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Related Flashcards
Related Topics
Cards In This Set
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1. According
to RESPA (Real Estate Settlement Procedures Act, Reg X), a lender making a loan with escrow included is able to collect a
maximum cushion of how many months at
closing?
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A. None
B. One
C.
Two
D. Three
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1. A
borrower has a three-year right of rescission if the true APR on a fixed rate
loan deviates from the final TIL (Truth In Lending, Reg Z) by more than?
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A.
1/8%
B. 1/4%
C. 1/2%
D. 6/8%
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1. A
lender has how many days to notify the borrower of an underwriting decision?
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A. 3
B. 10
C.
30
D. 60
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1. A
loan’s APR must be disclosed to the consumer on the?
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A. GFE
B. Initial
escrow statement
C. Loan/Application
Register (LAR) D. TIL Statement (Truth In Lending, Reg Z)
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1. A
Mortgage Servicing Disclosure Statement is required by what law?
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A. HOEPA
B.
RESPA (Real Estate Settlement Procedures Act, Reg X)
C. SAFE Act D. TILA |
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1. A
state law that requires payment of interest on an escrow account
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A.
Consistent
with RESPA (Reg X) and could therefore be enforced by the state.
B. In
direct violation of RESPA and would therefore be overturned
C. Inconsistent
with RESPA and could therefore be overturned.
D. Simply
following the exact requirements as set forth in RESPA
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1. ABC
Mortgage Company has been accused of inappropriately calling four consumers on
the National Do Not Call Registry. What is the total maximum fine ABC could
incur for this?
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A. $11,000
B. $20,000
C. $40,000
D.
$44,000
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1. According
to ECOA (Equal Credit Opportunity Act, Reg B) law, the loan officer is considered to have taken an application when
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A. Customer
calls to ask about loan programs
B. Customers
calls to inquire about an interest rate
C.
Loan
officer has gathered enough information to make a decision
D. Loan
officers takes a formal written application
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1. According
to HMDA (Home Mortgage Disclosure Act, Reg C), a first mortgage will be considered a subprime loan when the
difference between the annual percentage rate and the rate spread is greater
than?
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A. 2%
B.
3%
C. 5%
D. 8%
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1. According
to HMDA (Home Mortgage Disclosure Act, Reg C), what must be forwarded to the regulator by March 1 of each year?
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A. Adverse
Action Notices
B. Do
Not Call List
C.
Loan/Application
Register
D. Red
Flags Policy
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1. According
to RESPA (Real Estate Settlement Procedures Act, Reg X), an Affiliated Business Arrangement (AfBA) disclosure must be provided?
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A. At
the time of application, even if there are no AfBAs.
B.
At or
prior to the time a referral is made, if there is an AfBA.
C. Within
three days of settlement, even if there are no AfBAs.
D. Never;
RESPA does not require this disclosure.
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According to the ECOA (Equal Credit Opportunity Act, Reg B), an adverse action notice is NOT
required to include the?
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A.
Appraiser’s
name.
B. Credit
bureau.
C. Federal
regulator
D. Lender
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1. According
to the FACT Act (Fair and Accurate Transaction Act), which of these could be considered a failure to secure private
information?
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A. Burning
old files in a steel drum behind the office once a month.
B. Hiring
a document destruction company to remove all old files
C. Shredding
documents and throwing them in the trash
D.
Throwing
documents into the trash for the cleaning crew to empty nightly
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1. According
to the FACT Act (Fair and Accurate Transaction Act), which situation would NOT be a reason for a consumer to add an
ID alert to a credit report?
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A. A
computer programmer who is transferred by his company to London for a year
B. A
man whose wallet was stolen and whose credit card was used to purchase a flat
panel TV
C. A
soldier who is shipped overseas for military duty
D.
A
woman who changes her name after a divorce
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1. According to the Fair Credit Reporting Act (FCRA), if adverse
action is taken against a credit applicant because of information on a credit
report, the lender who used that report is required to?
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A. Inform
the applicant that the reporting agency was the decision maker, and to dispute
the decision in writing at the address provided.
B. Provide
a copy of the credit report to the consumer
C.
Provide
to the consumer the name, address, and telephone number of the consumer
reporting agency that furnished the report
D. All
consumers have the right to be informed what agency provided their report as
they may need to review the report for inaccuracies
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