1. Per Dodd-Frank Act, FHA streamline refinances loan
types may exempt a lender from income 1erification on a consumer’s mortgage
loan?
2.
A
creditor can ask about an applicant’s marital status, when the information is not used to determine
whether credit will be extended.
3. Risk
layering was a major
concern of the industry regulators when they authored the Interagency guidance
for Non-Traditional Mortgages.
4. Selling a home without the borrower
being given the opportunity to cure a defaulted loan is an example of foreclosure abuse.
5. Verification
of deposit is not
required to have an “Application” requiring the issuance of a Loan Estimate.
6. In 1990s decade the predatory lending increase
significantly.
7.
Dodd-Frank
introduced new appraisal independence regulations that require that on a
higher- priced loan the appraiser does physically performs a property visit of the interior of the property.
8.
The
Dodd-Frank appraisal independence provisions prohibits lenders from compensate, coerce, bribe or
intimidate an appraiser or appraisal firm to influence value.
9.
The Patriot Act broadened the scope
of the 1970 Bank Secrecy Act to enhance focus on terrorist financing and money laundering
10. the purpose of HMDA and
Regulation C is To ensure the proper distribution and availability
of credit to underserved geographic urban areas and neighborhoods.
11.When mortgage loan originators receive the credit information
from the credit reporting agency (CRA), they must provide the credit score and key factors of
the report.
12.Hard money loan terms best describe a loan that would
heighten the need for a borrower to rely on the sale of, or refinancing of a
property once amortization begins.
13. A creditor must notify an applicant
of its intended action on an IMMEDIATELY UPON DECISION AND NO LONGER THAN 30 days after the application
is received.
14.A conventional mortgage that is
non-conforming best describes
a 2nd mortgage loan.
15.A financial institution required to report data regarding its
applications, origination, and purchases of home purchase loans, home
improvement loans, and refinancing every twelve months or annually.
16. The
CFPB is the Federal
agency responsible for issuing and implementing regulations for TILA.
17.HMDA was implemented within the regulation-C pieces of
legislation.
18.The Bureau of Consumer Financial Protection will be under the
direction of A Director
appointed by the President with advice and consent of the Senate.
19. Short form notice is given to consumers who are
not customers, in lieu of full initial notice, when the lender has no plans
to share nonpublic personal information about them.
20. Appraisal
and fair market value practices areas is not addressed by the agencies' guidance on
nontraditional mortgage guidance.
21.A loan processor who is confirming
information on a loan application for a VA loan must obtain a request for COE in addition
to the standard verification letters.
22.
HMDA grew out of public
concern over credit shortages in certain urban neighborhoods best describes the fundamental
reasons for the creation of the Home Mortgage Disclosure Act.
23.
Any non-public, personal
information a customer offers to a financial institution (paper, electronic, or
otherwise) that the institution or its affiliates handles or maintains. Is
considered to be customer
information.
24.
While a creditor/ broker
does not have to advertise every single plan offered, it is unlawful to conceal
more consumer – friendly plan
from consumers.
25.
The Closing Disclosure
must be retained for 5 year(s)
after the date of disclosure.
26.
The best definition of
the “average prime offer rate is the average rate on fixed and adjustable loans
given to the lowest risk prime borrowers over a given timeframe.
27.
According to TRID, 10% is the maximum
(tolerance) percentage that a settlement service selected by the originator can
INCREASE.
28.
Educational and
state-required materials are not counted as advertisements, unless: they combine educational or state
required information with a sales pitch.
29.
HUD’s regulation __x___
forbids a seller from requiring the use of a particular title company as a
condition of the sale.
30.
Trigger term require
disclosure of additional loan parameters in advertising.
31.
HOEPA federal law
prohibits making a high cost loan to a customer without verifying the
customer’s ability to repay the loan?
32.
Reverse Redlining is called
when subprime products are pushed upon vulnerable or underserved groups for
reasons other than credit quality.
33.
The Gramm-Leach-Bliley
Act. (GLB) is also known as the
Financial Services Modernization Act.
34. What do non-traditional mortgages usually provide to the borrower? (
A lower introductory rate)
51. Which one of the following is NOT a purpose of the Fair and Accurate Credit Transactions Act (FACTA)?
Improve the processing time of credit reports
52. Which of the following AUS is used by FHLMC?
LPA
53. What Act is the TILA a part of?
Consumer Credit Protection Act
54.What happens if one of the multiple co-owners on a loan decides to exercise the right of rescission?
The action will apply to all of the parties borrowing.
55.Which of the following means relaxing more than one of the traditional underwriting standards, which potentially increases the risk of a loan default?
Risklayering
56. How often must telemarketers update their Do Not Call Registry?
Every 31 Days.