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NMLS > Study Guide > Flashcards

Study Guide Flashcards

1
Q

TIL disclosures include (4):

A

APR
Finance charge
Amount financed
Total amount of payments

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2
Q

If there was an excessive variance in closing fees, how long does the lender have to refund the excess?

A

60 calendar days

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3
Q

On a loan with multiple co-signers, the ECOA Adverse Action Notice needs to be sent to:

A

Only the primary borrower.

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4
Q

When must a referring party give the Affiliated Business Arrangement Disclosure to the consumer?

A

At or before the time of referral.

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5
Q

After an escrow account analysis, money must be refunded if the over-paid amount equals or exceeds:

A

$50

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6
Q

HOEPA considers a loan to be high cost if the total charges to the borrower exceed what percent of the loan amount?

A

5%

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7
Q

What is the maximum term for a HOEPA balloon bridge loan?

A

12 months

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8
Q

A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing?

A

1

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9
Q 
ECOA allows an applicant to have a copy of his: 
A. Credit score 
B. Credit report 
C. Property appraisal report 
D. Bank records
A

C

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10
Q

Which government agency enforces ECOA?

A

CFPB

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11
Q

The APR must be finalized at least how many days before closing?

A

3

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12
Q

The FCRA is enforced by:

A

The FTC

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13
Q

What is the fine for Do Not Call violations?

A

$16,000

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14
Q

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

A

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15
Q

How many days before closure is a seller allowed to see the Settlement Statement?

A

0 - they see it at closing

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16
Q 
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
A

B

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17
Q

What entity does HUD oversee?
A. Department of Health
B. Federal Housing Administration C. Department of Veterans Affairs
D. Consumer Financial Protection Bureau

A

B

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18
Q 
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
A

B

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19
Q

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

A

D

20
Q

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?

A

30

6 months

21
Q
  1. 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
A

B

22
Q
  1. Which of the following is expressed as basis points in an adjustable rate mortgage:

A. Index
B. Margin
C. Fully indexed rate
D. Term

A

B

23
Q 
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
A

C

24
Q

80 basis points equals what percentage of the loan amount?

A

.8%

25
Q

Borrowers must be notified of an ARM rate change how many months before the initial reset?

A

6

26
Q

How would you calculate 12 days of per diem interest on a loan of $250,000 with an annual rate of 5%?

A

$250,000 • .05 = $12,500

$12,500 / 365 = 34.2465 • 12 =

$410.9589

27
Q 
A real estate broker may pay a referral fee to: 
A. A closing agent 
B. A past customer 
C. A mortgage broker 
D. Another real estate brokerage firm
A

D

28
Q 
4. Who can provide closed sales comparables to an appraiser? 
A. Real estate agent 
B. Underwriter 
C. Mortgage broker 
D. Lender
A

A

29
Q

What law was passed in 2010 in response to the financial meltdown and recession?
A. Truth-in-Lending Act
B. Gramm-Leach-Bliley
C. Dodd-Frank Wall Street Reform and Consumer Act
D. Home Mortgage Disclosures Act

A

C

30
Q 
Mortgage companies must submit a residential loan origination activity report to the NMLSR every: 
A. Month
B. Three months
C. 6 months
D. Year
A

B

31
Q

Loan originator organizations must keep compensation records for how many years?

A

3

32
Q 
How many years must loan originator applicants wait after having a loan origination license revoked in another state, in order to qualify for a license? 
A. One year 
B. Two years 
C. They aren’t eligible for licensing 
D. They can qualify immediately
A

C

33
Q

Which of the following is required for an FHA Streamline refinance loan?
A. Credit verification
B. New appraisal
C. Current on mortgage payments for the last three months
D. Income and debt verification

A

C

34
Q

What law addresses loan originators’ compensation issues? A. Truth-in-Lending Act
B. Loan Origination Rule
C. Equal Credit Opportunity Act
D. Mortgage Compensation Act

A

B

35
Q

What agency was established to respond to consumer financial complaints?
A. Federal Deposit Insurance Company
B. Federal Insurance Office
C. Financial Stability Oversight Council
D. Consumer Financial Protection Bureau

A

D

36
Q

What law protects homeowners from foreclosure-prevention scams?
A. Foreclosure Mediation Rule
B. Mortgage Assistance Relief Services Rule
C. Truth-in-Lending Act
D. Homeowner’s Protection Act

A

B

37
Q

What agency becomes the receiver for some failing financial institutions?

A

FDIC Federal Deposit Insurance Committee

38
Q 
The ability-to-repay regulation applies to: 
A. Equity lines of credit 
B. Reverse mortgages 
C. Investment home purchases 
D. Construction loans
A

C

39
Q 
Individuals submit an annual Report of Foreign Bank and Financial Accounts to: 
A. IRS 
B. Mortgage lender 
C. Federal Trade Commission 
D. Fannie Mae
A

A

40
Q 
The Truth-in-Lending Disclosure does NOT include: 
A. APR 
B. Finance charge 
C. Total amount of payments 
D. Borrower’s credit score
A

D

41
Q 
Which of the following can have an unlimited variance between the GFE and HUD-1? 
A. Hazard insurance 
B. Recording fees 
C. Appraisal 
D. Credit report fee
A

A

42
Q 
Which of the following does NOT have zero variance between the GFE and HUD-1? 
A. Title insurance 
B. Real estate transfer taxes 
C. Loan origination fees 
D. Interest rate
A

A

43
Q

What happens if the acceptable variance between the GFE and the HUD-1 is exceeded?
A. Loan originator faces criminal penalties
B. The loan can’t be funded
C. The excess is refunded to the borrower within 30 days
D. The excess is refunded to the borrower within 60 days

A

C

44
Q

What type of mortgage is a non-recourse loan?
A. Graduated payment mortgage B. Reverse mortgage
C. Package mortgage
D. Wholesale mortgage

A

B

45
Q

What agency became the conservator of Fannie Mae and Freddie Mac?
A. Federal Housing Finance Agency
B. Consumer Financial Protection Bureau
C. U.S. Department of Housing and Urban Development
D. Internal Revenue Service

A

A

NMLS (22 decks)

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