NMLS

HOEPA:
A. AMENDED THE TIL ACT, KNOWN AS SECTION 2
B. HAS 8% POINTS ON THE FEE TRIGGER
C. HAS 8 POINT APR TRIGGER
D. ALL OF THE ABOVE

THE ESTIMATE OF LOAN COSTS GIVEN TO THE BORROWER WITHIN THREE DAYS OF APPLICATION
A. 1003
B. 1006
C. HUD-1
D. GFE

THE GFE IS A REQUIREMENT OF
A. RESPA
B. HOEPA
C. HMDA
D. TILA

CERTAIN LENDERS ARE REQUIRED TO REPORT DATA ON THEIR BORROWERS IN ORDER TO DETERMINE HOW THE NEEDS OF THE COMMUNITY A BEING MET BY WHAT LAW?
A. HOEPA
B. RESPA
C. HMDA
D. TILA

ACT WHICH REQUIRES THE DISCLOSURE OF CREDIT TERMS AND COST
A. TILA
B. REGULATION Z
C. CONSUMER CREDIT PROTECTION ACT OF 1968
D. ALL OF THE ABOVE

THE LAW THAT PROHIBITS DISCRIMINATION
A. FCRA
B. HSPT
C. EPPDE
D. ECOA

APR IS CALCULATED BY USING THE NOTE RATE PLUS
A. ALL FINANCE CHARGE
B. YEILD SPREAD
C. ONE DISCOUNT POINT
D. ADVERTISE RATE

THE STATEMENT THAT TELLS A BORROWER WHAT THE ACTUAL COST OF THE LOAN IS GOING TO BE IS THE
A. HUD1
B. VOM
C. GSE
D. GFE

THE REAL ESTATE SETTLEMENT PROCEDURE ACT WAS DESIGNED TO
A. DICTATE THE COST OF CREDIT
B. ENHANCE COMPETITION AMONG PROVIDERS
C. STOP KICKBACKS
D. BOTH B AND C

RESPA APPLIES TO
A. PROPERTY WHOSE VALUE EXCEEDS $50000
B. ALL REAL ESTATE TRANSACTIONS INCLUDING UNDEVELOPED LAND
C. EXISTING DWELLINGS ONLY
D. NON-COMMERCIAL PROPERTY ONLY

RESPA REQUIRES THAT THE HUD1 SETTLEMENT STATEMENT BE GIVEN TO THE BORROWER
A. AT CLOSING COST
B. WITHIN ONE BUSINESS DAY OF CLOSING
C. ONE BUSINESS DAY PRIOR TO CLOSING IF REQUESTED BY THE BORROWER
D. ALL OF THE ABOVE

RESPA REQUIRES THAT
A. THE GFE BE GIVEN TO THE BORROWER WITHIN 3 BUSINESS DAYS OF THE APPLICATION
B. THE HUD1 BE GIVEN TO THE BORROWER 24 HOURS PRIOR TO CLOSING IF THEY ASK FOR IT
C. ANY AFFIATED BUSINESS ARRANGEMENTS BE DISCLOSED TO THE BORROWER PRIOR TO CLOSING
D. ALL OF THE ABOVE

WHAT IS THE AMOUNT OF THE CUSHION ALLOWED IN THE ESCROW ACCOUNT ACCRODING TO RESPA?
A. 10% OVER 1/12 OF THE ANNUAL DISBURSEMENTS
B. $50 OVER 1/6 OF THE ANNUAL DISBURSEMENTS
C. $500 OVER 1/16 OF THE ANNUAL DISBURSEMENTS
D. EXACTLY 1/24 OF THE ANNUAL DISBURSEMENTS

HOW MUCH IS ALLOWED TO BE TAKEN FOR THE ESCROW ACCOUNT MONTHLY ACCORDING TO RESPA LAW?
A. 10%
B. 1/16
C. 1/12
D. 1/24

RESPA DICTATES THAT THE SERVICING TRANSFER STATEMENT BE DELIVERED TO THE BORROWER
A. AFTER CLOSING
B. AT APPLICATION
C. AT CLOSING
D. BEFORE CLOSING

RESPA DICTATES THAT THE SERVICING DISCLOSURE BE GIVEN
A. AT APLICATION
B. BEFORE CLOSING
C. AFTER CLOSING
D. AT CLOSING