20 Hour SAFE Comprehensive bundled exams 2024 with 100% correct answers

The appraisal approach that is used as the best indicator of value for existing properties is __________ correct answersMarket Data Approach Mortgage Loan originators who make cold calls must comply woth the requirements of the National Do-Not-Call rules. The loan originator needs to update any d...

MLOs Must comply w requirements of the National Do-Not-Call Registry and UPDATE any download of registry at LEAST Every: correct answers31 days The appraisal approach that is used as the best indicator of values for the existing properties is : correct answersMarket Data Approach The Equal Cre...

If the lender determines, at any time during the life of a loan, that the property securing the loan is located in a special flood hazard area and is not covered by flood insurance, then the lender must accelerate its payment schedule. the lender must cancel its insurance requirement. the le...

Which of the following best describes a 2nd mortgage loan? (A) A conventional mortgage that is conforming (B) A conventional mortgage that is non-conforming (C) A conforming loan that is non-conventional (D) A non-conforming loan that is non-conventional correct answers(B) A conventional mortgag...

A person used to buy a property in order to conceal the actual owner is called: correct answersStraw Buyer The term "qualified mortgage" was first used within the text of the: correct answersDodd-Frank Wall Street Reform and Consumer Protection Act The law requires that the VA be paid a fund...

An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant .Which of the following is not included on the Adverse Action Notice? correct answersC. The right to dispute the credit denial Under the Home Ownership...

At what equity position does PMI automatically terminate on a conventional loan? correct answers22% A mortgage loan originators who uses his or her position with a mortgage broker to order a borrower's credit report is required to have which of the following before doing so? (A) The authorizati...

Which disclosure, required to be sent three days after application, indicates to the borrower whether or not the servicing of their loan may be sold or transferred? correct answersThe Mortgage Servicing Disclosure, required by RESPA, is specifically supposed to inform the consumer whether or not the...

The practice of a lender not requiring a nontraditional loan borrower to thoroughly document income or assets is known as? correct answersLow-Doc or No-Doc Loans While a creditor/ broker does not have to advertise every single plan offered, it is unlawful to conceal what from consumers? correct a...

Secondary Market correct answersA Market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages FNMA correct answersFederal National Mortgage Association (Fannie Mae) Savings & Loan Lender correct answershave their origins in the social goal...

What Law deals with credit, APR & advertising of consumer loans? correct answersTILA - REG Z Which regulation prohibits kickbacks? correct answersRESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? correct answersHPA - Home Owners Protection Act Which re...

Mortgage loan originators who make cold calls must comply with the requirements of the national do not call registry and the do not call rules. The loan originator needs to update any download of the registry at least every: correct answers31 days The appraisal approach that is used as the best i...