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NMLS Exam > MLO Activities > Flashcards

MLO Activities Flashcards

1
Q

What’s another name for Form 1003?

A

Uniform Residential Loan Application

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2
Q

What’s found under Section I of the 1003?

A

Type of mortgage & terms of the loan

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3
Q

What’s found under Section II of the 1003?

A

Property Information & purpose of the loan

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4
Q

What’s found under Section III of the 1003?

A

Borrower Information

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5
Q

What’s found under Section IV of the 1003?

A

Employment Information

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6
Q

What’s found under Section V of the 1003?

A

Monthly Income & Combined Housing Expense Information

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7
Q

What’s found under Section VI of the 1003?

A

Assets & Liabilities

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8
Q

What’s found under Section VII of the 1003?

A

Details of Transaction

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9
Q

What’s found under Section VIII of the 1003?

A

Declarations

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10
Q

What’s found under Section IX of the 1003?

A

Acknowledgment & Agreement

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11
Q

What’s found under Section X of the 1003?

A

Information for government monitoring purposes

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12
Q

What are some example of Liquid Assests?

A

Deposit or “Earnest Money”
Cash
Checking/Savings Accounts
Stocks & Bonds

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13
Q

What are some examples of Non-Liquid Assets?

A

Real Estate
Retirement Accounts
Net worth of business
Automobiles

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14
Q

Examples of Liabilities that would need to be accounted for?

A 
Medical bill debt
Credit Cards
Mortgages
Judgments
Consumer Loans
Student Loans
Alimony Payments
Child Support Payments
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15
Q

What does Title 18, Section 1001 state?

A

It’s a crime to knowingly & willingly make any verbal or written statement to the government that’s MATERIALLY false, fictitious, or fraudulent

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16
Q

Penalty for violating Title 18, Section 1001?

A

5 year jail term

17
Q

Penalty for committing mortgage fraud?

A

Up to 30 years in prison, $1,000,000 fine or BOTH

18
Q

What’s the difference between Fee Simple & Lease Hold?

A

Fee Simple - owner is entitled to the entire property, with unconditional power of disposition during their life, and passes on to their descendants upon death

Lease Hold - estate is held under a lease, for a fixed number of years

19
Q

What’s Form 1006?

A

Verification of Deposit (VOD), offered by Fannie Mae

20
Q

“Your Home Loan Toolkit: A step-by-step guide”

Required under which law/act?

A

RESPA

21
Q

“Your Home Loan Toolkit: A step-by-step guide”

When is it required to be disclosed?

A

within 3 business days after the completion of a loan application

22
Q

CHARM Booklet

Required under which law/act, and for what type of loans?

A

TILA

ARMs

23
Q

CHARM Booklet

When is it required to be disclosed?

A

within 3 business days after the completion of a loan application

24
Q

“When Your Home is on the Line: What you should know about Home Equity Lines of Credit”

Required by which law/act?

A

TILA

25
Q

“When Your Home is on the Line: What you should know about Home Equity Lines of Credit”

When is it required to be disclosed?

A

Due at the time an application is provided to a potential borrower

26
Q

List of Home-ownership Counseling Organizations

Required by which law/act?

A

RESPA

27
Q

List of Home-ownership Counseling Organizations

When is it required to be disclosed?

A

within 3 business days after receiving a completed loan application

28
Q

List of Home-ownership Counseling Organizations

Requirements for the list (proximity to the consumer & age of the list)?

A

Must be local to the consumer

List may NOT be more than 30 days old

29
Q

What are the 4 Pre-closing Disclosures that may be required?

A

Loan Estimate
Closing Disclosure
Affiliated Business Disclosure
Re-disclosure of APR

30
Q

When is the Loan Estimate Due?

A

Within 3 business days of receiving a loan application, and no later than 7 business days prior to consummation (closing)

31
Q

When is the Closing Disclosure Due?

A

No later than 3 business days prior to consummation (closing)

32
Q

When is the Affiliated Business Disclosure Due?

A

At the time of referral

33
Q

When is the Re-disclosure of APR due?

A

3 business days prior to consummation (closing)

34
Q

Post Closings Disclosure

Initial Escrow Account Statement - When is it due and what must it include?

A

Due 45-days after closing

Must include estimate of taxes and insurance fees required within the next 12-months

35
Q

Post Closings Disclosure

Escrow Closing Notice - When is it due?

A

30 days before an account closes

36
Q

Post Closings Disclosure

Initial Rate Change Disclosure - What types of loans, and date range it can be provided before the rate change occurs?

A

ARMs

210 - 240 days

NMLS Exam (14 decks)

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