20-HR SAFE Comprehensive Mortgage
Loan Originator Fundamentals HW
Mortgage loan originators who make cold calls must comply with the
requirements of the National Do-Not-Call rules. The loan originator needs to
update any download of the registry at least every:
31 days
18 Months
7 days
Year - CORRECT ANSWER-31 Days
The appraisal approach that is used as the best indicator of value for existing
properties is:
Similar property approach
Fair market value approach
Market data approach
Neighborhood value approach - CORRECT ANSWER-Market data approach
The Truth in Lending Act is contained in Title I of the:
, The APR disclosure for a regular transaction the allowable tolerance of:
.250%
1%
.125%
.500% - CORRECT ANSWER-.125% = 1/8
The SAFE Act requires all MLOs seeking state-licensure to pass the
NMLS-developed Mortgage Loan Originator Test with a score of:
80 or better
75 or better
70 or better
65 or better - CORRECT ANSWER-75 or better
The Consumer Financial Protection Act of 2010 establishes Consumer Financial
Protection Bureau (CFPB), as an independent entity housed within the:
Federal Housing Finance Agency
Federal Trade Commission
Federal National Mortgage Association
Federal Reserve System - CORRECT ANSWER-Federal Reserve System
TRID requires that the Closing Disclosure must be completed and made
available for inspection:
a. During the business day immediately preceding the day of settlement
b. The day of consummation
c. Within 3 days of application
d. 3 business days prior to consummation - CORRECT ANSWER-3 Business
days prior to consummation
VA loans allow for a maximum LTV of what percent?
a. 90%
b. 95%
c. 97%
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