Gold Coast Mlo

Front 1

What is a nontraditional loan according to the SAFEACT?

Back 1

Any loan that is not a "30 year fixed rate" mortgage

Front 2

Ariana has failed to pass the written test of NML twice. How long must she wait to retake the test?

Back 2

30 days

Front 3

Who is the largest buyer of loans on the secondary market?

Back 3

Fannie Mae

Front 4

Ollie informers her that he cosigned a car loan but the credit report does not reflect his statement.

Back 4

Fran commits fraud by approving a purposefully false application

Front 5

If an MLO has a complaint about a consumer protection issue regarding taxes, who should be contacted?

Back 5

IRS

Front 6

The DODD-FRANK Act created the CFPB. CFPB is an acronym for what?

Back 6

Consumer Financial Protection Bureau

Front 7

David is a loan processor under an MLO. Which of the following acts would be a violation of the safe act?

Back 7

David can not provide loan origination

Front 8

The SAFE ACT made the states use unique NLMS #'s instead of using what?

Back 8

Social Security #'s

Front 9

Borrow Stew wants an FHA loan for $235K but the house is appraised for $257K. Which value will the bank recognize for the loan?

Back 9

The bank will recognize the lower of the two values.

Front 10

A salaried employee makes $1,350 biweekly. How much does the employee make per a month?

Back 10

The employee makes $2,925 ($1,350x26 weeks)

Front 11

Mortgage broker receives discounted office space from a Title company for recommending clients. What does this violate?

Back 11

Real Estate Settlement Procedures Act (RESPA) section 8: kickbacks

Front 12

True or False: An FHA insured loan is only for low income first time home buyers

Back 12

False

Front 13

True or False: It is not bait and switch advertising if a customer accepts new terms.

Back 13

False

Front 14

Which will trigger the Truth and Lending Act within an advertisement?

Back 14

An advertisement's statement which triggers rates or numbers.

Front 15

What is not an element of an arm?

Back 15

Positive Amortization Cap

Front 16

What is the interest rate on a loan that is indexed at 5.5% with a margin of 2.25%?

Back 16

7.75%

Front 17

What % does the VA guarantee?

Back 17

25%

Front 18

Mary wants an FHA (31/43) primary residence loan. Her monthly mortgage expense will be $800.65, car $192.65, and credit card $40.00. With a total of $1033.30 what is her monthly income using the total debt to income ratio?

Back 18

$2403.02 (1033.30/.43)

Front 19

True or False: Financial Institutions have to report threats made against consumer information?

Back 19

False

Front 20

Which act requires mortgage lenders to inform consumers what happened when they are declined?

Back 20

The Fair Credit Reporting Act (FCRA)

Front 21

Under the Gram Breach Riley Act, what is the definition of a consumer?

Back 21

A consumer is a person that purchased a product or service from a financial institution.

Front 22

HOEPA Prohibited Regulations except...

Back 22

Liability to repay the loan

Front 23

Is a 4.5% line of Credit considered a High Priced Loan?

Back 23

No

Front 24

Consumer Reporting Agencies have a responsibility to do what?

Back 24

Provide consumer credit information to those with a legitimate business needs.

Front 25

Pete is an MLO and has stumbled upon a report claiming Identity Fraud. What act should he look up in order to perform the law properly?

Back 25

Fair and Accurate Credit Transactions Act.