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?
During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?
Which of the following settlement service charges is considered a finance charge for the purpose of calculating a loan's APR?
Which of the following services is included in the definition of a settlement service?
The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:
What is the maximum civil penalty that is permitted to be imposed for each violation or failure to comply with the SAFE Act?
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?
What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?
Which of the following factors does not affect the funding fee on a VA purchase?
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?
Within how many days must a creditor notify an applicant of action taken on a completed mortgage loan application?
The ability to originate loans under temporary authority applies to which of the following?
The total monthly payment for a loan secured by a 30-year fixed-rate mortgage with an escrow account could increase for which of the following reasons?
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 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 individuals is required to be licensed as a mortgage loan originator (MLO)?
What are the maximum basis points added to the average prime offer rate (APOR) that keep a loan's APR as a qualified mortgage under the Consumer Financial Protection Bureau's (CFPB's) Safe Harbor Rule?
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?
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?
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?
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:
Which of the following loans are covered by TILA-RESPA Integrated Disclosure (TRID)?
When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:
According to Fannie Mae, a loan with a purchase transaction loan amount of $160,000, sales price of $180,000, and an appraised value of $200,000 has a loan-to-value ratio of what percentage?
It is acceptable for a lender to request a co-applicant in which of the following situations?
Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?
Which of the following data should not be included in a borrower's personal data collected under the Home Mortgage Disclosure Act (HMDA)?
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?
Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?
In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?
A mortgage company is permitted to verify which of the following information?
Which of the following is a requirement for a mortgage loan originator (MLO) license?
How many days before consummation must a borrower receive a revised Loan Estimate?
A loan secured by any lien other than the first lien position is referred to as:
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?
During the loan application process, which of the following documents specifies the time period that a mortgage lender agrees to hold the mortgage interest rate at a certain percentage?
Which of the following responses describes the primary reason to conduct a title search?
A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?
Loan applications must include all of the following information with respect to mortgage loan originators (MLOs) except the:
How many continuing education hours must mortgage loan originators complete every year to renew their license?
When obtaining a mortgage loan, title insurance is required to protect the:
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?
Which of the following loan types is covered by the Real Estate Settlement Procedures Act (RESPA)?
If a borrower is using commission income for 25% or more of their total income, the FHA lender will:
The SAFE Act defines a nontraditional mortgage as all of the following except:
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?
Which of the following does a higher-priced mortgage require if the seller acquired the home 90 days or fewer prior to the date of the purchase contract and the sales price exceeds the seller's acquisition price by more than 10%?
Which of the following is considered a prohibition under the Real Estate Settlement Procedures Act (RESPA)?
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:
Which of the following loan types may be considered a qualified loan under ability-to-pay rules