NMLO Federal Mortgage -Related Laws B

Question 1

Mortgage servicing rules instituted by the CFPB provide additional consumer protections related to what?

Answer 1

Forecloser

Question 2

How many hours of continuing education in ethics are required for a licensed mortgage loan originator?

Answer 2

2

Question 3

According to the Truth in Lending Act, which loan type includes the right to rescind?

Answer 3

Owner occupied refinance

Question 4

What is the maximum civil penalty which can be assessed by the CFPB or appropriate civil regulatory agency under the SAFE Act?

Answer 4

$25,000 per violation

Question 5

HOEPA does not apply to which of the following transaction?

Answer 5

Temporary bridge loan

Question 6

Which of the following individuals is not subject to licensing or registration requirements under the terms and provisions of the Secure and Fair Enforcement Act?

Answer 6

An individual negotiating rates or terms on the sale of a residence owned by that individual.