Random SAFE Questions Part II

Which product does not require counseling

Which of the following does not require to have a plan, head of plan, train employees, and audit the plan

Which of the following is a Origination Fee

These are protections are regulated and enforced by GLBA EXCEPT

MDIA states that there should be a waiting period of

Before you report suspicious activity to your compliance officer a MLO should

Transmittal Summary

Borrower's promise to repay the loan

Who would receive a Right to Cancel PMI disclosure

A fake affiliated business arrangement designed to split fees

Borrower lies about Income and Occupancy in order to acquire a home they otherwise would not qualify for is what fraud

This disclosure is under GLBA - REG p

Compensation paid to a mortgage broker by the lender for giving borrower a rate that exceeded the going rate

The portion of principal and interest due on a loan that is written off when deemed to be uncontrollable

Reverse Redlining

Banks file this for any suspicious transaction relevant to a possible violation of law or regulation

What does HMDA do

Who created NMLS

To send money as a payment for a debt

When must a second Appraisal be done for a High Priced Loan

When should an MLO send an Initial Rate Adjustment Disclosure

The state can sentence the loan originator to a jail term not to exceed 14 months

The Right to Receive a Credit Score falls under

Who is the SAFE Act referring to when it mentions "the Director"

Prepaid Finance Charges are paid

Type of ownership where individuals share ownership equally

Self-Correcting & Self-Testing falls under

States they intend to occupy the property as their primary residence but ultimately does not. All are gains BUT

A loan for property that does not exist is best referred as

Disclosures under ECOA are retained for

APOR stands for

Pre-Licensing you can take courses that are

State Authority can revoke or suspend your license for offering financing with unfavorable terms if terms are based on

Who regulates USA PATRIOT ACT & BSA

Another way to say PMI Cancelation Act

Section 43 of TILA

The lender in a mortgage transaction

Disability is apart of ECOA's 9 Prohibited Factors

Who pays the cost of examination on an MLO

Individual who accepts a fee for providing their information as if they are the seller

All of the following is in an Adverse Action disclosure if loan is denied due to credit report EXCEPT

A MLO can give a borrower a loan before reviewing their ATR

This disclosure is under TILA and given to purchase transactions

This disclosure is under section 9 of RESPA

This disclosure talks about the risks and advantages of an ARM loan