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Which fee would NOT be considered a finance charge and would NOT be part of the APR calculation?
- escrow deposit for property taxes
- Escrow deposits are never part of calculating the APR.
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The Red Flags Rule is part of the
Fair and Accurate Credit Transactions Act.
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How many days after receiving an adverse action notice does a consumer have to request a copy of the credit report on which the decision was based?
60
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All of the following reforms are significant results of the Dodd-Frank Act EXCEPT
The Red Flag Rules which are identified in the Fair and Accurate Credit Transactions Act of 2003.
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Which entity has the largest number of resources for specialty loan programs?
mortgage brokers
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MERS is used to simplify what process?
tracking the servicing rights of mortgages
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Which organizations developed the model state law for the implementation of the SAFE Act?
The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR)
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Under a one-time construction close that has taken more than 4 months to be completed, FNMA will require the borrower to
provide new information about income, credit, and assets.
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Which type of entity originates mortgages using a line of credit, WITHOUT any depositors' funds, and services the loans until a pool of loans can be sold?
mortgage banker
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A loss in value due to hazardous waste being discovered nearby would fall under what category?
- economic obsolescence or external obsolescence
- happening outside of the property.
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Can all closing costs be financed on a VA loan?
No
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For VA loans, which statement is TRUE?
The funding fee can be financed.
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When can child support be used?
if it will continue for three years or longer.
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When performing the sales comparison approach, adjusting properties involves
changing the comps to make them more like the base.
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A DD-214 is used to
verify a veteran's discharge from military service.
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What is the total monthly payment, including escrows, on a 30-year interest only loan of $205,000, taxes of $1,800 per half year, hazard insurance of $420 annually, $65 monthly mortgage insurance, and an interest rate of 6%.
The interest-only payment is calculated by multiplying the loan amount of $205,000 by the annual interest rate of 6% and dividing by the 12 monthly payments ($1,025 per month). Next, the taxes are quoted by the half-year so this amount is divided by 6 and not 12 ($300 per month). The hazard insurance is quoted annually so it must be divided by 12 ($35 per month). The mortgage insurance is quoted monthly ($65 per month). By adding these monthly amounts together, the total monthly payment is derived: $1,025 + $300 + $35 + $65 = $1,425 total monthly payment
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Whose signature is forged in a deed scam?
seller
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What is NOT considered a protected class under the Fair Housing Act?
age
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A real estate agent believes that his Hispanic client would probably prefer to live in more diverse neighborhood, and so he only shows her homes where there is a higher concentration of residents from Guatemala. This agent is guilty of
steering
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failing to adhere to the ability to repay rule is
actual fraud
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What federal legislation prohibits the exchange of information between consumer creditors under certain criteria?
Gramm-Leach-Bliley Act
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The legislation that restricts the circumstances under which a financial institution may disclose a consumer's personal financial information to non-affiliated third parties is the
Gramm-Leach-Bliley Act.
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The unique identifier licensees are required to show on all residential mortgage forms, solicitations, or advertisements is issued by the
Nationwide Mortgage Licensing System and Registry.
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Which fee is NOT permitted to be included in a high cost loan?
loan modification fee
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The NMLS account of any pending initial applicant who has not provided certification of passing both components of the written test (national and UST) will show a
deficiency
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An advertisement promoting the tax deductibility of home equity credit would not be misleading if it includes a statement that a consumer
consult a tax advisor
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If a licensed mortgage loan originator is convicted of a felony, who is responsible for reporting this information to the NMLS?
mortgage loan originator
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