on the application? A. 10 B. 15 C. 30 D. 60
C
Which of the following is NOT required HMDA borrower information? A. Loan amount B. Gender C. Race D. Age
D
Michael does not have enough money to put 20% down on his conventional loan to avoid PMI but really can’t afford the payment with the additional cost. Instead of looking for the additional money to put down in cash, Michael contacts a second lender who lends him the additional money he needs to put the 20% down. That second lender and the loan Michael receives is never disclosed to the 1st lender. What would that second loan be considered?
- A silent second
- A second lien loan
- A payday loan
- home equity line of credit
A silent second
What is the maximum criminal penalty for a kickback violation?A. $500 and 6 months in prison
B. $1000 and 6 months in prison
C. $10,000 and a year in prison
D. $25,000 and a year in prison
C
***A customer makes a complaint about the MLO website, which of the following is true?
A. The MLO have 5 days to acknowledge a borrower’s complaint, and 45 days to resolve or explain their position
B. The MLO have 10 days to acknowledge a borrower’s complaint, and 45 days to resolve or explain their position
C. The MLO have 30 days to acknowledge a borrower’s complaint, and 45 days to resolve or explain their position
D. The MLO should report the complaint to CFPB
Answer A
Loan servicers have 5 days to acknowledge a borrower’s
complaint, and 45 days to resolve or explain their position.
Who may the appraiser Not discuss the valuation with? A. Loan Staff B. Real Estate Agent C. MLO D. Anyone - It’s not confidential
A. Appraisers may not discuss valuations with loan staff.However, they may discuss it with real estate agents.
**Qualified Mortgage (QM)- LO can be protected by safe harbor if loan is a QM and
A. Income verified and documented
B. No negative amortization or allowing deferred principal payments
C. No balloon payment (except for rural area)
D. Construction Loan
A
What are four types of pre-settlement Disclosure required by Respa?
A. Material Disclosures , GFE/LE, Service Disclosure and HUD counsel
B. Special Information Booklet, GFE/LE, Service Disclosure and Closing Disclosure
C. Special Information Booklet, GFE/LE, Service Disclosure and HUD
D. Special Information Booklet, GFE/LE, Service Disclosure and HUD counsel, CHARM booklet
counsel
answer C
RESPA requires four pre-settlement disclosures: Special information booklet, Good Faith Estimate (GFE) of settlement costs for reverse mortgages or the Loan Estimate for most closed-end loans, Mortgage Servicing Disclosure Statement and list of housing counseling agencies.
These must be sent to the borrower within three business days of receipt ofthe signed application.
The borrower must receive the Initial Closing Disclosure how many business days before consummation? A. 1 B. 2 C. 3 D. 4
C.
Remember initial closing disclosure is three days before consummation and final CD is on the day of
NOT 1 Day before that’s the HUD-1
Which of the following is true of CD?
A. Sellers are permitted to see only cost and credits on their CD.
B. MLO are permitted to see only cost and credits on their CD.
C. Lenders are permitted to see only cost and credits on their CD.
D. Appraiser are permitted to see only cost and credits on their CD.
Answer A:
Lenders or closing agents prepare the Closing Disclosure. Sellers are permitted to receive a disclosure that only shows their costs and credits. Theymay receive the disclosure when the loan is consummated; there is no 3- business-day-receipt requirement for sellers.
***What is the best case scenario of a mortgage process ABC Broker mortgage the loan, XYZ company funds and services it
NA
An applicant that is interested in a mobile home should receive which disclosures?
A. TIL Disclosures, Special information Booklet- “Your Loan Tool Kit, Mortgage Servicing Disclosure Statement, ABA, Appraisal Independence Disclosures
B. GFE and HUD-1, Initial/Final TILA disclosure
C. Initial/Final TILA disclosure
D. Initial/Final TILA disclosure, Recission Disclosures, Appraisal Independence
C
If the APR is quoted incorrectly by more than 1/4% for a _____ loan, it must be re-disclosed before settlement.
A. Adjustable
B. Fixed
C. Balloon
D. Reverse Mortgage
A
Adjustable
What type of scheme is usually occurring when there is a nonexistent property?
- Air Loan
- Chunking
- Churning
- Illegal Property Flipping
Air loan
For how many years must a lender retain the Escrow Cancellation Notice? A. 2 B. 3 C. 4 D. 5
A
Escrow Cancellation Notice and Partial Payment Policy for 2 years after consummation.
The Right of Rescission does NOT apply to: A. Refinance loan B. Second mortgage C. Home improvement D. First mortgage on a purchase
D
ECOA requires that a loan application is retained for how long after a denial? A. 6 months B. 25 months C. 36 months D. 60 months
Answer B
Loan applications, credit application should be retained fo 25 months
How many days does lenders have to refund any excessive variance between theLoan Estimate and the Closing Disclosure? A. 30 B. 60 C. 90 D. 120
B
Javier is looking to purchase a home, but he does not make enough money to obtain the loan that he wants. Javier, instead of looking for a less expensive property, changes his W-2 to reflect that he is making an additional $1,000 a month. What type of fraud is this?
- Fraud for property
- Fraud for profit
- Fraud for criminal enterprise
- Negligent fraud
Fraud for property
When should a revised loan estimate be received?
A. Received 3 business days before loan consummation and mailed 7 days prior to consummation
B. Received 3 business days before loan consummation and mailed 10 days prior to consummation
C. Received 4 business days before loan consummation and mailed 7 days prior to consummation
D. Received 4 business days before loan consummation and mailed 10 days prior to consummation
C
HMDA does NOT:
A. Set lending quotas for protected classes
B. Require the loan amount to be reported
C. Require the location of the property to be reported
D. Require the race of the borrower to be reported
A
How many days before loan consummation is a seller entitled to see the final Closing Disclosure?
A. 0 (closing day)
B. 1
C. 2
D. 3
A
Which of the following have zero tolerance variances? A. Loan originator and interest rate B. Credit Report, Recording Fees C. Title Insurance D. Hazard Insurance
A
Real estate transfer taxes, creditor’s or mortgage broker’s charges for its own services (loan origination fees and interest rate),
charges for services provided by an affiliate of the creditor or
mortgage broker, and charges for services for which the
creditor or mortgage broker does not permit the consumer to
shop for (credit report, appraisal) have zero variance. They
must be identical on the Loan Estimate and Closing
Disclosure.
Which of the following is true of CD?
A. Sellers are permitted to see only cost and credits on their CD.
B. MLO are permitted to see only cost and credits on their CD.
C. Lenders are permitted to see only cost and credits on their CD.
D. Appraiser are permitted to see only cost and credits on their CD.
A
Which of the following must never be changed under any circumstances?
A. Loan origination charge, including processing and underwriting fees, Interest rate, state Local Taxes
B. Loan Origination charge, interest rate on an unlocked loan, appraisal
A
A state law that requires payment of interest on an escrow account is:
- consistent with RESPA and could therefore be enforced by the state.
- in direct violation of RESPA and would therefore be overturned in court, -
- inconsistent with RESPA and Federal law would take precedent.
- a violation of RESPA interest is not paid on escrow accounts.
n direct violation of RESPA and would therefore be overturned in court
A borrower is entitled to request and obtain a copy of the HUD-1Settlement Statement how many days before closing? A. 1 B. 3 C. 5 D. 7
Answer A
The HUD-1 Settlement Statement itemizes the costs and disbursements to the buyer and seller and must be made available, upon request by the borrower (for reverse mortgages) one business day prior to closing. The Closing Disclosure must be delivered three business days before closing.
What type of balloon mortgage is allowed in a HOEPA loan? A. Short term bridge loans B. Interest Only Loan C. Long Term Balloons D. None of the above
A
When a lender cancels an escrow account for a reason other than default
or termination caused by refinancing, repayment or rescission, they have howmany business days prior to closing the account to deliver an Escrow Closing Notice?
A. 1
B. 3
C. 10
D. 30
D
Logan wants to buy an investment property but knows that he will get better terms on the loan if he tells the lender that this is his primary residence. What type of fraud would Logan be committing?
- Occupancy Fraud
- Identity Theft
- Asset Fraud
- Income Fraud
Occupancy Fraud
Occupancy fraud is a type of mortgage fraud, whereby the borrower lies about whether or not the home will be owner-occupied.
If the APR is quoted incorrectly by more than 1/8% for a ______ loan, it must be re-disclosed before settlement.
A. Adjustable
B. Fixed
C. Balloon
D. Reverse Mortgage
Answer B
If the APR is quoted incorrectly by more than \_\_%(fraction) for an adjustable-rate loan, it must re-disclosed before settlement. A. 1/4 B. 1/6 C. 1/8 D. 1/2
A
What law allowed the government to assume control over Fannie Mae and Freddie Mac? A. Homeowner’s Protection Act B. Housing and Economic Recovery Act C. Home Mortgage Disclosures Act D. Truth-in-Lending Act
B
Which of the following is allowed to originate balloon mortgages in rural or under-served areas and not sell loan weighing three years if made by small creditors. A. TIlA B. RESPA C. QM D. Conventional
C
The borrower refinances a loan on a Pizza shop. Under the Truth in Lending Act how long will he have to change his mind after he signs the refinance loan papers?
- There is no right of rescission it is an exempt transaction
- 1 business day
- 3 business days
- 30 days
There is no right of rescission it is an exempt transaction
When is the servicer prohibited from choosing a force-placed insurance provider?
A. the borrower sends a forbearance offer
B. the borrower pays for it out of pocket
C. If the borrower escrows the insurance payments the servicer and the servicer can continue the payments
D. the the MLO can add it to the loan
A
Answer C
if the borrower escrows the insurance payments, the servicer is prohibited from choosing a force-placed insurance provider if the servicer can continue the payments; this applies even if the servicer must
contribute funds to the borrower’s escrow account.
Which of the following would qualify for a qualified mortgage?
A. positive amortization, maximum 30-year loan term, 3percent cap on fees, interest-only mortgages
B. Negative amortization, maximum 30-year loan term, 3percent cap on fees, no balloon or interest-only mortgages
C. positive amortization, maximum 30-year loan term, 3.5% cap on fees, no balloon or interest-only mortgages
D. positive amortization, maximum 30-year loan term, 3% cap on fees, no balloon or interest-only mortgages
answer D.
Facts about QM
(positive amortization, maximum 30-year loan term, 3percent cap on fees, no balloon or interest-only mortgages
For how many years must a lender retain the Closing Disclosure?
A. 2
B. 3
C. 4
D. 5
D
Closing Disclosure and related documents for 5 years afterconsummation.
Which of the following are the post-settlement Disclosures required by Respa?
A. Service Transfer Notice and Recission Disclosure
B. Final HUD and Escrow
C. Closing Disclosure and HUD-1
D. Service Transfer Statement and annual Escrow Analysis
D
According to Qualified Mortgages, which of the following is True?
A. No Balloon Payments under any circumstances
B. Can originate balloon mortgages in rural or under-served areas and not sell loan within three years if made by small creditors.
C. Can originate balloon mortgages in rural or under-served areas if the creditor is a major depository institution.
D. Only if the loan is made with good faith
B
Major agencies that support the federal mortgage laws include:
A. Office of Comptroller, the Financial Stability Oversight Council, the Orderly Liquidation Authority and the Federal Insurance Office.
B. Consumer Financial Protection Bureau, the Financial Stability Oversight Council, the Orderly Liquidation Authority and the Office of thrift supervision
C. Consumer Financial Protection Bureau, the Financial Stability Oversight Council, the Orderly Liquidation Authority and the Federal Insurance Office.
D. Consumer Financial Protection Bureau, the Financial Stability Oversight Council, the Orderly Liquidation Authority and the FDIC
Answer C
Consumer Financial Protection Bureau, the Financial Stability Oversight
Council, the Orderly Liquidation Authority and the Federal Insurance Office.
If the APR is quoted incorrectly by more than \_\_\_%(fraction) for a fixed rate loan, it must be re-disclosed before settlement. A. 1/4 B. 1/6 C. 1/8 D. 1/2
Answer C
Which of the following does not qualify for the right of recession? A. HELOC B. Refinance C. Reverse D.
the right of rescission allows a borrower to cancel a home equity loan, line of credit, or refinance with a new lender
