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Question 1 of 40
1. Question
To exclude an appraiser from consideration for future engagement because he or she valued a consumer’s principal dwelling in a manner that does not meet or exceed a predetermined threshold is_________________.
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Question 2 of 40
2. Question
The GLB Act sets forth 3 important requirements. Notices must explain a financial institution’s policies and practices with respect to all but which of the following?
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Question 3 of 40
3. Question
For higher-priced mortgage loans, prepayment penalties are typically not allowed unless ______________.
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Question 4 of 40
4. Question
Which of the following notices is NOT required to be provided to a consumer under the GLB Act?
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Question 5 of 40
5. Question
In a reverse mortgage, any principal, interest or equity is due and payable ________.
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Question 6 of 40
6. Question
A specific situation in a person calls their lender and requests an advance on a HELOC and acts as if they are the borrower when they are not is called_________________________.
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Question 7 of 40
7. Question
The primary purpose of RESPA is to _______________________.
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Question 8 of 40
8. Question
What description applies to a person who must be licensed under the SAFE Act?
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Question 9 of 40
9. Question
A feature that permits the lender to terminate the loan in advance of the original maturity date and to demand repayment of the entire outstanding balance is called a(n) _____________.
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Question 10 of 40
10. Question
Which of the following properties would be covered by RESPA?
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Question 11 of 40
11. Question
Which of the following qualifications are necessary for licensure as a mortgage loan originator?
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Question 12 of 40
12. Question
According to the TRID rule, the consumer must receive the Closing Disclosure a minimum of how many days prior to consummation?
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Question 13 of 40
13. Question
A(n) ___________is the submission of the borrower’s financial information in anticipation of a credit decision.
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Question 14 of 40
14. Question
What statement about the Home Mortgage Disclosure Act is TRUE?
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Question 15 of 40
15. Question
Under the TRID rule, a lender may only charge for what item prior to disclosures being received?
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Question 16 of 40
16. Question
1. The information contained in the Loan Estimate is considered good for _____days and must be honored.
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Question 17 of 40
17. Question
Under the Fair Credit Reporting Act (FCRA) credit reports may be used __________________.
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Question 18 of 40
18. Question
What items when received constitute a complete application?
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Question 19 of 40
19. Question
The statement that “no person shall give and no person shall accept any fee or other thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or part of a settlement service involving a federally-related mortgage loan shall be referred to any person” is the rule that prohibits ____________.
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Question 20 of 40
20. Question
If a copy of the credit report including a credit score accessed during the application process is furnished to the potential borrower, _____________________.
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Question 21 of 40
21. Question
What APR change triggers a re-disclosure and a 3-day waiting period?
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Question 22 of 40
22. Question
If following an escrow analysis, a loan servicer determines that there is an excess of $75 in a borrower’s escrow account, the servicer should ______________________________.
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Question 23 of 40
23. Question
Mortgage professionals who make sales calls must check the Do Not Call list every ___ days to ensure they are not calling consumers on the list.
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Question 24 of 40
24. Question
The Loan Estimate must be provided after the application within what time frame?
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Question 25 of 40
25. Question
If an intention exists to transfer or sell the servicing of a loan, which of the following statements is TRUE with respect to servicing disclosure statements?
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Question 26 of 40
26. Question
The FTC Red Flags Rule provisions call for procedures that include ____________.
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Question 27 of 40
27. Question
What is the earliest the consumer can close after receiving disclosures?
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Question 28 of 40
28. Question
With respect to the Equal Credit Opportunity Act (ECOA,) which of the following statements is FALSE?
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Question 29 of 40
29. Question
Which of the following statements about the Home Mortgage Disclosure Act are TRUE?
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Question 30 of 40
30. Question
Which statement is the most correct?
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Question 31 of 40
31. Question
The statement that “no person shall give and no person shall accept any fee or other thing of value pursuant to any agreement or understanding, oral or otherwise, that a business incident to or part of a settlement service involving a federally related mortgage loan shall be referred to any person” is the rule that does not prohibit _________.
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Question 32 of 40
32. Question
According to the Mortgage Reform and Anti-predatory Lending Act of Dodd Frank, if a mortgage is qualified, prepayment penalties are still limited to __________ of the balance the first year.
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Question 33 of 40
33. Question
Generally, the Truth in Lending Act (TILA) provides ________.
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Question 34 of 40
34. Question
The Mortgage Assistance relief services act (MARS) passed in 2009 outlaws __________ fees and false claims and requires clear disclosures in mortgage lending.
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Question 35 of 40
35. Question
TILA applies to extension of credit when __________________________.
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Question 36 of 40
36. Question
The FTC Safeguard Rules are designed to __________.
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Question 37 of 40
37. Question
It is NOT considered discrimination (and therefore not a violation of ECOA) for a creditor to refuse to extend credit for which of the following reasons?
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Question 38 of 40
38. Question
The FTC Safeguard Rules are designed to __________.
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Question 39 of 40
39. Question
Generally, the annual percentage rate (APR) on a fixed rate loan is considered to be accurate if __________.
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Question 40 of 40
40. Question
The Patriot Act, which enhanced and solidified existing provisions of the Crime Control Act and Bank Secrecy Acts, does which of the following?
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