1. Sometimes referred to a Title V, the SAFE Act stands for:
2. NMLS & R is the National licensing database. What do the letters stand for?
3. NMLS, short for the NMLS & R sets forth procedures and requirements for:
4. There are two different categories of Mortgage Loan Originators (MLO’s) defined for the NMLS. One is the “Registered MLO” and two is the _____ Mortgage Loan Originator.
5. Congress intended to establish a nationwide system for registering and licensing MLO’s in order to:
6. The CSBS is one of the regulatory bodies that maintain the NMLS. What is the full name of this authority?
7. An MLO is an individual who “assists a consumer in obtaining or applying to obtain a residential mortgage loan” by among others things:
8. The term “state licensed loan originator” means any individual who is a loan originator and is not:
9. Pre-Licensing Education (PE) may only be completed in one of the following three education formats:
10. Every MLO license expires annually and must be renewed by December 31st. State licensed MLO’s shall meet the following standards:
11. An MLO will only receive CE credits for a course in the year in which it is taken and:
12. 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:
13. 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:
14. The RESPA final rules define a set of six different data elements that automatically trigger a GFE. Which of the following are NOT a part of the six “triggers”?
15. As part of the GFE process, a lender is not permitted to require verification of the GFE data triggers before providing the GFE to the consumer. RESPA limits the upfront cost for the GFE, to the cost of:
16. A situation in which a person’s access to some distinct service, property, discount or other economic incentive, or the person’s ability to avoid an economic disincentive, is contingent upon using a referred settlement service provider, is called:
17. All the estimates of charges listed on the new GFE must be available for a minimum of 10 days, except the following:
18. 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:
19. How many years must documentation of any reasons for providing a new or revised GFE be retained after settlement?
20. 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.
21. 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:
22. On July 30, 2008 Congress enacted HERA, which further amended TILA. This amending act is known as MDIA, which stands for:
23. On October 3, 2008 Congress amended MDIA to broaden its consumer protections by requiring:
24. The new “Higher Priced Mortgage Loan” rules that are effective October 1, 2009 cover any mortgage on a principal dwelling, which define a new subprime threshold. On a 1st mortgage, this “Higher Priced Loan” threshold uses a 1.5% margin over what index?
25. When originating a Higher Priced Mortgage Loan, a creditor would be prohibited from: