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Massachusetts Exam/47 questions and answers
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- Massachusetts Exam/47 Questions And Answers
Massachusetts Exam/47 questions and answers
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Massachusetts Exam/47 questionsand answers
According to the Consumer Protection Act, licensees must do all of the
following, EXCEPT:
Disclose any fact that may influence the borrower not to enter into a
transaction
Provide all documentation within the period mandated by law
Communicate material facts of a transaction to the borrower
Extend credit, regardless of the creditworthiness of the borrower - -Provide
- Persons who make or broker less than ____ loans in a 12-month period are
considered exempt from mortgage industry licensing requirements in the
state of Massachusetts. - -5
- A creditor must send the Massachusetts Attorney General a copy of a
notice of the right to request a modified mortgage when: - -The loan on
which the borrower has defaulted is a "certain mortgage loan"
- Notwithstanding federal requirements, according to Massachusetts law, in
order to obtain a reverse mortgage, a borrower must be at least: - -60 years
old
- Which of the following is not a prohibited practice for a mortgage loan
originator? - -
- A __________ is a number or other identifier assigned by the NMLS. - -
Unique identifier
- Mortgage lenders that make less than ____ loans in a 12-month period are
considered exempt from mortgage industry licensing requirements in the
state of Massachusetts. - -5
- In the state of Massachusetts, what agency is responsible for overseeing
regulation of the mortgage industry? - -Division of Banks
- In order to qualify for licensing in Massachusetts, mortgage lenders must
provide proof of net worth in what amount? - -$200,000
- In order to discourage foreclosure rescue scams, the Massachusetts
Attorney General has adopted regulations that prohibit for-profit: - -
Foreclosure rescue transactions
, - How many hours of pre-licensing instruction on Massachusetts-specific
laws and rules are required prior to licensure? - -3
- Which of the following is not considered a prohibited act under
Massachusetts mortgage law? - -Paying a licensing fee prior to licensure
- What is the minimum required bond amount for a broker in
Massachusetts? - -$75,000
- Which of the following is not a recordkeeping requirement for a licensed
loan originator? - -Licensees must keep all original documents; copies alone
are not acceptable
- As part of the application process, mortgage lenders and mortgage brokers
in the Commonwealth of Massachusetts must submit which of the following?
- -Letter of reference
- Under Massachusetts regulations, a homeowner in default generally has a
_____________ right to cure. - -90-day
- Massachusetts regulations related to unfair or deceptive acts or practices
provide that the advertisement of foreclosure-related services is: - -
Permitted if the advertisement discloses the particular services offered and
precisely describes how the provider will delay foreclosure
- When applying for a license, a mortgage lender or broker applicant must
file a(n) ________ Form, and a mortgage loan originator applicant must file
a(n) ________ Form. - -not entity
- A borrower has ____ days to provide a good faith response to an offer for a
loan modification. - -not 90, not 45
- The cost for record inspections in the state of Massachusetts is paid by: - -
The licensee
- Mortgage brokers are specifically prohibited from advertising interest rates
or loan terms without also including the statement: - -not all
- The ratings that a mortgage lender receives for its efforts to offer
mortgage credit to borrowers at all income levels may be influential in all but
which of the following decisions made by the Division of Banks
Commissioner? - -Not - The Commissioner's decision to approve an
application to open a branch office
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