According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?
Which of the following loan types is covered by the Real Estate Settlement Procedures Act (RESPA)?
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?
Which of the following practices is a prudent and reasonable cybersecurity precaution regarding laptop computers?
When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:
Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?
A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?
Which of the following occupancy types are listed on the Uniform Residential Loan Application?
The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:
A charge payable by the consumer and imposed by the creditor as an incident to or a condition of the extension of credit is the:
If a borrower believes that there is incorrect information on their credit report, which of the following actions should they take?
Which of the following fees must remain the same unless a valid changed circumstance occurs?
Which of the following events will cause a mortgage loan originator's (MLO's) temporary authority to cease in a given state?
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?
A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?
Which of the following actions should a mortgage loan originator (MLO) take if a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the real estate broker's client?
Which of the following responses describes the primary reason to conduct a title search?
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?
Which of the following responses describes the purpose of an appraisal in satisfying requirements for underwriting?
Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?
How long does Regulation Z of the Truth in Lending Act (TILA) require a mortgage company to retain the Closing Disclosure for a closed mortgage loan?
A person paying or receiving a portion of a fee that has not been earned in connection with the settlement statement is which of the following practices?
Which of the following must be included on all residential mortgage loan application forms?
Which of the following characteristics is unique to a home equity line of credit (HELOC)?
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?
Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?
A mortgage loan originator paying compensation to a real estate agent for client referrals is:
A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?
Which of the following real estate methods allows investors to estimate the value of a property by taking the rent collected and dividing it by the capitalization rate?
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:
When a mortgage loan originator (MLO) receives information from a borrower that indicates potential employment fraud, the MLO should:
Which of the following factors is considered when determining the interest rate for a subprime mortgage?
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:
A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?
Within how many days must a creditor notify an applicant of action taken on a completed mortgage loan application?
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?
The term "primary mortgage market" refers to which of the following responses?
When there is no tax return history for a rental property, the Federal Housing Administration (FHA) requires gross rental income to be documented and reduced by what percentage?
Which of the following statements describes an advantage of a purchase money second mortgage?
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:
A mortgage company is permitted to verify which of the following information?
Interest-only mortgages are considered high risk compared to traditional mortgage products because:
Within three business days of receiving an application, which of the following information is a creditor required to provide to an applicant?
Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?
A 7.25% interest-only loan has an initial balance of $239,500.00. The annual homeowner's insurance premium is $551.00, and the annual property taxes are $1,773.00. What is the total monthly payment, including the escrow?
Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:
Which of the following factors does not affect the funding fee on a VA purchase?
Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?