NMLO Federal Mortgage -Related Laws A

Question 1

What regulation forbids the seller to require the use of a particular title company as a condition of sale?

Answer 1

“REG X”

Regulation X

Question 2

Which discloser is required by TRID and and summarized potential closing cost for the borrower?

Answer 2

Loan Estimate

(LE)

Question 3

Which financial arrangement is EXEMPT from real Estate Settlement Procedure ACT?

Answer 3

Temporary Transaction

Question 4

How many hours of pre-licensing education are required for a registered mortgage loan originator under the requirement of the SAFE Act?

Answer 4

None~

Registered mortgage loan originator is the key here~

Question 5

Which federal legislation requires that, in cases where the borrower does NOT wish to proved information as to race or national origin, the loan originator must make a visual determination or use a surname as the basis for determination?

Answer 5

“HMDA”

Home Mortgage Discloser Act

Question 6

Which federal regulation requires that the Loan Estimate be provided to the borrower within three business days of the time a loan application is taken?

Answer 6

TRID

TILA-RESPA Intergrated Discloser

Question 7

Which is NOT regulated by RESPA?

Answer 7

Racial discrimination

Question 8

Which item is NOT included in the calculation that determines the annual percentage rate?

Answer 8

TIP

Title Insurance Premium

Question 9

A borrower elects to buy down the interest rate on his mortgage loan. This appears on the Loan Estimate as a…

Answer 9

Charge to the borrower.

Question 10

Which legislation does NOT allow a lender, when qualifying income, to consider the possibility of a borrower having additional children?

Answer 10

ECOA

Equal Credit Opportunity Act