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Exam Simulator C 2024/2025 Exam Questions with Correct Answers
Exam Simulator C 2024/2025 Exam Questions with Correct Answers
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Exam Simulator CStudy online at https://quizlet.com/_3xyuqo
1. A mortgage broker and a title company have common Affiliated Business
ownership and are considered affiliated businesses Arrangement Dis-
under RESPA. If either of these companies refers the closure
other, a customer must receive a/an:
2. In accordance with Section 8 of the Real Estate Settle- The reasonable
ment Procedures Act, a mortgage broker may receive value of goods
compensation for which of the following? and/or services
actually per-
formed or provid-
ed
3. Which of the following federal agencies is responsi- CFPB
ble for the enforcement of Regulation X?
4. ECOA stands for: Equal Credit Op-
portunity Act
5. The Equal Credit Opportunity Act requires a Notice of Within 30 days
Incomplete Application be provided to a borrower: of application, if
the application is
missing required
information
6. Regulations in Section 32 of TILA deal strictly with: Consumer pro-
tections triggered
by high-cost loan
scenarios
7. Mary and Freddy Smith, husband and wife, are apply- Money to cover
ing to purchase their first home. On the way to meet the application fee
with the broker, Mary gets a call from her mother and charged by the
must make an emergency detour and miss the initial broker
interview. Freddy decides to meet with the broker on
his own and do the best he can to give the information
needed. Which of the following is Freddy not required
to provide if asked by the broker?
8. A HOEPA loan is also referred to as a High-cost mort-
_______________ loan. gage
, Exam Simulator C
Study online at https://quizlet.com/_3xyuqo
9. A first-lien mortgage loan will exceed the HOEPA APR 6.5 percentage
threshold and qualify as a high-cost mortgage if its points above the
APR is: average prime of-
fer rate for a
comparable trans-
action
10. All but which of the following is a characteristic of an It has an APR that
HPML? exceeds the rate
for Treasury secu-
rities with a com-
parable rate of
maturity by 6.5
percentage points
11. Second appraisal requirements for higher-priced Property flipping
mortgage loans were put in place in an attempt to
curb the practice of:
12. Which of the following compensation practices is Paying all origina-
allowed under the Loan Originator Compensation tors a 3% commis-
Rule? sion for every loan
originated, regard-
less of the loan
amount or the
terms and condi-
tions of the loan
13. For the purposes of providing a Loan Estimate, a Any day on which
"business day" is: the creditor's of-
fices are open to
the public for car-
rying out substan-
tially all business
functions
14. XYZ Mortgage Company just mailed a Closing Dis- The third business
closure to a consumer. The waiting period prior to day after the Clos-
closing will begin:
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