Still need work question Flashcards
When does the process of title report take place?
A. After appraisal and before title policy insurance is issued.
B. After Title Policy before closing
C. After Closing
D. Three days if application
Answer
A
After appraisal and before title policy insurance is issued.
Which of the following is issued after closing? A. Title Report B. Title insurance binder C. Title insurance policy D. Title fee
Answer C.
The title insurance policy itself is issued after closing, and the title insurance premiumis a one-time closing cost to either the seller or borrower.
Which of the following has full purchase price mortgage coverage? A. Mortgagor title insurance B. Mortgagee Title insurance C. Title deed D. Title Premium
A. The mortgager title insurance covers the full purchase price of the mortgage
Which of the following cover only the loan amount? A. Mortgagor title insurance B. Mortgagee Title insurance C. Title deed D. Title Premium
B. The mortgagee title insurance covers the loan amount
Which of the following about title insurance is not true?
A. Either the seller or buyer (or both) will pay for the policies
B. The lender requires it, but does not pay for it.
C. If the lender requires it, they pay for it
D. Whoever pays the title insurance picks the title company.
C is not true.
The lender requires it, but not require to pay for it.
What is the process called with the title company investigate county records to verify that the title is clear (free of any defects or judgments) and the seller has the right to sell the property? A. Initially Appraisal B. Preliminary title report C. Title defect D. Title binder
Answer B
When a property not fully paid off is used as a collateral, what documents are required?
A. Deed, Mortgage Statement, homeowners insurance declarations, appraisal
B. Deed, title insurance, promissory note, appraisal
C. Deed, Mortgage Statement, homeowners insurance declarations, appraisal,notice of satisfaction
D. Deed, title insurance, notice of satisfaction promissory note, appraisal
Answer A.
On a mortgage collateral not fully paid off, a deed, mortgage statement or note, HOA declaration and appraisal is needed
When a property fully paid off is used as a collateral, what documents are required?
A. Deed, Mortgage Statement, homeowners insurance declarations, appraisal
B. Deed, title insurance, promissory note, appraisal
C. Deed, Notice of Satisfaction, homeowners insurance declarations, appraisal
D. Deed, title insurance, notice of satisfaction promissory note, appraisal
C
Which of the following is not true about Escrow analysis?
A. Determine the appropriate escrow target balances
B. It is done annually and sent to buyer
C. Compute the borrower’s monthly payments for the next escrow account computation year and any deposits needed to establish or maintain the account; and
D. Determine whether shortages, surpluses or deficiencies exist.
Answer C.
It’s the annual escrow that’s sent out yearly not the escrow analysis
On a 1003 application, which of the following can sign for an absent party? A. Power of Attorney B. Spouse C. Court Appointed Guardian D. Relative
Answer: C.
Court Appointed Guardian or POA only for those in military or incapacitated
Who prepares the Final 1003? Lender or mortgage broker? A. The MLO B. The Lender C. The Realtor D. The sponsor
B. The Final 1003 application is prepared at the time of loan closing and is prepared by the lender.
Which of the following contains the six items on the Type of mortgage and terms of mortgage section on a FNMA 1003?
A. Type of loan, agency and lender case number
B. A. Type of loan, agency and lender case number
C. Loan type, agency and lender case number, loan amount, interest rate, terms and amortization type
D. Loan type, agency and lender case number, loan amount, interest rate, terms and monthly payments
Answer C
In this section, the lender indicates:
- Type of loan applied
- Agency and Lender Case Numbers.
- Loan amount;
- Interest rate;
- Term in months
- Amortization Type
On FNMA 1003 borrower information section, which of the following are included?
A. Name, home phone, address, zip code, age, agent number
B. A. Name, home phone, address, zip code, age, MLO number
C. Name, Social Security Number, home phone, address age of the borrower, and number of years of school completed, and whether the borrower is a renter or owner.
D. Name of borrowers, phone, Social Security Number, home phone, age of the borrower, and new property address
Answer C
Full name of the primary borrower and co-Borrower, Social Security Number, home phone, age of the borrower, and number of years of school completed, Borrower’s present address, and whether the borrower is a renter or owner.
On the employment section of a FNMA, what type of information is requested of the borrower and co-Borrower?
A. Name, number address of employer, business type, position held, number of years c employed and monthly Income.
B. Name, number address of employer, business type, position held, number of years c employed and yearly Income.
C. Name, number address of employer, net gross, position held, number of years c employed and monthly Income.
D. A. Name, number address of employer, number of employees, position held, number of years c employed and monthly Income.
A
In Asset and Liability section on 1003, which of the following is listed as on the asset?
A. Cash Deposit, Bank name, Account Number and amount
B. Cash Deposit, Bank name, Account Number and how long account has been opened
C. Bank name, Account Number and amount
D. Bank name, Account Number and how long account has been opened
Answer A
Assets - Cash Deposit, Name of bank, Account number and Amount
In the Asset and Liability section on 1003, which of the following is listed as on the liability?
A. Name of company, balance and collateral
B. Name of company, account number and late payments
C. Name of company, Account Number, Monthly payments and months left to pay, Unpaid balance
D. Name of company, Account Number, Account age
Answer c
Liability- Name of company, Account Number, Monthly payments and months left to pay, Unpaid balance
*In the Details of Transaction section on 1003, which of the following is the information pulled from? A. Loan Estimate/Good Faith Estimate? B. Closing Disclosure C. HUD-1 D. FNMA 1008
Answer A
Which is true of a blanket authorization form?
A. The MLO can request the VOD be sent directly to the mortgage company
B. The applicant must sign this form to authorize his or her employer(s) to release the requested information.
C. The Blanket Authorization must be notarized
D. Lenders must attach a copy of the authorization form to each VOD it sends to the depository institutions in which the applicant has accounts.
D
A mortgagee applicant looking to purchase a first home and gave you a blank copy of the VOE, what should you do?
A. Have the borrower hand carry the form to the employer to fill out.
B. Have the borrower call the lender
C. Have the borrower give to his or her employer to fill and send back to lender
D. Deliver it yourself to the lender
Answer C.
The applicant must sign this form to authorize his or her employer(s) to release the requested information.
A mortgagee applicant looking to purchase a secondary home and gave you a blank copy of the VOE, what should you do?
A. Have the borrower hand carry the form to the employer to fill out or have the employer send to lender
B. Have the borrower call the lender
C. Have the borrower give to his or her employer to fill and send back to you to give the lender
D. Deliver it yourself to the lender
A.
A secondary home can be hand carry or employer to lender direct
Methods of verification can be provided by
A. The borrower, borrower’s employer, or by third-party employment verification vendor.
B. Only the borrowers employer
C. The borrower employer and third party
D. Third party verification is not legal
Answer A
which of the following is true when verifying employment?
A. Two year employment history for wage earners only
B. Two year employment history for contract worker only
C. 1099 for self employed
D. A two-year employment history is required for both wage earner and self-employed borrowers.
D
What document is acceptable as employment document provided by the borrower?
A. Recent two years W2, Tax returns and IRS Form 4506-T.
B. Paystubs, tax returns and Award letters
C. W2, bank statement and IRS Form 4506-T.
D. Recent two years W2, Paystub 30 day, and IRS Form 4506-T.
Answer. D
Remember this is proof of employment not proof of income
What type of document is acceptable document for verification of employment?
A. 30 day paystub that is computer-generated, typed by the borrower’s employer(s), or downloaded from the Internet
B. Last two most recent paystub that must be in company documents and never typed or downloaded
C. Most recent paystub that can be downloaded, typed or handwritten by employer
D. Paystub provided by third party
A
which if the following may be computer-generated forms, including online account or portfo-lio statements downloaded by the borrower from the Internet? A. Verification of Deposit B. Verification of Income C. Retirement statements D. Third Party Verifications
C
Copies of retirement statements may be computer-generated forms, including online account or portfo-lio statements downloaded by the borrower from the Internet.
When Retirement statements are faxed or downloaded from the internet, it must
A. Include an opt-out page as the first page of the fax
B. Clearly Clearly identify the name of the MLO and the source of information by including it on the banner at the top of the document
C. Clearly identify the name of the depository or investment institution and the source of information by including it on the banner at the top of the document
D. Have a clearly written title page with full transparency
C
Documents that are faxed to the lender or downloaded from the Internet must:
clearly identify the name of the depository or investment institution and the source of information—for example, by including that information in the internet or fax banner at the top of the document.
What’s true of non-liquid assets?
A. It helps paint a better picture of borrowers liability
B. It must be counted to establish positive net worth.
C. It’s not counted as asset or liability
D. It’s only required for QM loans
Answer B
For most borrowers, non-liquid assets must be counted to establish positive net worth.
How are reserved measured?
A. Reserves are measured by DTI ratio
B. Reserves are measured by the number of months of monthly housing expenses (PITI) that a borrower could pay using his or her financial assets.
C. They are measured by assets that can be sold easily
D. All of they above
Answer B
Reserves are measured by the number of months of monthly housing expenses (PITI) that a borrower could pay using his or her financial assets.
Federal Taxes, retirement payments, commuting cost, union dues, voluntary deductions are
A. Included in borrowers obligation
B. Not included in borrowers obligation
C. Included as income
D. Not included as income
B
Which of the following are examples of non-employed income?
A. SS benefits, food stamps, child support
B. retirement income, interest, and dividend income, rent, or royalties.
C. Self employed income when taxes have been taken off
D. Part time or independent contractor jobs
B
Which of the following are examples of non-taxable income?
A. SS benefits, food stamps, child support
B. retirement income, interest, and dividend income, rent, or royalties.
C. Self employed income when taxes have been taken off
D. Part time or independent contractor jobs
A
Award letters and policy agreements are examples of A. Self employed income B. Taxable income C. Non-taxable income D. Non-Employed income
C
Award letters are disabled
Who is required to sign the security instrument?
A. Spouse or domestic partner of any person who has an interest in the property, even if their income or credit is not involved
B. Only spouse or domestic partner of any person who is also a co-signer on the deal
C. Only those whose income is used on the loan
D. Only those whose credit was used on the loan
A
Who is required to sign the security instrument?
A. Only the borrower and co-borrowers
B. Each person who has an ownership interest in the security property and income is used in qualifying for the mortgage.
C. Each person who has an ownership interest in the security property, even if the person’s income is not used in qualifying for the mortgage.
D. Each person who has an ownership interest in the security property such as those whose credit is used to determine approval.
C
In the absence of the borrower, who is not someone that can sign the security instrument?
A. Court appointed guardian
B. Relative with a notarized Power of attorney
C. Realtor with a notarized Power of attorney
D. Attorney -in-fact or agent under a power of attorney
C
In the absence of the borrower, who is someone that can sign the security instrument?
A. Spouse
B. Anyone with a notarized power of attorney
C. Court appointed guardian
D. All of the above
C
Which of the following are acceptable sources of down payments and closing cost? A. Personal checks B. Cashiers check C. Credit card D. Debit card
B
Which of the following is not an acceptable method and source of down payments and closing cost? A. Personal check B. Proceeds from the sale C. Cashiers Check D. All of the above
Fannie Mae requires guaranteed funds such as a cashier’s check from a bank or reputable financial institution to pay the closing costs; personal checks are not acceptable.
Reserve requirements for multiple properties on a . 1-4 property home is A. 2% B. 4% C. 6% D. 8%
Answer A
Reserve requirements for multiple properties on a 5-6 Properties is A. 2% B. 4% C. 6% D. 8%
Answer 4
Reserve requirements for multiple properties on a 7-8 Properties is A. 2% B. 4% C. 6% D. 8%
C
In a reserve for multiple properties, which of the following is true of the reserve on homes that have 2% of the aggregate UPB (Unpaid Balance Principal)? A. 2 Unit B. 1-4 Unit C. 2-4 Unit D. 3-4 Unit
Answer B
1-4 Properties = 2% of the aggregate UPB (Unpaid Balance Principal)
In a reserve for multiple properties, which of the following is true of the reserve on homes that have 4% of the aggregate UPB (Unpaid Balance Principal)? A. 2 Unit B. 1-4 Unit C. 4-6 Unit D. 5-6 Unit
D
In a reserve for multiple properties, which of the following is true of the reserve on homes that have 6% of the aggregate UPB (Unpaid Balance Principal)? A. 2-4 Unit B. 5-6 Unit C. 7-10 Unit D. 8-10 Unit
Answer C
Even numbers only 1, 5, 7
7-10 Properties = 6% of the aggregate UPB if the borrower has seven to ten financed properties (DU only).
According to the definitions in the model state law, all of the following would be included as a federal banking agency, except:
A. The Board of Governors of the Federal Reserve System.
B. The Federal National Mortgage Association.
C. The Comptroller of the Currency.
D. The Federal Deposit Insurance Corporation.
Answer C
Biden DNC F
Board of Governors/Federal Reserve System.
Director of the Office of Thrift Supervision,
National Credit Union Administration.
Comptroller of the Currency.
Federal Deposit Insurance Corporation.
Which of the following QM loans does not have to abide by the 43% DTI? A. General and Small Creditor QM B. Temporary and Balloon only C. Temporary and Small Creditor D. General and Balloon QM
C. Temporary, Small Creditor QM have more flexibility on DTI
Which of the following QM loans can be originated by all creditors? A. General and Temporary QM B. Temporary and Balloon only C. General and Balloom D. Temporary, Small Creditor and balloon
Answer: A
General and Temporary QMs – can be originated by all creditors.
What are four types of QM loans?
A. General, conventional, temporary, ballon
B. General, non-conventional, temporary, ballon
C. General, Temporary, Small Creditor, Balloon
D. General, Temporary, Small Creditor, FNMA
Answer: C
There are four types of QMs – General, Temporary, Small Creditor, and Balloon-Payment. Of the four types of QMs, two types – General and Temporary QMs – can be originated by all creditors.
Which of the following QM loans are eligible for purchase or guarantee by Fannie Mae or Freddie Mac and insured by the Federal Housing Administration or Rural Housing Service? A. General and Temporary B. Temporary and Balloon only C. General and Balloon D. Temporary QM only
Answer: D
General and Temporary QMs – can be originated by all creditors.
Which of the following QM loans requires 43% DTI? A. General and Small Creditor QM B. Temporary and Balloon only C. Temporary and Small Creditor D. General and Balloon QM
D. General and Balloon QMs requires 43% DTI
Initial Closing Disclosure must delivered to the borrower \_\_\_\_\_business days prior to loan consummation? A. Three Days B. Three business day C. Four days D. Seven business days
B
A final Closing Disclosure is delivered When? A. Three Days B. Three business day C. Four days D. At consummation
Answer D
Which of the following is delivered three business days prior to consummation? A. Initial Til B. Initial Closing Disclosure C. Final Closing Disclosure D. Escrow analysis
B
Which of the following is delivered at consummation? A. Initial Til B. Initial Closing Disclosure C. Final Closing Disclosure D. Escrow analysis
C
Loan originators moving from a depository institution to a non-depository institution requires them to be have been registered for how long before requesting temporary authority? A. 30-day B. 60 days C. 1 year D. 2 years
C
How long does temporary authority last? A. 30-day B. 60 days C. 120 days D. 1 year
C
Loan originator moving interstate must be licensed in another state how many days before applying for temporary authority? A. 30-day B. 60 days C. 1 year D. 2 years
A
If a mortgage broker is receiving yield spread premium on a loan transaction, on which of the following documents must the amount be disclosed?
A. borrower/broker agreement
B. Affiliated business arrangement disclosure
C. TIL Disclosure
D. GFE
D
Which of the following fees is not included on the Good Faith Estimate?
A. loan origination fees
B. real estate taxes
C. discount points
D. real estate broker fees
D. real estate broker fees
Yield spread premium is disclosed to the borrower:
A. on the TIL Disclosure and promissory note
B. only on high cost loans
C. only on purchase transactions
D. on the GFE and Settlement Statement
D. on the GFE and Settlement Statement
You must re-disclose the APR on a loan prior to closing if:
A. it changes by more than 1/2 of 1% from its initial disclosure
B. it is more than 1% greater than it was at the time of its initial disclosure
C. 30 days have elapsed since the time of the initial disclosure
D. it varies by more than 1/8 of 1% from its initial disclosure
D. it varies by more than 1/8 of 1% from its initial disclosure
The Real Estate Settlement Procedures Act includes all of the following provisions except?
A. it prohibits receipt of referral fees
B. it establishes the maximum origination fee that may be charged on a loan
C. it requires the use of a uniform settlement statement
D. it limits the kids of business affiliations that settlement service providers may create
B. it establishes the maximum origination fee that may be charged on a loan
Under the Truth-in-Lending Act, a mortgage professional is required to disclose_______to a borrower.
A. personal financial information provided by a credit reporting agency
B. appraisal results
C. terms of the credit transaction
D. estimated closing costs
C. terms of the credit transaction
Settlement fees and other charges related to a loan transaction must be recorded on the HUD-1 Settlement Statement as:
A. estimated percentages of the loan amount
B. estimated dollar amounts
C. actual percentages of the loan amount
D. actual dollar amounts
D. actual dollar amounts
If a creditor violates ECOA, how many years does a consumer have in which to take civil action?
A. 10
B. 5
C. 2
D. 1
C. 2
When calculating finance charges in compliance with TILA, all of the following are included except:
A. private mortgage insurance premium
B. settlement fees
C. broker fees
D. appraisal fees
D. appraisal fees
The Real Estate Settlement Procedures Act applies to:
A. residential lot loans
B. residential loans
C. residential investment properties such as condos and duplexes
D. commercial loans
B. residential loans
Which of the following federal agencies creates the regulations for TILA?
A. HUD
B. Federal Reserve
C. FHA
D. Federal Trade Commission
B. Federal Reserve
*** Mr. Jones’ loan application has been denied and you provide him with an Adverse Action Notice as required by ECOA. Which of the following pieces of information would NOT be included on the notice?
A. a description of credit he requested
B. his credit score
C. information on the credit reporting agency if the adverse action is based on his credit report
D. reasons for the denial of credit
B. his credit score
Jack Smith has been turned down for a loan. He would like to receive a copy of his appraisal. When must the lender receive his request for the appraisal?
A. within 90 days of application
B. within 30 days after Jack has received a notice of the right to receive the appraisal
C. within 90 days after Jack has received the notice of adverse action
D. within 30 days of the appraisal
Consumer have 90 days after reverse action to request for appraisal
C. within 90 days after Jack has received the notice of adverse action
Incomplete application must be retained for how long? A. 25 months B. 2 years C. 3 years D. 5 years
A
Which of the following is true of Purchase Money Mortgage?
A. Used for home purchase, refinance, home equity and home improvement
B. Not used for refinance, home equity, and home improvement
C. used for the purchase of a home, and refinance,
D. used for the purchaseof a home and not a refinance
Answer: B
Remember this loan is between buyer and seller and thus is only for home purchases
Which of the following is the theory state when the borrower receives the deed at closing and obtains occupancy of the property? A. Lis Pedens Theory B. Lien State Theory C. Deed State Theory D. Title State Theory
B
In a lien state Theory, who secures the debt? A. Mortgage B. Mortgagee C. Third Party D. Trust
A
When the mortgagee (lender) or a third party keeps the deed until the loan is satisfied is known as A. Lis Pedens Theory B. Lien State Theory C. Deed State Theory D. Title State Theory
D
When borrowers are allowed to occupy, rent and sell the property, but the security instrument may be a deed of trust, instead of a mortgage is called A. Deed of Reconveyance B. Equitable Title C. Lis Pedans D. Deed of Trust
B
Which of the following require a note that is held-by the lender? A. Lien Theory State B. Title Theory State C. Both Lien and Theory State D. Security Instrument
C
On a construction to permanent loan, how many disclosures are needed?
A. Only one set of LE and CD
B. Single or Two sets of LE and CD may be given
C. Construction loans do not require an PE or CD
D. None of the above
Answer B
construction- and a permanent-phase, where loan proceeds extended during the construction phase are “refinanced” into different terms during the permanent-phase) can be treated as one transaction (with a single LE and CD provided reflecting the terms of both phases of the loan) or as two (two separate LEs and CDs are provided, each reflecting the terms of either the construction- or permanent-phase).
What type of disclosures are needed for a self build loan? A. LE Only B. LE and CD C. Til Disclosures D. Til and HUD-1
Answer B
A self build loan is also known as a construction loan and requires the LE and CD.
What are interest payment only loans? A. Conventional B. Traditional C. Term loan D. ARM loan
D
Answer: An interest payments only loan is not a interest Only loan. Interest Payment Loans are knows as I-O ARMs Loan.
Which of the following describes a mortgage that allows the takeover of a home from the seller often with approval from lender? A. Assumable mortgage B. Assigned to the mortgage C. Deed Transfer D. Title Transfer
Answer A.
An assumable mortgage is one that a buyer of a home can take over from the seller – often with lender approval – usually with little to no change in terms, especially interest rate. The buyer agrees to make all future payments on the loan as if they took out the original loan.
Which of the following have two types of assumption loans? A. Conventional B. FHA C. VA D. USDA
D
The USDA permits mortgage assumption and has two different types:
new rates and terms” and “same rates and terms.”
Which of the following does not have an assumption? A. Conventional B. FHA C. VA D. USDA
A
Assumable mortgage loan products
* FHA loans, which are insured by the Federal Housing Administration, are assumable.
- VA loans, which are guaranteed by the Department of Veterans Affairs, are assumable, and the buyer does not have to be a veteran or in the military.
- USDA loans, which are guaranteed by the Department of Agriculture, are assumable
Which of the following loans can NOT have a pre-payment penalty? A. Fixed-Rate Mortgage B. Qualified Mortgage C. Conventional Mortgage D. higher-priced mortgage loan
D
Conventional conforming Pre-payment requirements. Under the rules, a prepayment penalty is allowed only if all of the following are true.
- The loan’s APR cannot increase after you take out the loan (for example, a fixed rate loan).
- The loan is a “qualified mortgage.” (A qualified mortgage is a type of loan that has certain, more stable terms that help make it more likely that you’ll be able to afford your loan, such as a loan term of no more than 30 years and no risky features like negative amortization or interest-only payments.)
- The loan is not a higher-priced mortgage loan. (A higher-priced mortgage loan is a mortgage with an annual percentage rate higher than a benchmark rate called the Average Prime Offer Rate, which is an annual percentage rate that is based on average interest rates, fees, and other terms on mortgages offered to highly qualified borrowers.)
Which of the following loans can NOT have a pre-payment penalty? A. Fixed-Rate Mortgage B. ARMs C. Conventional Mortgage D. Qualified Mortgages
B
Conventional conforming Pre-payment requirements
Under the rules, a prepayment penalty is allowed only if all of the following are true.
* The loan’s APR cannot increase after you take out the loan (for example, a fixed rate loan).
- The loan is a “qualified mortgage.” (A qualified mortgage is a type of loan that has certain, more stable terms that help make it more likely that you’ll be able to afford your loan, such as a loan term of no more than 30 years and no risky features like negative amortization or interest-only payments.)
- The loan is not a higher-priced mortgage loan. (A higher-priced mortgage loan is a mortgage with an annual percentage rate higher than a benchmark rate called the Average Prime Offer Rate, which is an annual percentage rate that is based on average interest rates, fees, and other terms on mortgages offered to highly qualified borrowers.)
What occurs when a multiple-advance loan to finance the construction of a dwelling may be permanently financed by the same creditor?
A. The construction and permanent phase may merge as one transaction
B. The process is treated as two transactions
C. It can be considered a single transaction or two separate ones
D. All of the above
C
When a multiple-advance loan to finance the construction of a dwelling may be permanently financed by the same creditor, the construction phase and the permanent phase may be treated as either one transaction or more than one transaction. - Construction to permanent or construction only loan
What are the down payment requirements for a construction loan?
A. 20-25%
B. 25-40%
C. Same as residential
D. None of the above
A.
Most lenders require a 20% minimum down payment on a construction loan, and some require as much as 25%. Borrowers may face difficulty securing a construction loan, particularly if they have a limited credit history
What is another name for construction loans? A. Piggyback B. Ballon C. Permanent to construction D. Self Build Loan
Answe D.
Construction loans are known as self build, construction to permanent or just construction
What is NOT a name for construction loans? A. Piggyback B. Construction Only C. Construction to Permanent D. Self Build Loan
D
Construction loan are known as self-build and can be construction to permanent or just construction
Which of the following loans can NOT have a pre-payment penalty? A. Fixed-Rate Mortgage B. ARMs C. Conventional Mortgage D. Qualified Mortgages
B.
Since the apr can increase after the loan, it cannot have an early payment penalty
Conventional conforming Pre-payment requirements
Under the rules, a prepayment penalty is allowed only if all of the following are true.
* The loan’s APR cannot increase after you take out the loan (for example, a fixed rate loan).
* The loan is a “qualified mortgage.” (A qualified mortgage is a type of loan that has certain, more stable terms that help make it more likely that you’ll be able to afford your loan, such as a loan term of no more than 30 years and no risky features like negative amortization or interest-only payments.)
* The loan is not a higher-priced mortgage loan. (A higher-priced mortgage loan is a mortgage with an annual percentage rate higher than a benchmark rate called the Average Prime Offer Rate, which is an annual percentage rate that is based on average interest rates, fees, and other terms on mortgages offered to highly qualified borrowers.)
What happens when a loan originator or company that fails to file a mortgage call report within 45 days of the end of each calendar quarter? A. License revoke B. Get a fine C. Have deficiency placed on license D. Have a warrant in their license
Answer C
A loan originator or company that fails to file a mortgage call report within 45 days of the end of each calendar quarter will have a deficiency placed on their license and/or registration. Additionally, this failure can result in state regulatory action preventing license or registration renewal.
***Which of the following describes a small creditor?
A. At least 2 Billion in assets and originate less than 500 loans a year
B. Less than 2 Billion in assets and originate more than 500 loans a year
C. At least 2 Billion in assets and more than 500 mortgages
D. Less than 2 Billion in assets and fewer than 500 mortgages per year
Answer D.
Remember Less and Less
Small Creditor QM Loans: For lenders with less than $2 Billion in assets and originate 500 or fewer first mortgages per year
Interest Rate Reduction refinance loan (IRRRL) is what type of loan? A. Conventional B. FHA C. VA D. RHS
C. It’s a type of VA refinancing loan
What is the loan limit for a RHS loan with 1-4 members?
A. $510,400
B. 331,760
C. $90,300
D. $119,200
C. $90,300
What is the limit for a RHS loan with 5-8 members?
A. $510,400
B. 331,760
C. $90,300
D. $119,200
D
What is the loan limit for a conventional loan?
A. $510,400
B. 331,760
C. $90,300
D. $119,200
A
What is the loan limit for a FHA loan?
A. $510,400
B. $331,760
C. $90,300
D. $119,200
B
What is the maximum loan limit for a VA loan?
A. $510,400
B. 331,760
C. $90,300
D. $119,200
A
What is the loan limit for a RHS loan with 1-4 members?
A. $510,400
B. 331,760
C. $90,300
D. $119,200
C. $90,300
What is the maximum concession on a Sally Mae Investment Loan? A. 2% B. 3.5% C. 5% D. 6%
A
FACTA requires a Fraud Alert to be kept in a consumer's file for what period of time? A. 7 years B. 90 days C. Until removed by the borrower D. 12 months
90 days
Post-consummation disclosures regarding rate changes are required for:
A. Closed-end ARM’s secured by the borrower’s principal residence***
B. Interest-only ARM’s
C. All ARM’s secured by a dwelling
D. Open-end home equity plans
Answer A
They’re talking about the rate change disclosure that has to be sent out before initial rate change within 210-240 days
The factors involved in determining the movement on an ARM loan include:
Mark one answer:
A. Rate, caps, index, margin
B. Frequency of change, caps, index, rate
C. Rate, index, margin, lifetime cap
D. Frequency of change, caps, index, margin
D
If a consumer is using electronic means to open an account, which of the following is true?
Mark one answer:
A. Disclosures must be provided both electronically and in hard copy
B. Disclosures must be provided before the account is opened
C. Disclosures must be provided electronically
D. Disclosures are not required
B
Disclosures for high-risk loans required by the Homeowners Protection Act inform the borrower that:
A. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees
B. Termination of PMI is automatic at the midpoint of the amortization schedule as long as borrower is current based on interest rate changes
C. Payments amounts may change based on interest rate changes
D. There may be loan more suited for the borrower that is much less expensive
Bi
The key is Homeowner Protection Act
For the purposes of providing a Loan Estimate, a “business day” is:
Mark one answer:
A. Any day except for Sundays
B. Any day of the week
C. Any day on which the creditor’s offices are open to the public for carrying out substantially all business functions
S. Any day except for Sundays and legal public holidays
C
Which of the following may be an indication of predatory lending?
A. A borrower with a 560 credit score is given a rate that is 2% above a “standard” rate
B. A borrower with a 720 credit score uses YSP to offset closing costs
C. A borrower with a 580 credit score is offered a loan with credit life premiums included
D. A borrower with a 610 credit score is offered a subprime loan
C
Which of the following is least likely to indicate fraud with respect to occupancy status?
A. A borrower is purchasing a home in the same neighborhood as his current home
B. A borrower is moving from another state
C. A borrower is moving from a 5,000-square-foot home to a 1,500-square-foot home
D. A borrower claims to be selling his primary residence, but it is not listed
B. A borrower is moving from another state
Occupancy fraud is a representation by the buyer that an investment property will be owner-occupied in order to obtain the more-favorable terms offered by the lender on owner-occupied real estate. A borrower moving from one state to another and seeking a mortgage loan would NOT be an indication of occupancy fraud.
Which of the following would be considered a credit report red flag?
A. There is a DBA or an AKA
V. The debts the applicant disclosed are accurately reglected on the credit report
C. Names on credit report match names on application
D. Paystubs, W-2’s or other income docs are handwritten
A.
This is a red flag for credit report not income
An example of a red flag under the Red Flags Rule would include all of the following, except:
A. Missed payments occur when there is no history of missed payments by the borrower
B. The borrower has moved from another state
C. Mail sent to the borrower is returned as undeliverable
D. The credit report contains a different address for the borrower than the one supplied
B. The borrower has moved from another state
Categories of red flags include alerts, notifications, or other warnings received from consumer reporting agencies, the presentation of suspicious documents, the presentation of suspicious personal identifying information, personal identifying information provided by the customer that is inconsistent with other personal identifying information provided by the customer, a covered account is used in a manner that is not consistent with established patterns of activity on the account, and notification is received that the customer is not receiving paper account statements or that there have been unauthorized transactions on a covered account. Moving from one state to another would not be considered to be a red flag.
At what LTV is a mortgage servicer required to remove PMI on a “high-risk” loan, assuming the borrower’s loan is current?
A. 22%
B. 80%
C. 78%
D. 77%
Answer D.
On a regular non high risk Conventional Loan, it’s 78% but on a high risk it’s automatically at 77%
The HPA requires mortgage servicers to automatically remove PMI on any loan designated as “high-risk” once the loan’s LTV reaches 77% and assuming that the borrower’s loan is current.
Which of the following is not a duty assigned to the CFPB by the Dodd-Frank Act?
A. Granting and denying mortgage loan originator licenses
B. Collecting and responding to consumer complaints
C. Taking enforcement actions for violations of federal consumer financial laws
D. Monitoring the markets for consumer financial products and services
A. Granting and denying mortgage loan originator licenses
Which of the following is included when calculating finance charges?
A. Appraisal fees paid to an appraiser chosen by the borrower
B. Seller’s points
C. Charges payable in a comparable cash transaction
D. Interest
D. Interest
Every mortgage licensee must submit to the NMLS:
Annual financial statements
Employment reports
Reports of condition
A summary of complaints filed against him/her each year
Report of condition
Which statement about loan origination fees on a Loan Estimate is FALSE?
A. The fees cannot change unless there is a changed circumstance
B. The fee includes services performed by or behalf of the MLO
C. Lender & mortgage broker fees for the same transaction must be itemized
D. Origination fees must be expressed as lump sum
C
Which of the following is the least expensive type of reverse mortgage? A. Proprietary mortgage B. HECM C. Non-recourse D. Single-purpose
D
Single-purpose reverse mortgages are the least expensive option. They’re offered by some state and local government agencies, as well as non-profit organizations, but they’re not available everywhere. T
When a mortgage or deed of trust contains a power of sale clause:
A. The lender is made whole for losses by MIP
B. A judge must enter an order of foreclosure before the home can be sold
C. The lender may foreclose without first obtaining a court order
D. The lender can sell the home at its discretion
C. The lender may foreclose without first obtaining a court order
Second appraisal requirements for higher-priced mortgage loans were put in place in an attempt to curb the practice of: A. Property flipping B. Equity stripping C. Steering D. Reverse redlining
A. Property flipping ***
All of the following are acceptable categories of marital status according to ECOA, except: Mark one answer: A. Married B. Divorced C. Separated D. Unmarried
B
What is considered to be "mandatory" protection if a borrower takes an ARM loan? A. CHARM B. TILA C. Margin D. Caps
A. CHARM
Which of the following documents conveys title to real property? A. Note B. Mortgage C. Promissory note D. Deed
D
Which of the following is true regarding ATR standards for consideration of borrower repayment ability?
A. General ATR standards require a consideration of DTI ratio and residual income; residual income must equal at least the monthly loan payment amount, plus 5%
B. General ATR standards require a consideration of DTI ratio and residual income; the DTI ratio threshold is 60%
C. General ATR standards require a consideration of DTI ratio and residual income; there is no DTI threshold or minimum required residual income
D. General ATR standards require a consideration of DTI ratio residual income; the DTI ratio threshold is 43%
C
How often must a borrower renew owner’s title insurance?
A. With each refinance
B. Owner’s title insurance expires every seven years
C. When the house is sold to the next owner
D. It is not necessary to renew
D
Which of the following is true?
A. Reverse mortgage loans are covered by the ATR Rule
B. Open-end credit plans, timeshare plans and closed-end consumer credit loans are exempt from the ATR Rule
C. Open-end credit plans are covered by the ATR Rule
D. Open-end credit plans, timeshare plans and reverse mortgage loans are exempt from the ATR Rule
D
This is defined as the intentional perversion of the truth for the purpose of inducing another person or entity to rely on it in order to part with something or surrender a legal right. A. Identity theft B. Predatory lending C. Industry insider fraud D. Mortgage fraud
D
An underwriter examines what two main aspects of a loan application to determine if lender guidelines are being met? A. Applicants and credit B. Credit and collateral C. Credit and income S. Applicant and collateral
D
The Truth-In-Lending Disclosure must be delivered within how many business days prior to closing a reverse mortgage?
A. 3
B. 7
C. 10
D. 15
Reverse mortgage is key
Answer 7
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 right of recession period doesn’t apply to first property or any investment property
Which Act requires companies to give consumers privacy notices? A. Real Estate Settlement Procedures B. Fair and Accurate Credit Transaction C. Truth-in-Lending D. Gramm-Leach-Bliley
D
The Red Flags Rule is part of the: A. Truth-in-Lending Act B. Real Estate Settlement Procedures Act C. SAFE Act D. Fair and Accurate Credit Transactions Act
D
How many business days before loan consummation is a borrower entitled to see a revised Closing Disclosure that did not trigger an additional 3-day waiting period? A. 1 B. 2 C. 3 D. 4
Answer A. The question is asking about borrower and REVISED Closing disclosure
How many days before loan consummation is a seller entitled to see the Closing Disclosure? A. 0 (closing day) B. 1 C. 2 D. 3
Answer A. Remember the question is asking when the SELLER not the Buyer gets to see the Closing Disclosure
The borrower must receive the Closing Disclosure how many business days before consummation? A. 1 B. 2 C. 3 D. 4
C
This is about the borrower
How ofter must a mortgage company submit a report on their financial condition? A. Monthly C. Quarterly C. Annually D. Every 2 years
C annually
A USDA loan has: A. 100% financing B. No income limits C. A 5% late fee D. Has no geographical restrictions
A
Borrower's equity equals: A. Appraised value - loan balance B. Appraised value - down payment C. Loan balance + down payment D. Loan balance - down payment
A
guarantor or co-signer signs the: Mortgage Note Deed Mortgage and the note
Note only
The appraisal approach that best applies to vacant land is: Mark one answer: A. Sales comparison approach B. Cost approach C. Residential approach D. Income capitalization approach
A
Vacant land can only be appraised using the sales comparison approach, since vacant land is not constructed nor does it earn an income. The determination of land value is necessary in both the cost approach and the sales approach to estimate depreciation, since land is not depreciable.
The GFE/Loan Estimate must be mailed or given to the borrower within how many days after receiving the signed application? A. 3 business days B. 7 business days C. 10 business days D. 30 business days
A
Which appraisal approach is most suitable for an office building? Mark one answer: A. Sales comparison approach B. Cost approach C. Income capitalization approach D. Tenant collection approach
C
A mortgager's title insurance policy is: A. Transferable B. Required C. Based on purchase price D. Never used
C
What clause in a mortgage prevents the lender from recovering additional assets from the mortgagor id there is a shortfall in the foreclosure proceeds? A. Defeasance B. Escalation C. Acceleration D. Exculpatory
D. Exculpatory = Precent Lenders
What term describes the intentional delay of action on the part of the lender upon a borrower's default? A. Defeasance B. Escalation C. Acceleration D. Exculpatory
A. Defeasance = Lenders intention
Mortgage companies must submit a residential loan origination activity report to the NMLSR every: Mark one answer: A. Month B. Three months C. Six months D. Year
Answer C
Remember there is the mortgage call Report, financial report and residential loan origination activity report
Borrowers with a high-cost loan can rescind the loan within how many business days? A. 3 B. 7 C. 15 D. There is no rescission period
A
Which appraisal method subtracts a value for depreciation? A. Sales comparison B. Cost C. Income capitalization D. Gross income multiplier
B
What type of fraud occurs when a loan originator submits and closes one loan application with multiple lenders? A. Chunking B. Equity skimming C. Buy and bail D. Phantom sale
B. EQUITY SKIMMING or CHURNING Excessive lending activity for the purpose of generating fees and commissions. In some cases, the lender steps the rate down through multiple refinances. Each refinance provides only a slightly lower rate until the pre-arranged rate is reached.
Which is NOT a possible indication of a short sale fraud?
A. Buyer is a business partner of the seller
B. Seller has a poor credit history
C. Seller has an excellent credit history
D. The property appraises significantly below neighboring properties
B.
Short sale- fraudster gets straw buyer to purchase home and default on payments. Fraudster thenoffers to buy home from lender prior to foreclosure sale for significantly less than what is owed.
When a consumer chooses a provider that was on the Written List of Providers for a service, that service is listed as:
A.) Title and government fees
B.) Services borrower did not hop for
C.) Other
D.) Services borrower did shop for
D
The Real Estate Settlement Procedures Act requires that the borrower, at what point, sign the Loan Estimate after the initial loan application?
A.) Within 30 days
B.) Within 3 business days
C.) 3 business days prior to closing
D.) never
D
What are the terms of the “cooling off” period if a loan falls under HOEPA?
A.) Three business days prior to closing
B.) Ten business days after closing
C.) Ten business days prior to closing
D.) Three Business days after closing
Three business days prior to closing
Once the final fees are calculated and a “Section 32” disclosure is signed, three business days must pass before closing the loan and disbursing funds.
What loan type is NOT included in the Home Mortgage Disclosure Act?
A.) Purchase of existing housing
B.) Owner Occupied refinances
C.) Second Mortgages
D.) Vacant land loans
D
What loan has a three business-day rescission period?
A.) None owner occupied residential
B.) Vacant land
C.) Owner occupied refinance
D.) Commercial
C
According to the ECOA, an adverse action notice is NOT required to include the
A.) Lender
B.) Credit Bureau
C.) Federal Regulator
D.) Appraiser’s name
D
How soon after a borrower is provided with all required disclosures may a loan close?
A.) Within 1 business day after the underwriter makes an approve decision
B.) Within 3 business days of the borrower’s application
C.) On the 7th business day after the disclosures were provided
D.) After a 3-business day waiting period from when disclosures were delivered
C
Two days after borrower Jim received a Loan Estimate, he tells the lender he wants to change the loan terms from adjustable to fixed. When must he receive a revised Loan Estimate?
A.) At least 2 business days prior to closing
B.) Within 1 business day
C.) This situation does not require a new loan estimate since the borrower is the one who changed the terms
D.) Within 3 business days
D
order for a junior mortgage on a primary residence to be considered a higher-priced loan, the APR must exceed the applicable average prime offer rate by at least
A.) 1.5%
B.) 3.5%
C.) 8%
D.) 10%
B
1.5/2.5 Jumbo/3.5 Junior
mortgage broker rents office space from a title company at a discount in exchange for referring customers for settlement services. Which federal law does this arrangement violate?
A.) RESPA
B.) It does not violate any federal law
C.) TILA
D.) SAFE Act
A
Each of these loans would be excluded under the definition of a higher-priced loan EXCEPT
A.) A home equity line of credit
B.) A purchase loan
C.) A reverse mortgage
D.) An initial construction loan
B
Which fee can be collected prior to delivery of a Loan Estimate and Closing Disclosure?
A.) Any legitimate fee can be collected prior to delivery of these disclosures
B.) Appraisal fee
C.) Credit report fee
D.) No fees can be collected prior to delivery of these disclosures
A.) Any legitimate fee can be collected prior to delivery of these disclosures
At what point can a lender collect a loan origination fee?
A.) When the loan closes
B.) After the borrower signs the application
C.) Three business days after mailing the required disclosures
D.) After the underwriter approves the loan
C
Annual Mortgage Insurance Premium (MIP)
A.) May be cancelled for FHA loans when interest rates are low.
B.) May be cancelled for FHA loans when interest rates are high.
C.) May be cancelled for FHA loans when the loan has been paid down to less than 80% of the property’s original value.
D.) Will remain in place throughout the life of the loan if the beginning loan balance is higher than 90% of its appraised value.
D. Will remain in place throughout the life of the loan if the beginning loan balance is higher than 90% of its appraised value.
As of 6/3/13, you may no longer remove the MIP throughout the life of the loan if the beginning loan balance is higher than 90% of its appraised value even when the balance falls below 78% of LTV.
items require a new 3 day review?
A.) Unexpected discoveries on a walk through
B.) Changes to payments made at closing, including the amount of taxes and utilities proration
C.) A prepayment penalty is added
D.) Typos found at the closing table
prepayment penalty is added
There has been much misinformation and mistaken commentary around this point. Any other changes in the days leading up to closing do not require a new 3-day review, although the lender will still have to provide an updated disclosure. For example, the following circumstances do not require a new 3-day review: 1. Unexpected discoveries on a walk-through such as a broken refrigerator or a missing stove, even if they require seller credits to the buyer; 2. Most changes to paymen
duty to investigate a consumer dispute falls to the information furnishers. According to the FCRA, how many days do they usually have to respond to the consumer from the receipt of notice of a dispute?
A.) 120
B.) 90
C.) 30
D.) 60
C
On a closing disclosure form, the date issued is the:
A.) Funding date
B.) Date the form is delivered to the consumer
C.) Date the loan is scheduled to close
D.) Date the form is prepared by the creditor
B
According to the new FHA rules effective June 2013, mortgage insurance must be paid for at least how many years prior to cancellation?
A.) 7
B.) 5
C.) 12
D.) 11
D
If an event related to the settlement occurs during the _________calendar-day period after consummation that causes the closing disclosure to become inaccurate and results in a change to an amount paid by the consumer from what was previously disclosed.
A.) 7
B.) 45
C.) 30
D.) 25
C
For how many days must the settlement charges detailed in a Loan Estimate be available?
A.) 15 business days
B.) 5 business days
C.) 3 business days
D.) 10 business days
D
Settlement Costs Booklet
A.) Shows the estimated settlement costs associated with the borrower’s loan
B.) Guides borrowers through the home-buying process
C.) Provides an authorized list of available settlement service providers
D.) Disclosures affiliated relationships between lenders and service providers
B
Adrian, a mortgage broker referred her client to A&A Title, a company that both she and her husband Andy own. According to RESPA, Adrian must
A.) Give full disclosure to the client at, or prior to, the time the referral is made
B.) Also provide a list of alternative title companies to the client
C.) Not provide the referral because it is prohibited by RESPA
D.) Disclose the relationship only of the client chooses A&A Tile
Answer A
Which Act would be acceptable under Respa?
A.) A title company provides a mortgage broker with free promotional post it notes featuring the name and logo of the broker
B.) A title company sponsors a mortgage brokers golf outing to entertain new clients
C.) A title company provides a mortgage broker with post it notes with the name and logo of the title company
D.) A title company offers a mortgage broker free advertisement space in its brochure
C
As the lender looks over the borrower’s loan application and is deciding whether or not to make the loan, the lender may NOT consider the
A.) Borrower’s history of making payments on past obligations
B.) Economic health of the borrowers field of employment
C.) Borrower’s receipt of public assistance
D.) Borrower’s employment history
C
According to the FACT Act, which situation would NOT be a reason for a consumer to add an ID alert to a credit report?
A.) A soldier who is shipped overseas for military duty
B.) A computer programmer who is transferred by his company to London for a year
C.) A woman who changes her name after a divorce
D.) A man whose wallet was stolen and whose credit card was used to purchase a flat panel TV
C
A $100,000 loan will be considered a Section 32 loan if the the points and fees are greater than
A.) 8% of the sale price
B.) 5% of the sale price
C.) 5% of the loan amount
D.) 8% of the loan amount
C
Which financial arrangement is EXEMPT from the Real Estate Settlement Procedures Act?
A.) Refinancing
B.) Temporary transaction
C.) Home equity lines of credit
D.) Loan assumption
B
TILA requires creditors to maintain records that they complied with the disclosure requirements for how many years?
A.) One
B.) Three
C.) Four
D.) Two
D
Which act transfer the enforcement of identity theft red flag rules to the SEC and CFTC for the entities they regulate?
A.) Fair Credit Reporting Act
B.) Dodd-Frank Act
C.) Equal Credit Opportunity Act
D.) Gramm-Leach-Bliley Act
B
Dodd-Frank Act defines a residential mortgage or “dwelling” loan, which includes a loan on
A.) Vacant land
B.) Manufactured home
C.) Equipment and fixtures
D.) Camper or RV
B
A step rate is an interest rate that:
A.) Will not change after consummation and the rates that will apply are known at consummation
B.) Will not change after consummation and the rates that will apply are not known at consummation
C.) Will change after consummation and the rates that will apply are not known at consummation
D.) Will change after consummation and the rates that will apply are known at consummation
D.) Will change after consummation and the rates that will apply are known at consummation
An interest rate is a Step Rate if the interest rate will change after consummation and the rates that will apply and the periods for which they apply are known at consummation
When describing a description of the loan on the loan estimate form, you are required to include how many pieces of information in this disclosure?
A.) 2
B.) 1
C.) 3
D.) 5
A.) 2
For the product, provide a description of the loan. You are required to include two pieces of information. The first piece of information is any payment feature that may change the periodic payment, which includes negative amortization, interest only, step payment, balloon payment or seasonal payment. The second piece of information disclosed is whether the loan uses an Adjustable Rate, Step Rate, or Fixed Rate to determine the interest rate applied to the principal balance.
Which act transfer the enforcement of identity theft red flag rules to the SEC and CFTC for the entities they regulate?
A.) Fair Credit Reporting Act
B.) Dodd-Frank Act
C.) Equal Credit Opportunity Act
D.) Gramm-Leach-Bliley Act
B
According to the Truth in Lending Act, which of these would be EXCLUDED from the finance charge?
A.) Points
B.) Interest
C.) Seller’s points
D.) Credit report fee
C.) Seller’s points
Among other things, seller’s points are not included in the finance charge. The other choices would be included in the finance charge.
Which law requires a loan servicer to notify a borrower before the servicing of that loan is transferred to someone else?
A.) ECOA
B.) TILA
C.) HOEPA
D.) RESPA
D
RESPA requires a Servicing Transfer Statement to be sent to the consumer if the loan servicer sells or assigns the servicing rights of the loan to another service provider.
ID: 9557
On the Loan Estimate, charges for loan origination services are
A.) Finalized
B.) Summarized
C.) Verified
D.) Itemized
Summarized
According to the Fair Credit Reporting Act, which situation does NOT entitle someone to a free copy of his credit report?
A.) A consumer is on public assistance or is unemployed.
B.) A consumer was a victim of identity theft and a fraud alter was inserted in the credit file
C.) An applicant was refused credit due to insufficient income
D.) The credit file contains inaccurate information as a result of fraud
C
When borrowers and mortgage loan originators come together to negotiate terms and close mortgage loan transactions, this is referred to as A. hypothecation. B. mortgage brokered loans. C. the primary market. D. Secondary Market
Correct answer is C. - When borrowers and lenders negotiate mortgage terms and close mortgage loans, they are acting in the primary market.
Which entity was established in 1932 as a cooperative to finance housing in local communities?
A. Federal Home Loan Mortgage Corporation B. Federal Home Loan Banks
C. Federal Housing Finance Agency
D. Government National Mortgage Association
Correct answer is B. - Created by Congress, the Federal Home Loan Banks have been the largest source of funding for mortgage lending for nearly eight decades. [
Which entity was established in 1932 as a cooperative to finance housing in local communities?
A. Federal Home Loan Mortgage Corporation B. Federal Home Loan Banks
C. Federal Housing Finance Agency
D. Government National Mortgage Association
Correct answer is B. - Created by Congress, the Federal Home Loan Banks have been the largest source of funding for mortgage lending for nearly eight decades. [
