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92 Cards in this Set
- Front
- Back
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The Real Estate Settlement Proceedures Act (RESPA) is implemented as: A. Regulation B B. Regulation X C. Regulation A D. Regulation X |
B. Regulation X |
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Which government agency enforces the RESPA regulations? A. CFPB B. FCC C. FHA D. FTC |
A. CFPB Consumer Financial Protection Bureau |
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RESPA is concerned with : A. Kickbacks B. Credit reports C. Triggering terms in ads D. U.S. Security |
A. Kickbacks |
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The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application? A. 1 B. 3 C. 5 D. 10 |
B. 3 |
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The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application? A. 1 B. 3 C. 5 D. 10 |
B. 3 |
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The Mortgage Servicing Disclosure Statement must be sent to the borrower within how many days of receiving a loan application? |
A. 1 B. 3 C. 5 D. 10 |
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How often must a summary of escrow activity statement be sent to the borrower? A. Once a monthB. Once every 3 monthsC. Once every 6 monthsD. Once a year |
D. Once a year |
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RESPA requires which of the following should be given to the borrower when the loan servicer changes? A. Servicing Transfer StatementB. Good Faith EstimateC. Truth In Lending DisclosureD. Initial Escrow Statement |
A. Servicing Transfer Statement |
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When must a referring party give the Affiliated Business Arrangement Disclosure to the consumer? A. Within 3 days of the loan application B. Within 15 days of the loan application C. At or prior to the time of referral D. At closing |
C. At or prior to the time of referral |
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A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing? A. 1 B.3 C.5 D.7 |
A. 1 |
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After an escrow account analysis, money must be refunded if the overpaid amount equals or exceeds: A$50 B$100 C.$250 D.$500 |
A. $50 |
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The servicer has how many days to notify the borrower if the servicing rights have been sold and are being transferred to another company? A. 3 B.5 C.10 D.15 |
D. 15 |
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A borrower who makes a timely payment to the old servicer after a loan transfer can be penalized after how many days if he still is not sending the payment to the correct servicer? A.30 B.60 C.90 D.120 |
B. 60 |
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What is the maximum criminal penalty for a kickback violation? A. $500/6 months in prison B. $1000/6 months in prison C. $10,000/1 year in prison D. $25,000/1 year in prison |
C. $10,000/1 year in prison |
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The HUD-1 Settlement Statement is required for what type of transaction? A. Cash purchase of a condo B. Financed purchase of a warehouse C. Reverse Mortgage D. Cash purpose of a strip mall |
15.C |
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The maximum escrow cushion that a lender can require is? A. 1/6 of total yearly disbursements B. 1/3 of total yearly disbursements C.1/2 of total yearly disbursements D. 3/4of total yearly disbursements |
A. 1/6 of total yearly disbursements |
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A lender has how many days after settlement to refund any portion of chargers on the HUD-1 that exceeded the acceptable variance? A. 15B.30C.45D.60 |
B. 30 |
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Equal Credit Opportunity Act (ECOA) is implemented as: A. Reg B B. Reg X C. Reg A D. Reg Z |
A. Reg B |
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ECOA allows an applicant to have a copy of his: A. Credit score B. Credit report C. Property appraisal report D. Bank records |
C. Property appraisal report |
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What government agency enforces ECOA? A. FCC B. HUD C. CFPB D. FHA |
C. CFPB |
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A lender can discriminate based on: A. Age B. Sex C. Credit history D. Race |
C. Credit history |
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How many days does a lender have after receipt of an application to notify the applicant of it's action on the application? A. 10 B.15 C.30 D.60 |
C. 30 |
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How many days does and applicant have after receipt an adverse action notice to request a statement of reasons from the lender? A. 10 B.15 C.30 D.60 |
D. 60 |
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How many days does a lender have to send a statement of reasons for an adverse action after receiving a request from an applicant? A. 10 B.15 C.30 D. 60 |
C. 30 |
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The Truth In Lending Act (TILA) is implemented as : A. Reg B B. Reg X C. Reg D D. Reg Z |
D. Reg Z |
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The Truth In Lending Act (TILA) was implemented by the: A. Federal Reserve Board B. Fannie Mae C. Federal Bureau of Investigation D. Federal Express |
A. Federal Reserve Board |
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The Truth In Lending Act (TILA) is administered by: A. DVA B. FCC C. FHA D. CFPB |
D. CFPB |
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The TILA closure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage? A. 3 business days B. 5 business days C. 7 business days D. 14 business days |
A. 3 business days |
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Which of the following is not a trigger term? A. 5% interest rate B. $200 monthly payment C. Lowest rates in town D. 48 easy payments |
C. Lowest rates in town |
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The Right of Rescission does not apply to: A. Refinance loan B. Second mortgage C. Home improvement D. First mortgage on a purchase |
D. First mortgage on a purchase |
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The TILA must be re-disclosed if the APR for a fixed rate loan changes by more than: A. 1/8% B. 1/2% C. 3/4% D. 1% |
A. 1/8% |
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HOEPA considers a loan to be "high cost" if the total charges to the borrower exceed what % of the loan amount? A. 4% B. 5% C. 10% D. 12% |
B. 5% |
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The Truth-In-Lending Disclosure must be delivered within how many business days prior to closing a reverse mortgage? A. 3 B.7 C.10 D.15 |
B. 7 |
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The APR must be finalized at least how many days before closing? A. 1B. 3C. 5D. 7 |
A. 1 |
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The Home Mortgage Disclosure Act (HDMA) was implemented by: A. Department of Housing and Urban Development B. Department of Veterans Affairs C. Federal Communication Commission D. Federal Reserve Board |
D. Federal Reserve Board |
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HDMA is also known as: A. Regulation B B. Regulation C C. Regulation X D. Regulation Z |
B. Regulation C |
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HDMA does not : A. Set lending quotas for protected classes B. Require the loan amount to be reported C. Require the location of the property to be reported D. Require the race of the borrower to be reported |
Require the race of the borrower to be reported |
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Which of the following is not required HMDA borrower information: A. Loan amount B. Gender C. Race D. Age |
D. Age |
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The Fair Credit Reporting Act is enforced by: A. HUD B. FCC C. FHA D. FTC |
D. FTC |
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Bankruptcy can be kept in a credit report for: A. 2 years B. 5 years C. 7 years D. 10 years |
D. 10 years |
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Tax liens can be kept in a credit report for: A. 2 years B. 5 years C. 7 years D. 10 years |
C. 7 years |
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Which of the following is not a credit repository : A. FICO B. TransUnion C. Experian D. Equifax |
A. FICO |
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Borrowers are entitled to a free credit report if the lender takes adverse action against them and they asked for the report within how many days of receiving notice of the action: A. 30 B. 60 C. 90 D. 120 |
B. 60 |
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Which act includes provisions to protect consumers personal financial information held by financial institutions: A. Real Estate Settlement Procedures B. Fair and Accurate Credit Transaction C. Truth In Lending D. Gramm-Leach-Bliley |
D. Gramm-Leach-Bliley |
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Which act requires companies to give consumers privacy notice: A. Real Estate Settlement Proceedures Act B. Fair and Accurate Credit Transaction C. Truth In Lending D. Gramm-Leach-Bliley |
D. Gramm-Leach-Bliley |
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What is the fine for Do Not Call violations: A. $3000 B. $9000 C. $42,530 D. $60,000 |
C. $42,530 |
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A company with which a consumer has an established business relationship may call for how many after the consumers last purchase: A. 6 B. 13 C. 18 D. 24 |
C. 18 |
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If a consumer makes an inquiry or submits an application to a company, these companies can call for how many months: A. 3 B. 6 C. 9 D. 12 |
A. 3 |
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Which of the following is allowed to call numbers on the do-not-call list: A. Loan originators B. Charities C. Car dealerships D. Dry cleaners |
B. Charities |
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The Fair and Accurate Credit Transaction Act: A. Prohibits Kickbacks to Title companies B. provides that all the information in a credit report is verified C. Allows consumers one free credit report per year from each Repository D. Changes credit scoring to a 1-5 ranking system |
C. Allows consumers one free credit report per year from each Repository |
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who does the consumer contact if he has questions about his score: A. Credit Reporting Agency B. Lender C. Title company D. Appraiser |
A. Credit Reporting Agency |
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The range of possible credit scores is: A. 200-900 B. 300-850 C. 400-700 D. 500-1000 |
B. 300-850 |
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The Rwd Flags Rule is part of the: A. Truth In Lending Act B. Real Estate Settlement Proceedures Act C. SAFE Act D. Fair and Accurate Credit Transactions Act |
D. Fair and Accurate Credit Transactions Act |
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Which of the following is a creditor as defined by the red flags rule: A. Morgage Broker B. Beauty shops C. Grocery store D. Appraiser |
A. Morgage Broker |
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Which of the following is not a requirement for a company's red flags program: A. Be in writing B. Identify and detect warning signs of identity theft C. Detail appropriate responses to the warning signs D. Managed by the human resources department |
D. Managed by the human resources department |
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If a loan estimate is mailed it must be mailed how many days before loan consummation: A. 1 B. 3 C. 5 D. 7 |
D. 7 |
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A lender has how many days to refund excessive variances on a Closing Disclosure: A. 10 B. 30 C. 60 D. 90 |
C. 60 |
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A change to which of the following does not trigger a new 3-day waiting period : A. Seller credits buyer money for landscaping B. APR C. Loan product D. Addition of prepayment penalty |
A. Seller credits buyer money for landscaping |
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How many business days before loan consummation is a borrower entitled to see a revised Closing Disclosure that did not not trigger an additional 3-day day waiting period: A. 1 B. 2 C. 3 D. 4 |
A. 1 |
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How many days before loan consummation is a seller entitled to see the Closing Disclosure: A. 0 (closing day) B. 1 C. 2 D. 3 |
A. 0 (closing day) |
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When a consumer requests the cancellation of their escrow account, the lender has how many business days prior to closing the account to deliver an Escrow Closing Notice: A. 1 B. 3 C. 10 D. 30 |
B. 3 |
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When a lender cancels an escrow account for a reason other than default or termination caused by refinancing, repayment or rescission, they have how many business days prior to closing the account to deliver an Escrow Closing notice: A. 1 B. 3 C. 10 D. 30 |
D. 30 |
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Which of the following is allowed to call numbers on the Do Not Call list A. Loan Originators B. Charities C. Car Dealership D. Dry Cleaners |
B. Charities |
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The Fair and Accurate Credit Transaction Act A. Prohibits kickbacks B. Provides that all info in a credit report is verified C. Allows consumers one free credit report per year D. Changes credit score ranking system to 1-5 |
C. Allows consumers one free credit report per year |
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Who does the consumer contact if he has a question about his credit score? A. Credit Reporting Agency B. Lender C. Title company D. Appraiser |
A. Credit Reporting Agency |
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The range of possible credit scores is A. 200-900 B. 300-850 C. 400-700 D. 500-1000 |
B. 300-850 |
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The Red Flags Rule is concerned with A. Identity theft B. Kickbacks C. Disclosure of the APR D. Regulation of interest rates |
A. Identity theft |
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The Red Flags Rule is part of A. Truth In Lending Act B. Real Estate Settlement Proceedures Act C. SAFE Act D. Fair and Accurate Credit Transaction Act |
D. Fair and Accurate Credit Transaction Act |
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Which of the following is a creditor defined by the Red Flags Rule A. Morgage broker B. Beauty shop C. Grocery store D. Appraiser |
A. Morgage broker |
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Which of the following is not a requirement for a company's red flag program A. Be in writing B. Identify and detect warning signs of identity theft C. Detail appropriate responses to the warning signs D. Managed by the human resources department |
D. Managed by the human resources department |
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If a loan estimate is mailed, it must be mailed how many days before loan consummation? A. 1 B. 3 C. 5 D. 7 |
D. 7 |
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A lender has how many days to refund excessive variances on a Closing Disclosure A. 10 B. 30 C. 60 D. 90 |
C. 60 |
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A change to which of the following does not trigger a new 3-day waiting period A. Seller credits buyer money for landscaping B. APR C. Loan product D. Addition of a prepayment penalty |
A. Seller credits buyer money for landscaping |
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How many days before loan consummation is a borrower entitled to see a revised Closing Disclosure that did not trigger an additional 3 day waiting period A. 1 B. 2 C. 3 D. 4 |
A. 1 |
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How many days before loan consummation is seller entitled to see the Closing Disclosure A. 0 B. 1 C. 2 D. 3 |
A. 0 |
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When a consumer requests the cancellation of their escrow account the lender has how many business days prior to closing the account to deliver an Escrow Closing Notice A. 1 B. 3 C. 10 D. 30 |
B. 3 |
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When a lender cancels an escrow account for a reason other than default or termination caused by the refinancing, repayment or rescission, they have how many business days prior to closing the account to deliver an Escrow Closing Notice A. 1 B. 3 C. 10 D. 30 |
D. 30 |
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How many years must a lender retain the Loan Estimate A. 2 B. 3 C. 4 D. 5 |
B. 3 |
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For how many years must a lender retain the Closing Disclosure A. 2 B. 3 C. 4 D. 5 |
D. 5 |
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For how many years must a lender retain the Escrow Cancellation Notice A. 2 B 3 C. 4 D. 5 |
A. 2 |
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For how many years must a lender retain the Partial Payment Policy A. 2 B. 3 C. 4 D. 5 |
A. 2 |
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The borrower must receive the Closing Disclosure how many business days before consumation A. 1 B. 2 C. 3 D. 4 |
C. 3 |
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Which of the following is not delivered to a reverse mortgage applicant A. TILA Disclosure B. Loan Estimate C. Goods Faith Estimate D. HUD-1 |
B. Loan Estimate |
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Which of the following is not protected from discrimination by the Fair Housing Act A. HIV patients B. Elderly C. Pregnant women D. Mexicans |
B. Elderly |
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ECOA requires that a loan application is retained for how long after a denial A. 6 months B. 25 months C. 36 months D. 60 |
B. 25 months |
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What should a loan originator do if an applicant refuses to disclose their nationality A. Leave it blank on the application B. Refuse the application C. Select their best guess D. Pester until they answer |
C. Select their best guess |
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What should a loan originator do on a Loan Estimate address field when the borrower requests a pre-approval A. Leave it blank B. Enter one or more zip codes of likely location C. Enter the applicants personal address D. Deny the loan application |
B. Enter one or more zip codes of likely location |
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How many housing counseling agencies must be listed on the Housing Counseling Disclosure A. 1 B. 3 C. 5 D. 10 |
D. 10 |
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What entity does HUD look over A. Department of Health B. Federal Housing Administration C. Department of Veterans Affairs D. Consumer Financial Protection Bureau |
B. Federal Housing Administration |
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What is the maximum term for a HOEPA balloon bridge loan A. 12 months B. 24 months C. 36 months D. 60 months |
A. 12 months |
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A borrower must indicate an Intent to Proceed within how many business days after receiving the Loan Estimate A. 3 B.10 C.15 D.30 |
B.10 |
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Which law enacted mandatory cancellation of PMI under certain circumstances A. Truth In Lending B. RESPA C. Homeowners Protection Act D. Equal Credit Opportunity Act |
C. Homeowners Protection Act |
