Study Guide Flashcards
TIL disclosures include (4):
APR
Finance charge
Amount financed
Total amount of payments
If there was an excessive variance in closing fees, how long does the lender have to refund the excess?
60 calendar days
On a loan with multiple co-signers, the ECOA Adverse Action Notice needs to be sent to:
Only the primary borrower.
When must a referring party give the Affiliated Business Arrangement Disclosure to the consumer?
At or before the time of referral.
After an escrow account analysis, money must be refunded if the over-paid amount equals or exceeds:
$50
HOEPA considers a loan to be high cost if the total charges to the borrower exceed what percent of the loan amount?
5%
What is the maximum term for a HOEPA balloon bridge loan?
12 months
A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing?
1
ECOA allows an applicant to have a copy of his: A. Credit score B. Credit report C. Property appraisal report D. Bank records
C
Which government agency enforces ECOA?
CFPB
The APR must be finalized at least how many days before closing?
3
The FCRA is enforced by:
The FTC
What is the fine for Do Not Call violations?
$16,000
A change to which of the following does NOT trigger a new 3-day waiting period?
A. Seller credits buyer money for landscaping B. APR
C. Loan product
D. Addition of a prepayment penalty
A
How many days before closure is a seller allowed to see the Settlement Statement?
0 - they see it at closing
Which of the following is NOT protected from discrimination by the Fair Housing Act? A. HIV patients B. The elderly C. Pregnant women D. Mexicans
B
What entity does HUD oversee?
A. Department of Health
B. Federal Housing Administration C. Department of Veterans Affairs
D. Consumer Financial Protection Bureau
B
For the purposes of the SAFE Act, which of the following is NOT an immediate family member? A. Adopted brother B. Aunt C. Grandfather D. Stepmother
B
Which of the following do NOT need to be licensed?
A. Independent contractors who are loan originators
B. Independent contractors who are underwriters
C. Independent contractors who are loan processors
D. Federally chartered bank employees
D
How many days must you wait to take the SAFE exam a second time? How long do you have to wait to take it a fourth time?
30
6 months
- FHA maximum loan amounts:
A. Are set by the U.S. Department of State
B. Do not include the Up Front Mortgage Insurance Premium
C. Are set at $500,000
D. Are set at $1,000,000
B
- Which of the following is expressed as basis points in an adjustable rate mortgage:
A. Index
B. Margin
C. Fully indexed rate
D. Term
B
18. What type of mortgage has a fixed interest rate and increasing payments? A. Adjustable rate mortgage B. Package mortgage C. Growing equity mortgage D. Wraparound mortgage
C
80 basis points equals what percentage of the loan amount?
.8%