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NMLS - CHAMPION REVIEWED QUIZ AND ANSWERS.
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NMLS - CHAMPION REVIEWED QUIZ ANDANSWERS.
In, order, for, a, junior, mortgage, on, a, primary, residence, to, be, considered, a, higher-priced, loan,, the,
APR, must, exceed, the, applicable, average, prime, offer, rate, by, at, least:, , ANS, -, , 3.5%
The, additional, of, a, uniform, state, content, section, to, the, National, SAFE, MLO, Test, component,
means, that:, , ANS, -, , One, test, can, meet, both, the, national, and, state, testing, requirements, in, some,
states, that, have, adopted, the, uniform, state, test
How, long, does, a, lender, have, to, cure, a, toleration, violation?, , ANS, -, , Within, 60, calendar, days, after,
settlement
Which, federal, act, created, the, Consumer, Financial, Protection, Bureau?, , ANS, -, , Dodd-Frank, Act...
Title, X, of, the, Dodd-Frank, Act, creates, the, Consumer, Financial, Protection, Bureau, as, an,
independent, entity, with, rule-making, and, enforcement, authority, over, many, consumer, financial, laws
ABC, Mortgage, Company, has, been, accused, of, inappropriately, calling, two, consumers, on, the,
National, Do, Not, Call, Registry., What, is, the, total, maximum, fine, ABC, could, incur, for, this?, , ANS, -, ,
80,000...
Companies, that, illegally, call, numbers, on, the, National, Do, Not, Call, registry, or, place, an, illegal,
robocall, can, currently, be, find, up, to, 42,530, per, call., In, this, case,, with, two, calls, being, made,, the,
maximum, amount, ABC, Mortgage, Company, can, be, fined, is, 80,000
Each, of, these, loans, would, be, considered, nontraditional, EXCEPT, a:
A), 5/1, Hybrid, ARM
B), Reverse, Mortgage
C), 30-year, fixed, rate, loan
D), interest, only, loan, , ANS, -, , 30-year, fixed, rate, loan...
A, nontraditional, mortgage, loan, is, defined, as, anything, other, than, a, 30-year, or, less, fixed, rate, loan
, One, of, the, most, critical, points, of, the, Federal, Reserve, Loan, Originator, Compensation, Rule, is, the,
prohibition, of, the, practice, of:, , ANS, -, , Steering
A, state, law, that, requires, payment, of, interest, on, an, escrow, account, is:, , ANS, -, , Consistent, with,
RESPA, and, could, therefore, be, enforced, by, the, state
Regulation, Z, applies, to:, , ANS, -, , Personal, real, estate, credit, transactions
RESPA, requires, that, all, real, estate, broker, and, mortgage, broker, compensation, be, disclosed, in, what,
document:, , ANS, -, , Closing, Disclosure
The, duty, to, investigate, a, consumer, dispute, falls, to, the, information, furnishers., According, to, the,
FCRA,, how, many, days, do, they, usually, have, to, respond, to, the, consumer, from, the, receipt, of,
notice, of, a, dispute:, , ANS, -, , 30, days
The, SAFE, Act, is, part, of, the:, , ANS, -, , Housing, and, Economic, Recovery, Act
Which, disclosure, is, required, by, TRID, and, summarizes, potential, closing, costs, for, the, borrower:, ,
ANS, -, , Loan, Estimate, (LE)
Which, factor, is, NOT, considered, when, determining, "average, charge", calculations, for, settlement,
services:, , ANS, -, , Size, of, Loan
Who, does, NOT, share, responsibility, for, enforcing, the, provisions, of, the, National, Do, Not, Call,
Registry:, , ANS, -, , Federal, Reserve, Board
A, mortgage, broker, hands, the, borrower, a, Loan, Estimate, in, his, office, the, day, after, the, application,
was, completed., The, broker, can, charge, the, borrower, for, an, appraisal:, , ANS, -, , After, receiving, the,
ITP, from, the, borrower
How, long, does, a, lender, have, to, cure, a, tolerance, violation:, , ANS, -, , within, 60, calendar, days, after,
settlement
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