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SAFE MLO Exam Prep With 100% Correct And Verified Answers 2024
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SAFE MLO Exam Prep With 100% Correct And Verified Answers 2024
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SAFE MLO Exam Prep With 100% Correct And Verified Answers 2024ECOA is Regulation ______ - Correct Answer-Regulation B
TILA is administered by ______ - Correct Answer-CFPB
HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - Correct Answer-5%
For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - Correct Answer-7 days
Home Mortgage Disclosure Act (HMDA) implemented by _____ - Correct Answer-FRB
Loan amount, gender, race, & age; which is not required on HMDA? - Correct Answer-Age
HMDA does not - Correct Answer-Set lending quotas for protected classes
Bankruptcies are kept on record for how long? - Correct Answer-10 years
Tax liens are kept on record for how long? - Correct Answer-7 years
Borrowers entitled to a free credit report if lender takes adverse action and they ask for the report within how many days of receiving notice of the action? - Correct Answer-60 days
Company with established relationship can call someone _____ after last purchase - Correct Answer-18 months
If consumer inquiry or submits an application, can call for how long? - Correct Answer-3 months
Lender has how long to refund excessive variance? - Correct Answer-60 days
How many days before loan consummation is a borrower entitled to see a revised CD that did not trigger an
additional 3-day waiting period? - Correct Answer-1 business day
How may days before loan consummation is a seller entitled to see the CD? - Correct Answer-0 (day of closing)
Without defaut or termination due to refinance, repayment or rescission, lender has how long to deliver "Escrow Closing Notice" when canceling an escrow account - Correct Answer-3 business days
Lender has to retain CD and LE for how long? - Correct Answer-5 years
Lender has to retain Partial Payment Policy for how long? - Correct Answer-5 years Lender has to retain Escrow Cancellation Notice for how long? - Correct Answer-5 years
TILA Disclosure, Loan Estimate, Good Faith Estimate, HUD-1; which is NOT delivered to a reverse mortgage applicant? - Correct Answer-Loan Estimate
How many hours of CE required? - Correct Answer-8 hours
Maximum # of consecutive times SAFE can be taken? - Correct Answer-3 times
Wait how many days between first 2 exams? - Correct Answer-15 days
After failing _____ times, you have to wait how long to retake? - Correct Answer-3 times, 6 months
adopted brother, aunt grandfather, stepmother; which is NOT an immediate family member? - Correct Answer-Aunt is not immediate family member
What may be true of registered LOs? - Correct Answer-Registered loan originators may be bank employee
Independent contractor underwriter must be... - Correct Answer-a licensed LO
How often does a mortgage company needs to provide report of financial condition? - Correct Answer-
Annually
What types of liens are mortgages? - Correct Answer-Voluntary liens
Forbearance - Correct Answer-When a lender chooses to NOT take legal action upon a default
Escalation Clause - Correct Answer-allows lender to increase the interest rate
Acceleration Clause - Correct Answer-gives "teeth;" Allows mortgagee to call the entire loan balance if borrower is in default
Due-on-sale Clause aka Alienation Clause - Correct Answer-Mortgage may require loan balance be paid off when property is sold or transferred; loan is NOT assumable
Defeasance Clauses - Correct Answer-prevents lender from foreclosing unless borrower is in default; recordable SoM within 60 days
Opposite of Prepayment Penalty Clause? - Correct Answer-Prepayment Privilege Clause
Open-End Clause - Correct Answer-permits future additional advances from the same lender without rewriting the mortgage (applies to HELOC)
Subordination Clause - Correct Answer-Allows subsequent mortgages on same property to have more superior lien position
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