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Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? correct answers TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remai...

A lender has how many days to refund excessive variances on a Closing Disclosure? correct answers 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance correct answers 30 days TILA disclosure must be given to the a...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. correct answers Predatory Lending. RESPA-Real Estate Settlement Procedures A...

What does TILA stand for? correct answers Truth-In-Lending Act, Regulation Z What is a HELOC loan? correct answers a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? correct answers LTV stands for correct answers Loan to Value...

Fraud for money Laundering correct answers -Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action correct answers An unfavorabl...

A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against ...

Acceleration Clause correct answers Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) correct answers Says you must repay your mortgage if you sell your home to a new owner (loan is not assu...

When is the best time to search your patrol vehicle for weapons or contraband? correct answers The beginning of your shift and when non-personell have been in your vehicle You can arrest for the following offenses: correct answers 1) OWI 2) Fleeing and Eluding 3) Negligent homicide 4) No Opera...

Annual Percentage Rate (APR) correct answers Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing correct answers Process whereby a...

If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months correct answers C. 3 months An established business relationship with a company also will be...

What must a borrower do to avoid having late payments reported to a credit bureau? correct answers Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? correct answers 3 times the fee What should not be over-weighted in an an...

3 correct answers Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement correct answers What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X correct answers RESPA is also known as Regulation ___ ...

Which of the following would not be considered a settlement service as defined by RESPA? - Real estate brokerage services - Title insurance services - Appraisal services - Loan modification services correct answers Loan Modification Services Settlement service fees are charges incurred in t...

"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C co...