safe test Flashcards
A couple has qualified for a 245,600 loan. They are told that the broker fee will cost two points. What is the dollar amoount of the broker fee?
loan amount*points=broker fee
Emily’s mlo refers her borrower to a hazard insurance agent. Emily’s husband works for the insurance companny represented by the agent. as there is no ownership interest between any of these entities. Emily finds no reason to issur the borrower an ABAD. why does emily need to issue an abad
emily’s husband works for the insurance company mandates an ABAD due to the associated relationship
An ABAD was warranted
The borrower was not obligated to use the hazard insurance agent that Emily recommended
The safe act creates standard guidelines for state legislation to regulate loan originatirs. in order to meet the standards established under the SAFE Act, state licensing laws must include
aan enforcement program
loan originator licensing requirements
requirements for effective licensee supervision
What law deals with credit, Apr, and advertising if consumer loans
Tila
Which regulation prevents kickbacks
Respa
Which regulations requires the lender to cancel pmi when the loan reaches 78% ltv
Hpa- home owners protection act
Which regulation prohibits fee splitting
Respa
X is the letter used to describe which regulation
Respa
Respa stands for
Real estate settlement procedures act
What type of mortgage requires a non refundable funding fee
VA loan
What is the provision in a mortgage enabling a lender to demand full repayments if the borrower defaults on the loan
Acceleration clause
What is the provision in a mortgage enabling a lender to demand full repayment if the borrower transfers the loan
Alienation clause
CFPB stands for
Consumer financial protection bureau
Consumer financial protection bureau was created by what 2 laws
Dodd frank act and the consumer finance protection act
