HECM Exam 3- home equity conversion mortgage (100% correct answers)

What is the more common name of Title V of the Housing and Economic Recovery Act of 2008? a) FACTA b) Gramm-Leach-Bliley Act c) Red Flag Rules d) SAFE Act correct answers D 3) Which of the following is NOT an involuntary lien? a) Judgement lien b) Mortgage lien c) Mechanic's lien d) IRS tax lien correct answers B 2) Under ECOA, which of the following may NOT be considered adversely when underwriting the loan? a) borrower's employment history b) borrower's history of making payments on past obligations c) borrower's receipt of public assistance d) economic health of the borrower's field of employment correct answers C 12) The rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable is the a) 3/7/3 Rule. b) Loan Originator Compensation Rule. c) MARS Rule. d) Safeguards Rule. correct answers C 15) A lender has how many days to notify the borrower of an underwriting decision? a) 3 b) 10 c) 30 d) 60 correct answers C 16) RESPA applies to all a) business loans with collateral. b) commercial real estate loans. c) real estate credit transactions for one- to four-family dwellings. d) real estate purchase transactions. correct answers C 22) The estimate for most settlement charges shown on a Loan Estimate must be available for at least ____ business days. a) 3 b) 7 c) 10 d) 14 correct answers C