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20-Hour PE OIL: Section 3 Quiz (Restricted)

By Scott Weghorst / September 9, 2020

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Question 1 of 40

1. Question

They will not apply after 3 years
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The amount of the periodic payment cannot change within the first 3 years
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The consumer’s total monthly debt payments do not exceed 35% of his or her gross monthly income at the time of closing
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Higher priced loans cannot have a prepayment penalty
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Question 2 of 40

2. Question

Opt-out notice
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Rescission notice
Correct Incorrect Correct answer

Revised notice to consumers, customers, and former consumers or customers any time the notice previously provided is no longer accurate
Correct Incorrect Correct answer

Annual notice to customers for the duration of the relationship with the financial institution
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Question 3 of 40

3. Question

When the last borrower passes
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If the borrower becomes ill
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When the property used to secure the debt ceases to serve as the principal residence of the borrower for a year
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All of the above
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Question 4 of 40

4. Question

False advertising
Correct Incorrect Correct answer

Information sharing
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Pretexting
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A violation of the MARS rule
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Question 5 of 40

5. Question

Provide consumers with access to free credit reports
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Make it more difficult to finance properties purchased for resale without a substantial down payment
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Provide enough disclosure about settlement services so the consumer can effectively shop around
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Prevent discrimination
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Question 6 of 40

6. Question

Performs clerical tasks related to extensions of credit pertaining to timeshare plans
Correct Incorrect Correct answer

Is a loan processor or underwriter just working as a contractor
Correct Incorrect Correct answer

One who offers or negotiates terms of a residential mortgage loan with or on behalf of a member of his or her immediate family
Correct Incorrect Correct answer

One who sells timeshares or manufactured homes
Correct Incorrect Correct answer

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Question 7 of 40

7. Question

Due-on-demand clause
Correct Incorrect Correct answer

Amortization rate clause
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Maturity extension clause
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Rescission clause
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Question 8 of 40

8. Question

A commercial building on a one acre lot
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A family farm including a house and 35 acres of land on one parcel
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A vacant residential lot
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A residential duplex with an apartment above the garage
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Question 9 of 40

9. Question

No foreclosures within the last 5 years
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No current outstanding judgments with the exception of medical judgments
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No pattern of seriously delinquent accounts in the past 5 years
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All of the above
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Question 10 of 40

10. Question

2 business days
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2 business days
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4 business days
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3 business days
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Question 11 of 40

11. Question

Appraisal
Correct Incorrect Correct answer

Credit Report
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Application
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HUD-1
Correct Incorrect Correct answer

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Question 12 of 40

12. Question

HMDA was enacted to help identify discriminatory lending patterns.
Correct Incorrect Correct answer

HMDA requires borrowers to provide information concerning their race, gender, and ethnicity directly on loan applications.
Correct Incorrect Correct answer

HMDA allows for the use of information concerning race, gender and ethnicity in determining the granting or denial of credit to potential borrowers on a case by case basis, per lender discretion.
Correct Incorrect Correct answer

HMDA requires equal access to housing
Correct Incorrect Correct answer

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Question 13 of 40

13. Question

Credit report
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Appraisal
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Application fee
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Affiliate charges
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Incorrect
Question 14 of 40

14. Question

3
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7
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30
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10
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Question 15 of 40

15. Question

For licensing qualifications under the SAFE Act
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Including medical information to determine a consumer’s eligibility for credit
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By a loan originator in conjunction with an application, and a copy of the credit score and the report used must be furnished to the applicant
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To share with referral partners
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Question 16 of 40

16. Question

Signed sales contract, appraisal, income information, employment information
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Property address, estimated value, name, social security number or other identifier to pull credit, income, loan amount
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Estimated value, name, social security number or other identifier to pull credit, income, loan amount
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Disclosure or only required if the consumer requests them
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Question 17 of 40

17. Question

Fee-Splitting
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Kickbacks
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Affiliated business arrangements
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Institutionalization of lending
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Question 18 of 40

18. Question

There is no need to provide any notice or disclosure about the credit report and its origin or use
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A disclosure will be provided if so requested by the potential borrower
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Providing the disclosure to the borrower is up to the originator, unless the potential borrower’s credit score is below 650, which would then require disclosure
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A “Notice to the Home Loan Applicant” disclosure must be provided in all circumstances
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Question 19 of 40

19. Question

More than a 1% increase
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More than a 0.5% increase
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More than a 0.125% increase
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Less than a .01% increase
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Question 20 of 40

20. Question

Let the borrower know and adjust the payments so that no further excess will occur
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Let the borrower know and adjust the payments so that no further excess will occur and ask whether or not the borrower would like the money returned or retained in the account
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Let the borrower know and adjust the payments so that no further excess will occur as well as return the amount in excess within 20 business days
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No action is required
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Question 21 of 40

21. Question

30
Correct Incorrect Correct answer

31
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60
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90
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Question 22 of 40

22. Question

Must be delivered or placed in the mail within 3 days
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Must be delivered or placed in the mail within 3 business days
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Must be sent by the lender within 1 day or signed within 3 days
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Must be delivered by the lender within 7 business days
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Question 23 of 40

23. Question

The servicer transferring the loan must deliver notice to the borrower at least 10 days before the transfer becomes effective.
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A disclosure communicating this intention must be provided at the time of application or within 3 days after.
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The servicer to whom the loan obligation is being transferred must deliver notice to the borrower no later than 10 days after the transfer becomes effective.
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All of these are true.
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Question 24 of 40

24. Question

Identifying suspicious documents
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Identifying unusual account use
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The handling of notices from a consumer or victim of identity theft
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All of the above
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Question 25 of 40

25. Question

3 days
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7 days
Correct Incorrect Correct answer

10 days
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15 days
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Question 26 of 40

26. Question

The lender must give an applicant a copy of all appraisals and/or valuations developed in connection with the application for any loan which would have been a first lien on a residential dwelling.
Correct Incorrect Correct answer

Copies of appraisals must be provided promptly upon their completion and not later than three day prior to the closing of the loan.
Correct Incorrect Correct answer

Copies of the appraisal and valuation information must be provided even if the lender denies that applicant’s request for credit or in cases where the application remains incomplete or is withdrawn.
Correct Incorrect Correct answer

The lender may not require the applicant to pay any fee for the cost of the appraisal as this is prohibited by law.
Correct Incorrect Correct answer

Correct

Incorrect
Question 27 of 40

27. Question

HMDA was not enacted to help identify discriminatory lending patterns.
Correct Incorrect Correct answer

HMDA requires borrowers to provide information concerning their race, gender and ethnicity directly on loan applications.
Correct Incorrect Correct answer

HMDA allows for the use of information concerning race, gender and ethnicity in determining the granting or denial of credit to potential borrowers on a case by case basis, per lender discretion.
Correct Incorrect Correct answer

HMDA requires lenders to collect and report information including race and ethnicity.
Correct Incorrect Correct answer

Correct

Incorrect
Question 28 of 40

28. Question

Disclosed lender credits can change by any amount
Correct Incorrect Correct answer

Disclosed lender credits can only be reduced
Correct Incorrect Correct answer

Disclosed lender credits cannot be reduced
Correct Incorrect Correct answer

Lender credits aren't regulated
Correct Incorrect Correct answer

Correct

Incorrect
Question 29 of 40

29. Question

fee-splitting
Correct Incorrect Correct answer

kickbacks
Correct Incorrect Correct answer

affiliated business arrangements
Correct Incorrect Correct answer

institutionalization of lending
Correct Incorrect Correct answer

Correct

Incorrect
Question 30 of 40

30. Question

5%
Correct Incorrect Correct answer

3%
Correct Incorrect Correct answer

2%
Correct Incorrect Correct answer

1%
Correct Incorrect Correct answer

Correct

Incorrect
Question 31 of 40

31. Question

Consumers with the right to cancel (rescind) certain credit transactions involving a mortgage on a principal residence in some circumstances
Correct Incorrect Correct answer

The means for timely resolution of all credit disputes
Correct Incorrect Correct answer

Set limitations on all charges in a mortgage loan transaction
Correct Incorrect Correct answer

Prohibitions against referral fees
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Incorrect
Question 32 of 40

32. Question

Appraisal
Correct Incorrect Correct answer

Advertising
Correct Incorrect Correct answer

Loan origination
Correct Incorrect Correct answer

Advance
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Correct

Incorrect
Question 33 of 40

33. Question

Credit is offered to a consumer
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The business, person, or entity extends credit to consumers on a regular basis (more than five times for a transaction secured by a dwelling)
Correct Incorrect Correct answer

Credit is primarily for personal, family, or household purposes (not business purposes)
Correct Incorrect Correct answer

All of the above
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Incorrect
Question 34 of 40

34. Question

Protect lenders from high-risk borrowers
Correct Incorrect Correct answer

Provide protocols for advertising for loan originators
Correct Incorrect Correct answer

Ensure security and confidentiality of customer records and information
Correct Incorrect Correct answer

Set forth stricter requirements for property insurance
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Incorrect
Question 35 of 40

35. Question

Disqualification due to national origin
Correct Incorrect Correct answer

Disqualification for any credit assistance program authorized by law for an economically disadvantaged class of people
Correct Incorrect Correct answer

Disqualification due to gender
Correct Incorrect Correct answer

Credit scores
Correct Incorrect Correct answer

Correct

Incorrect
Question 36 of 40

36. Question

Protect lenders from high-risk borrowers
Correct Incorrect Correct answer

Provide protocols for advertising for loan originators
Correct Incorrect Correct answer

Ensure security and confidentiality of customer records and information
Correct Incorrect Correct answer

Set forth stricter requirements for property insurance
Correct Incorrect Correct answer

Correct

Incorrect
Question 37 of 40

37. Question

It is not more than ½ of 1% above or below the APR disclosed
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It is not more than 1/8th of 1% above the APR disclosed
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It goes up 0.5% one month, but returns to its original value the next month
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Not more $100 over the original estimate
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Question 38 of 40

38. Question

Requires treble penalties for violations involving misleading advertisements by mortgage relief companies
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Requires verification of consumer identity in transactions
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Enhances due diligence programs
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Both b and c, but not a
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Question 39 of 40

39. Question

Acceptable business practice, as long as the amount paid to the appraiser is not conditioned upon consummation of the loan
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Acceptable business practice, as long as the appraiser’s pay is not withheld
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Prohibited
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Only prohibited in commercial transactions
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Question 40 of 40

40. Question

Disclosure of personal data to affiliates and nonaffiliated third parties
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Disclosure of personal data of persons who have ceased to be its customers
Correct Incorrect Correct answer

Protection of personal data of consumers
Correct Incorrect Correct answer

All of the above
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Correct

Incorrect

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