20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW written exam questions and answers

School
University of Alabama **We aren't endorsed by this school
Course
NU 470
Subject
Finance
Date
Nov 7, 2023
Pages
14
Uploaded by juliusmuchiri on coursehero.com
20 - HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW written exam questions and answers Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - 31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market data approach Neighborhood value approach - Market data approach The Truth in Lending Act is contained in Title I of the: Real Estate Settlement Procedures Act Fair Credit Reporting Act Consumer Credit Protection Act Equal Credit Opportunity Act - Consumer Credit Protection Act FHA (Federal Housing Administration) sellers are permitted to provide financing concession up to 6 percent of the: Sales price Loan amount FHA non-allowable closing cost
Origination charges - Sales price The APR disclosure for a regular transaction the allowable tolerance of: .250% 1% .125% .500% - .125% = 1/8 The SAFE Act requires all MLOs seeking state-licensure to pass the NMLS- developed Mortgage Loan Originator Test with a score of: 80 or better 75 or better 70 or better 65 or better - 75 or better The Consumer Financial Protection Act of 2010 establishes Consumer Financial Protection Bureau (CFPB), as an independent entity housed within the: Federal Housing Finance Agency Federal Trade Commission Federal National Mortgage Association Federal Reserve System - Federal Reserve System TRID requires that the Closing Disclosure must be completed and made available for inspection: a. During the business day immediately preceding the day of settlement b. The day of consummation c. Within 3 days of application d. 3 business days prior to consummation - 3 Business days prior to consummation VA loans allow for a maximum LTV of what percent? a. 90% b. 95%
c. 97% d. 100% - 100% VA's debt-to-income ratio is a ratio of total monthly debt payments (housing expense, installment debt, etc.) to gross income. It is a guide and, as an underwriting factor, it is secondary to the: a. Net income ratio calculation b. Residual income calculation c. Cost of living expense calculation d. Cash flow ratio calculation - Residual Income Calculation The Equal Credit Opportunity Act, and the CFPB's implementing Regulation B, prohibits discrimination in any aspect of a credit transaction on the basis of all of the following except: a. Race b. Religion c. Immigration status d. Age - Immigration status The SAFE Act requires mortgage loan originator to pass a qualified test to obtain a license. An individual may retake the test 2 consecutive times with each consecutive taking occurring at least: a. 30 days after the preceding test b. 3 days after the preceding test c. 24 hours after the preceding test d. 1 day after the preceding test - 30 days after the preceding test Lenders that generate mortgage loans may receive some degree of legal protection against borrower lawsuits. The level of protection they receive will depend on the type of loan they make.
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