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RMLO 20-HR SAFE Class: Questions With Solutions (A+)
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RMLO 20-HR SAFE Class: Questions With Solutions (A+)
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RMLO 20-HR SAFE Class: Questions With Solutions (A+)Mortgage loan originators who make cold calls must comply with the
requirements of the National Do-Not-Call registry and the Do-Not-Call rules.
The loan originator needs to update any download of the registry every:
Right Ans - 31 days
The appraisal approach that is used as the best indicator of value for existing
properties is: Right Ans - Market Data Approach
The Equal Credit Opportunity Act is implemented by the CFPB's: Right Ans
- Regulation B
FHA sellers are permitted to provide financing concessions up to 6 percent of
the: Right Ans - Sales price
The APR disclosed for a regular transaction the allowable tolerance of:
Right Ans - 0.125%
The SAFE act requires all MLOs seeking state licensure to pass the NMLS-
developed Mortgage Loan Originator Test with a score of: Right Ans - 75%
or better
The Consumer Financial Protection Act of 2010 establishes the Consumer
Financial Protection Bureau (CFPB), as an independent entity housed within
the: Right Ans - Federal Reserve System
TRID requires that the Closing Disclosure must be completed and made
available for inspection: Right Ans - 3 business days prior to
consummation
VA loans allow for a maximum LTV of what percent? Right Ans - 100%
The VA's debt-to-income ratio is a ratio of total monthly debt payments
(housing expense, installment debt, etc.) to gross income. It is a guide and, as
an underwriting factor, it is secondary to the: Right Ans - Residual Income
Calculation
, The Equal Credit Opportunity Act prohibits discrimination in any aspect of the
credit transaction on the basis of all the following except: Right Ans -
Immigration Status
The SAFE Act requires mortgage loan originators to pass a qualified test to
obtain a license. An individual may retake the test 2 consecutive times with
each consecutive taking occurring at least: Right Ans - 30 days after each
preceding test
Lenders that generate mortgage loans may receive some degree of legal
protection against borrower lawsuits. The level of protection they receive will
depend on the type of loan they make. What type of mortgage loan gives the
lender the greatest level of protection against borrower lawsuits? Right
Ans - Qualified Mortgage Loan
Fannie Mae is a nickname for the: Right Ans - Federal National Mortgage
Association
The Home Mortgage Disclosure Act requires lenders to ask applicants and
borrowers for information regarding their ethnicity, race, and sex even when
applications are made entirely by telephone, mail, or the Internet. If the
applicant submitting his or her application in person fails to provide the
information, the lender most note the information from applicants: Right
Ans - Appearance and surname
Protecting the privacy of consumer information held by financial institutions
is the heart of the financial privacy provisions of the: Right Ans - Gramm-
Leach Bliley Financial Modernization Act of 1999
Excessive lending activity for the purpose of generating fees and commissions
is called: Right Ans - Churning
When the monthly payment is not sufficient to cover the actual interest owed,
and the unpaid interest is added to the ending loan balance, this is known as:
Right Ans - Negative Amortization
What law requires mortgage loan originators to implement a written identity
theft prevention program to detect the warning signs or "red flags" of identity
theft? Right Ans - Fair and Accurate Credit Transaction Act of 2003
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