Mortgage Loan Originator Test 100% Correct Answers Verified Latest 2024 Version
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Mortgage Loan Originator Test | 100% Correct
Answers | Verified | Latest 2024 Version
What does RESPA stand for? - The Real Estate Settlement Procedures Act (Regulation X)
What does ECOA stand for? - Equal Credit Opportunity Act (Regulation B)
What does TILA stand for? - Truth In Lending Act (R...
Mortgage Loan Originator Test | 100% Correct
Answers | Verified | Latest 2024 Version
What does RESPA stand for? - ✔✔The Real Estate Settlement Procedures Act (Regulation X)
What does ECOA stand for? - ✔✔Equal Credit Opportunity Act (Regulation B)
What does TILA stand for? - ✔✔Truth In Lending Act (Regulation Z)
What does TRID stand for? - ✔✔TILA-RESPA Integrated Disclosure Rule (a.k.a. "Know Before You Owe")
What does CFPB stand for? - ✔✔Consumer Financial Protection Bureau
What does NMLS stand for? - ✔✔Nationwide Mortgage Licensing System and Registry
What is SAFE and UST? - ✔✔Secure and Fair Enforcement for Mortgage and Licensing Act of 2008, and
Uniform State Test.
Included in the Loan Estimate, all of the following are part of the finance charge except the:
A. Appraisal cost
B. VA funding fee
C. Per diem interest
D. Origination charges - ✔✔A. Appraisal cost
If an applicant works 40 hours every week and is paid $13.52 per hour, what is the applicant's monthly
income?
A. $2,163.20
B. $2,343.47
C. $2,379.52
, D. $2,487.68 - ✔✔B. $2,343.47
According to the TILA, which of the following fees is excluded from the calculation of the APR?
A. Wire Transfer
B. Prepaid interest
C. Hazard Insurance
D. Mortgage insurance premiums - ✔✔C. Hazard insurance
Brokerage Services - ✔✔Include obtaining or attempting to obtain, on behalf of a borrower, a residential
mortgage loan, secured by residential real estate, made with the funds of another institutional lender
and closed in the name of either that lender or the licensee, for a fee paid by the borrower or the
institutional lender.
What is DBO? - ✔✔Department of Business Oversight, one of the two agencies that governs Mortgage-
related activities in California
What occurred under the Governor's Reorganization Plan? - ✔✔The Department of Corporations and
the Department of Financial Institutions were merged as of July 1, 2013, into the Department of
Business Oversight (DBO).
What agency is the Department of Business Oversight (DBO) under? - ✔✔The Business, Consumer
Services and Housing Agency
The Commissioner must conduct a compliance examination at least every how many months? - ✔✔48
Months
When must a Residential Mortgage Lender or Servicer post a surety bond? - ✔✔Must post a surety bond
whether or not it employs one or more mortgage loan originators.
A surety bond must be posted in what amount if a Residential Mortgage Lender or Servicer employs one
or more Mortgage loan originators? - ✔✔Must maintain a surety bond based on the dollar amount of
residential mortgage loans it originated or serviced in the preceding calendar year.
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