Exam (elaborations)
Residential Mortgage Loan Originator Test – Questions And Answers
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Residential Mortgage Loan Originator Test – Questions And Answers
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Residential Mortgage Loan Originator Test – QuestionsAnd Answers
What is the term for the person who originates a mortgage loan? Right Ans
- Residential Mortgage Loan Originator
What legislation mandates registration for mortgage loan originators?
Right Ans - SAFE Act
What is prohibited by the Community Reinvestment Act (CRA)? Right Ans -
Redlining
What type of loan or credit is dispersed in full when the loan closes and must
be paid back? Right Ans - Closed-end loan
What are home equity loans collateralized by? Right Ans - Non-purchase
money mortgage trust or deed of trust on the borrowers principle residence
Who is eligible for a reverse mortgage? Right Ans - Homeowners aged 62
or older borrowing against the equity in their property
What is the abbreviation for Federal Home Loan Mortgage Corporation?
Right Ans - FHLMC
What is the abbreviation for Consumer Financial Protection Bureau? Right
Ans - CFPB
What legislation established the Consumer Financial Protection Bureau?
Right Ans - Dodd-Frank Act
What legislation administers/enforces federal consumer financial laws
Right Ans - CFPB ( Consumer Financial Protection Bureau)
What does RESPA regulate? Right Ans - Closings on residential 1 to 4
family properties
What does Section 8 of RESPA prohibit? Right Ans - Kickbacks and
unearned fees
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