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SAFE Mortgage Loan Originator Test all Questions & answers solved accurately with Complete Solution Graded A+ latest version
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SAFE Mortgage Loan Originator Test all Questions & answers solved accurately with Complete Solution Graded A+ latest version

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  • July 6, 2024
  • 11
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • safe mortgage loan originator test all questions

Written for

All documents for this subject (299)

Seller

avatar-seller
TUTORSON

Reviews received

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SAFE Mortgage Loan Originator Test
Prequalification - CORRECT ANSWER-an estimate of the loan amt. for which the
buyer can qualify based on his income/credit under the lenders standards

USDA ratio - CORRECT ANSWER-29/41

FHA ratio - CORRECT ANSWER-31/43

Asset based loan - CORRECT ANSWER--loans based on borrowers equity
-bad when lenders fail to consider ability to repay

High Cost Loan - CORRECT ANSWER-Reg Z - Sec. 1026.32
-APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for
subordinate
-APOR - average prime offer rate
1. 5%
2. 6.5%
3. 8.5%

RESPA - Section 8 - CORRECT ANSWER-Nothing of value for referrals - No
kickbacks

Respa - Esign Act - CORRECT ANSWER-can use electronic signature with
permission of borrower

Gramm Leach Bliley - CORRECT ANSWER--borrower notification must state
who company shares info with
-consumers can opt-out of info sharing (send notice to consumer)
-Protects from phishing
-Safeguard Rules

Safeguard Rules - CORRECT ANSWER--company and staff need to protect the
consumers identity
-lock up files
-part of GLB act

, second mortgage - CORRECT ANSWER--All money upfront
-no escrow as long as first mortgage is paying it

Subordination Clause - CORRECT ANSWER-A contract clause that puts a
mortgage in the first lien position over an earlier recorded mortgage

Denial Of License - CORRECT ANSWER--any non-financial felony in the past 7
years
-financial felony ever
-financial misdemeanor (state decides)
-License has been revoked in another state
-default on a federal student loan

Income - CORRECT ANSWER--Need to years history and 3 more years
expected income
-do not include sporadic overtime and bonuses
-likelihood of continued income

TILA - Respa Integrated Disclosure - CORRECT ANSWER--TRID
-LE must be disclosed within 3 business days
-cannot require documentation from borrower without "intent to proceed"
-Appraisal is considered 0% tolerance

Do Not Call - CORRECT ANSWER--$16,000 fine
-Area code report cant be over 30 days old
-allowed to call closed, declined and cancelled loans 18 months after the fact
-can call 90 days after inquiry or pre-qual
-someone says do not call - cant call, email, fax anything
-call between 8-9

Fully Indexed Rate - CORRECT ANSWER-Index rate plus Margin

The 1003 - CORRECT ANSWER-Contains all Borrower Info (form)

Months of bank statements needed - CORRECT ANSWER-2 months

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