Mortgage Loan Originator SAFE (100% Verified)

GLBA correct answers Gramm-Leah-Bliley Act FTC correct answers Federal Trade Commission FCC correct answers Federal Communications Commission NPI correct answers Non-public Personal Information Consumer correct answers Individual who obtains financial services for personal use Custome...

Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year correct answers 31 Days The appraisal approach that is used as th...

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...

1. Which of the following is NOT a loan origination activity? correct answers C. Assisting in a loan modification 2. A unilateral contract is binding on: correct answers A. One party 3. Loan originator organizations must keep compensation records for how many years? correct answers C. Three ...

An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant. Which of the following is not included on the Adverse Action Notice? a. Disclosure of the applicant's credit score b. Statement of reasons for credit ...

What does UST stand for? correct answers Uniform State Test Who does the CFPB protect? correct answers The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? correct answers CFPB is now in charge of implementing and enforcing most of th...

Fraud for profit is a complex scheme involving... correct answers multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and do...

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...

Section 32 of TILA correct answers Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds Section 10 of RESPA correct answ...

Primary Mortgage Market correct answers Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan correct answers When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate fo...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? correct answers Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases t...