MLO Josh must provide a(n) _____ when quoting an interest rate and terms to a consumer who has inquired about mortgage loan interest rates correct answers Corresponding APR
When an MLO receives an inquiry related to mortgage loan interest rates, a corresponding annual percentage rate (APR) must ...
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MLO Josh must provide a(n) _____ when quoting an interest rate and terms to a consumer who has inquired about mortgage loan interest rates correct answers Corresponding APR
When an MLO receives an inquiry related to mortgage loan interest rates, a corresponding annual percentage rate (APR) must be provided to the inquiring consumer at the same time a rate
quote is delivered. What document can be used as a tool for explaining the APR to an applicant? correct answers Loan estimate
When a consumer calls an MLO with an inquiry about mortgage loan products and terms, what is the name of the process that the MLO can complete that is non-binding on e part of the MLO but allows the MLO to collect basic information to let the consumer know if it looks favorable that she will be approved? correct answers Pre-qualification
Mortgage loan applicant Wyatt can use a real estate ___ to provide an accurate property address to complete his mortgage loan application correct answers Purchase agreement
Applicant disclosures required by federal laws: correct answers Name, social security number, income, the loan amount, estimate of property value, and property to be financed
If the applicant chooses not to identify his ethnicity, race, or sex on an application taken in person, the lender is to correct answers Identify the applicant's ethnicity, race, and sex on the basis of visual observation or surname
During the loan application process, the initial application may be inaccurate or incomplete. Once accurate information has been obtained, the original application is to be maintained correct answers In the file with the corrected application
Underwriter Stan sends the loan package back to MLO Joe because it is missing Form 4506-T. This form is needed to obtain transcripts of the borrower's correct answers Income tax returns
Per the Fannie Mae Selling Guide, a gift can be provided by any of the following EXCEPT a correct answers Real estate salesperson affiliated with the transaction
Per TILA, as implemented by Regulation Z, what fee would NOT be considered a finance charge
as part of the APR calculation? correct answers Escrow deposit for property taxes
The TILA-RESPA Rule applies to which of loan? correct answers Adjustable-rate mortgage loans
A(n) ___ is a notification that appears in a consumer's credit file instructing lenders to take extra steps to verify the consumer's identity before processing loan applications. correct answers Fraud
Alert As defined and used throughout Regulation Z, when referring to the delivery requirements for a Loan Estimate and Closing Disclosure, the time that a consumer becomes contractually obligated
to a credit transaction is called correct answers Consummation
Sherrie, a mortgage broker, also owns a title company. Is this business arrangement allowed by RESPA? correct answers Yes, as long as the title company is legitimate and the arrangement is disclosed when the title company is being used in one of her transactions.
TRID sets forth that a revised Loan Estimate must be provided to a consumer no later than ____ business days after receiving the information sufficient to establish the reason(s) for the revision.
correct answers 3
To comply with the Truth in Lending Act, the disclosed finance charge is considered accurate if it is not understated by more than ____ for closed-end credit secured by real property or a dwelling. correct answers $100
Regulation B requires that applicants must be made aware of their right to receive an appraisal report created as the result of their mortgage loan application. This disclosure must be mailed or delivered to applicants not later than correct answers 3 business days after the lender receives a complete application.
The ______ within the GLB Act governs the collection and disclosure of nonpublic personal information to third parties. correct answers Financial Privacy Law
Section 32 of Regulation Z, which governs high-cost loans, implements which federal legislation? correct answers HOEPA
What entity has supervisory authority over nonbank mortgage originators and servicers, payday lenders, and private student lenders of all sizes? correct answers Consumer Financial Protection Bureau
The annual escrow account statement must include an explanation of how any surplus is being handled by the servicer. If an escrow account analysis discloses a surplus, the servicer must, within 30 days from the date of the analysis, refund the surplus to the borrower if the surplus is greater than or equal to correct answers $50
The Homeowners Protection Act requires mortgage lender Loni to cancel PMI when the loan-to-
value reaches ____ of the original value and the borrower is current on the loan. correct answers 78%
The Real Estate Settlement Procedures Act does NOT apply to correct answers Business Purpose
Loans
1) To stay in compliance with the provisions of ECOA, within ___ calendar days of receiving a complete application, lenders must notify applicants of a credit decision.
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