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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 C 2024/2025 EXAM QUESTIONSWITH CORRECT ANSWERS
A mortgage broker and a title company have common ownership and are considered affiliated
businesses under RESPA. If either of these companies refers the other, a customer must receive
a/an: - (ANSWER)Affiliated Business Arrangement Disclosure
In accordance with Section 8 of the Real Estate Settlement Procedures Act, a mortgage broker
may receive compensation for which of the following? - (ANSWER)The reasonable value of
goods and/or services actually performed or provided
Which of the following federal agencies is responsible for the enforcement of Regulation X? -
(ANSWER)CFPB
ECOA stands for: - (ANSWER)Equal Credit Opportunity Act
The Equal Credit Opportunity Act requires a Notice of Incomplete Application be provided to a
borrower: - (ANSWER)Within 30 days of application, if the application is missing required
information
Regulations in Section 32 of TILA deal strictly with: - (ANSWER)Consumer protections
triggered by high-cost loan scenarios
Mary and Freddy Smith, husband and wife, are applying to purchase their first home. On the way
to meet with the broker, Mary gets a call from her mother and must make an emergency detour
and miss the initial 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? - (ANSWER)Money to cover the application fee charged by the broker
A HOEPA loan is also referred to as a _______________ loan. - (ANSWER)High-cost mortgage
, A first-lien mortgage loan will exceed the HOEPA APR threshold and qualify as a high-cost
mortgage if its APR is: - (ANSWER)6.5 percentage points above the average prime offer rate for
a comparable transaction
All but which of the following is a characteristic of an HPML? - (ANSWER)It has an APR that
exceeds the rate for Treasury securities with a comparable rate of maturity by 6.5 percentage
points
Second appraisal requirements for higher-priced mortgage loans were put in place in an attempt
to curb the practice of: - (ANSWER)Property flipping
Which of the following compensation practices is allowed under the Loan Originator
Compensation Rule? - (ANSWER)Paying all originators a 3% commission for every loan
originated, regardless of the loan amount or the terms and conditions of the loan
For the purposes of providing a Loan Estimate, a "business day" is: - (ANSWER)Any day on
which the creditor's offices are open to the public for carrying out substantially all business
functions
XYZ Mortgage Company just mailed a Closing Disclosure to a consumer. The waiting period
prior to closing will begin: - (ANSWER)The third business day after the Closing Disclosure is
mailed
The charging of any fee for _________ is prohibited. - (ANSWER)Preparing or delivering the
Closing Disclosure
The loans that are subject to HMDA include applications for and originations and purchases of
the following types of loans, except: - (ANSWER)Bridge loans
Upon receipt of a notice of dispute from a CRA, a furnisher must conduct an investigation and
report results back to the CRA providing the notice, and also update any inaccurate information
to all CRAs that received the inaccurate information: - (ANSWER)Within 30 days
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