1. In what stage of the loan cycle does the attorney disperse the funds?
2. The document that spells out that the borrower must repay the loan is called:
3. A contract by which real property is pledged and allows for its transfer in the event of default is a:
4. The stage of the loan cycle where you verify the borrower's income:
5. An independent specialist who uses competing lender's funds to originate loans is called a:
6. The residential mortgage where the whole loan is guaranteed by the federal government is a:
7. A home's title can be held by a married couple as:
8. The loan officer requests the borrower’s social security number in order to:
9. Total assets minus total liabilities yields the:
10. If a co-borrower is obligated to pay child support it must be listed on the application as a:
11. If the borrower is legally separated, the loan officer should check the box marked:
12. In the primary lending market, the loan is:
13. Fannie Mae and Freddie Mac are:
14. Mortgage brokers need to acquire expertise in:
15. The purpose of the 1003 is to:
16. The cycle of the loan where approval takes place is:
17. The loan officer need not be concerned with:
18. When disclosing the Good Faith Estimate the loan officer is:
19. Ultimately, the appraisal is paid for by:
20. The agreement signed by the buyer and seller that spells out the conditions of sale is commonly referred to as the:
21. An item never found on a credit report is:
22. MI companies provide:
23. Fees paid to attorneys, appraisers, pest inspectors, etc. are disclosed at closing on the:
24. An example of a credit reporting agency is:
25. The Uniform Residential Loan Application is commonly referred to as the:
26. The Truth in Lending Act is interpreted by:
27. The Truth in Lending Act was designed to disclose the:
28. RESPA limits the:
29. The responsibility of the underwriter is to assess the:
30. A loan officer can work for more than one broker when:
31. If a borrower is paid $1,659.25 biweekly their monthly gross income is:
32. The P&I payment on a $279,000.00 20 year loan at 7.25% is:
33. When selling a home, the law that prohibits discrimination in whom the house is sold to is:
34. APR stands for:
35. Another name for the Reg. Z is:
36. RESPA stands for:
37. The instrument that gives “teeth” to the Note is the:
38. Another term used to describe predatory practices is:
39. Mortgagor is another word for:
40. Mortgagee is another word for:
41. The legal document that officially states payment, rate and terms of repayment is the:
42. The information on the 1003 relating to HMDA is:
43. The number of loans a private seller and note holder can make without being licensed is:
44. The law that prohibits a loan officer from discouraging anyone from applying for a loan is:
45. The law that requires a credit denial or adverse action letter is:
46. The acronym VOD stands for:
47. The acronym VOE stands for:
48. The acronym VOR stands for:
49. The acronym VOM stands for:
50. Lenders making high loan-to-value transactions (above 80%) are protected by:
51. Taxes and insurance funds are held in:
52. The index plus the margin is:
53. The maximum cushion a loan servicer is allowed to hold in the escrow account is:
54. Regulation “B” refers to:
55. ECOA requires creditors to notify applicants of action taken on their application within ____ days of receipt of the application.
56. What Act requires that you provide the applicant with a copy of the appraisal?
57. Which law forbids the imposition of different standards for approval that could have a disparate effect on different groups of borrowers?
58. The illegal practice of denying loans for housing in certain neighborhoods is called:
59. The law that was part of the 1968 Civil Rights Act is:
60. The Graham-Leach-Bliley Act covers:
61. In the Financial Modernization Act of 1999, NPI stands for:
62. The GLBA is enforced by:
63. The Safeguards Rule requires financial institutions to ensure the security of:
64. You disclose to the applicant their credit score, reason codes and, in the case of manual underwriting, their credit file because of FACTA, which is an amendment to:
65. The USA PATRIOT Act of USAPA was introduced less than a week after what event?
66. What law introduced sweeping changes to the regulation of wire taps, money laundering, immigration and electronic communications?
67. What act requires a borrower to properly identify themselves?
68. The 1998 regulation “C” refers to:
69. What act helps determine if lenders are serving the housing needs of communities and assists public officials with identifying discrimination patterns?
70. The Do-Not-Call registry is part of the:
71. How many months after a business relationship has been established are you allowed to call your customer?
72. What act requires you to provide your customer with your company’s privacy policy?
73. What fair lending law was intended to encourage depository institutions to help meet the credit needs of communities including low to moderate income neighborhoods?
74. Loan servicing can be performed by the lending institution or released to companies that:
75. Home Equity Lines of Credit (HELOC) are:
76. The three-party legal theory whereby the mortgagor conveys legal title until the debt is paid:
77. Bill is selling his $150,000 home to Carl. Bill has an assumable loan with “novation,” that has a balance of $140,000 on it. What will Carl do in order to buy the property and what does this mean to Bill?
78. Tenancy by the Entirety is a form of ownership limited exclusively to a lawfully married “husband and wife”. In this case, each spouse owns all the property and there is an automatic “right of survivorship” to the remaining spouse, which means:
79. The superior position of the first lien holder is based upon the doctrine of:
80. If you are paid $1,112 monthly from your work and receive a child support payment of $620 per month, what is the maximum total income you can use when figuring your maximum payment?
81. One of the great benefits of FHA loans:
82. How are FHA maximum loan limits established?
83. The disadvantages to FHA loans are:
84. What is the upfront VA guarantee fee called and how much does it cost?
85. Can the VA Funding Fee ever be waived?
86. What are the allowable debt ratios on a USDA-RD purchase money loan?
87. Are there minimum or maximum loan amounts on USDA-RD loans?
88. Government sponsored loans are:
89. On VA guaranteed loans, the veteran can receive gift fund for cash requirements and:
90. Bill and Karen have agreed to buy a home for $95,000. They have little cash for closing costs and have applied for a USDA RD loan where the closing costs are $5,000 and the guarantee fee is 2%. The home has appraised for $100,000. How much cash will Bill and Karen have to bring to closing?
91. Reggie and Marissa are buying a home through the FHA – 203 (b) program. The purchase price is $145,000. They paid outside of closing (POC), $950 upfront in pre-paid closing costs and fees to the lender. How much will Reggie and Marissa have to bring to closing in order to satisfy their minimum investment requirements?
92. Joanne is a divorced mother of three and wants to help her son Matt buy his first home by co-signing on his FHA loan. Joanne will not occupy the home or be on the deed to the property. She just wants to help Matt meet the debt to income ratios for loan approval. What document(s) will Joanne be required to sign at closing?
93. The CSBS is one of the regulatory bodies that maintain the NMLS. What is the full name of this authority?
94. An MLO is an individual who “assists a consumer in obtaining or applying to obtain a residential mortgage loan” by, among other things:
95. HUD promulgated rules to implement RESPA known as Regulation X in 1974 to fulfill the intent of Congress that the purpose of RESPA was to:
96. HUD’s stated purpose of the latest RESPA rule changes that expanded the GFE to three pages, which are effective January 1, 2010, were to:
97. Unless the originator provides a revised GFE for cause, the originating party is bound within certain tolerances, to the terms listed on the GFE provided to the borrower. All the following charges have a zero tolerance and cannot exceed amounts stated on the GFE except:
98. How many years must documentation of any reasons for providing a new or revised GFE be retained after settlement?
99. If the originator discovers charges at settlement that exceed the charges on the GFE by more than the permitted tolerances, the originator must cure this violation within ____ calendar days after settlement.
100. There are three distinct pages to the new GFE. The first page is referred to as the “Summary” page. The second is the “Adjusted Origination Charges” page and page three is the: