MLO Quiz #1

When is the Servicing Disclosure Statement provided to the borrower?

Closing costs may be paid by:

Generally speaking, how many years can a credit agency report negative credit information?

A borrower may request a copy of the HUD–1 how many days prior to settlement?

Which of the following scenarios would violate Section 8 of RESPA?

Who would be subject to fines and penalties if a kickback is paid?

Which of the following laws creates the demographic reporting requirement?

Which of the following documents discloses the APR?

The Homeowners Protection Act requires servicers to do which of the following?

What is the main purpose of FHA?

COE is an abbreviation for?

When will your first mortgage payment be due if you are closing the loan on January 19?

All of the following disclosures are provided for an adjustable rate loan, except:

For the purpose of rescission, business days include every day but...

Which of the following agencies creates TILA regulations?

REXPA applies to...

Which section of GLB Act prohibits accessing private information using false pretenses?

A borrower applies for a loan to purchase a 3-unit property. How long does he have to rescind?

Fixed-Rate Conventional Mortgages are often referred to as?

According to TILA, the APR tolerance for fixed rate loans is ____.

Under the SAFE Act, a state has all of the following authorities EXCEPT

Whomust receive a Notice of Right to Cancel in a refinance transaction?

A borrower's payment is $1,000 per month and total monthly income is $4,000. The DTI is ___?

Which of the following is defined as the cost of credit expressed as a dollar amount?

A lender has how many days after application is taken to advise the client of his/her status?

Which of the following reasons for denying an applicant is a violation of fair lending laws?

The disclosure requirements for RESPA would apply to which of the following loans?

Before a loan is ready to be underwritten, the following MUST be completed:

Performing which task requires licensing?

Which Regulation is The Fair Credit Reporting Act also known as

A borrower uses a broker to originate his loan. Who is initially responsible for the GFE/LE?

Ifa creditor violates ECOA, how many years does a consumer have in which to take civil action?

Which of the following is true of a conventional conforming loan?

Who ensures the accuracy of a title report?

How long does a borrower have to request a copy of the appraisal?

When calculating finance charges all of the following are included except:

After failing the written MLO test, an applicant must wait how many days to take it again?

What is a disadvantage of a Fixed-Rate Mortgage loan?

Which of the following fees is not included on the Good Faith Estimate?

What is the penalty for accepting an illegal referral fee?

What might an underwriter take into consideration when approving a loan app?

GLBA states consumers must be give how long to opt out before personal information is shared?

What are "Borrower liabilities" ?

What is the purpose of Regulation B?

What must be provided to a borrower if his application is denied due to credit score?

A title report does NOT include information on ____.

What does BPO stand for?

How often does RESPA require a lender to perform an escrow analysis?

What is an example of an encumbrance on a title?

TILA allows consumers _____ to back out of a loan transaction through a right of rescission.