CRMA QUIZ ACTUAL EXAMINATION
LATEST COMPREHENSIVE TEST PAPER
2026 EXTENSIVE QUESTIONS WITH VERY
DETAILED WELL DEFINED CORRECT
ANSWERS WELL ORGANIZED GRADED A+
⩥ RESPA-Real Estate Settlement Procedures Act. Answer: The Federal
Statute that deals with the settlement of residential mortgage loans.
⩥ RESPA's section 9 Prohibits. Answer: Home sellers from requiring
home buyers to purchase title insurance from a particular company
providing title services.
⩥ The Dodd-Frank Act modifies ECOA to require a creditor to furnish a
copy of an appraisal developed in connection with a first
mortgage_____________________ and absolutely not later than
________ business days prior to closing.. Answer: upon completion and
3 business days
⩥ TIL (Truth In Lending Disclosure) & GFE (Good Faith Estimate).
Answer: Per the Dodd Frank Act, a single disclosure form combines
these 2 statements.
,⩥ Per the Dodd-Frank Acvt, to be a "qualified mortgage" total points
and fees may not exceed ________% of the total loan amount.. Answer:
3% (three percent)
⩥ Per a provision of the Dodd-Frank Act mortgage lenders are to
determine that a borrower has a reasonable ability to repay a loan. Does
this provision apply to all loans or just owner occupied loans?. Answer:
All loans, whether owner occupied or not.
⩥ A loan subject to HOEPA allows prepayment penalties for the first
______ years of the loan.. Answer: 2 (two) years
⩥ Per the Dodd-Frank Act an abusive act would include which of the
following:
1. One that materially interferes with the consumers ability to understand
the product or service.
2. One that take unreasonable advantage of a consumers' lack of
understanding.
3. One that takes unreasonable advantage of the consumer's reasonable
reliance on the MLO.. Answer: All three would be considered abusive
acts.
⩥ Per the Dodd-Frank Act if an MLO receives compensation directly
from a consumer, up to how much additional compensation may be
received from a lender in the same transaction?. Answer: $0.00, dual
,compensation is not allowed. Compensation must be borrower paid or
lender paid.
⩥ What kinds of reasons are necessary for a lender to take adverse
action with regard to a borrower?. Answer: Specific reasons.
⩥ Adverse action means ______________________.. Answer: A denial
or revocation of credit. Also, a change in the terms of an existing credit
arrangement or a refusal to grant credit in substantially the amount or
terms requested.
⩥ Per Regulation B, Lenders should retain certain records for
_____________ months.. Answer: 25 Months
⩥ Because of the impact of the Dodd-Frank Act on a second mortgage,
an APR that exceeds the ________ by more than _____% is the trigger
that defines a high cost loan.. Answer: APOR ( Average Prime Offer
Rate), 8.5%
⩥ Regulation C is known as ________________________.. Answer:
HMDA, The Home Mortgage Disclosure Act.
⩥ What is the purpose of HMDA?. Answer: The HMDA determines
whether financial institutions are serving the housing needs of their
communities. It also identifies patterns of discriminatory lending.
, ⩥ Under what circumstances can a lender with an Affiliated Business
Arrangement require a borrower to use a specific third party service
provider?. Answer: If there are no kickback or referral fees and the
service provider is an attorney, credit reporting agency or appraiser the
lender can require that the borrower uses the provider
⩥ If a transfer of servicing occurs, the _______________ must provide a
servicing transfer statement not less than ________ days before the
transfer occurs.. Answer: Servicer, 15 (fifteen) days.
⩥ An individual who fails the MLO written exam 3 times must wait
_________ months to retake the exam.. Answer: 6 (Six) Months
⩥ Per RESPA, an annual escrow statement is required to
______________.. Answer: determine shortages and surpluses in the
escrow account.
⩥ When must the Servicing Disclosure Statement be provided to the
borrower?. Answer: Within 3 (three) Business Days of the Application.
⩥ Any party involved in a federally covered loan that submits fraudulent
information is subject to a fine of up to $___________ and up to
__________years in prison.. Answer: $1,000,000 (one million dollars),
30 years in prison
LATEST COMPREHENSIVE TEST PAPER
2026 EXTENSIVE QUESTIONS WITH VERY
DETAILED WELL DEFINED CORRECT
ANSWERS WELL ORGANIZED GRADED A+
⩥ RESPA-Real Estate Settlement Procedures Act. Answer: The Federal
Statute that deals with the settlement of residential mortgage loans.
⩥ RESPA's section 9 Prohibits. Answer: Home sellers from requiring
home buyers to purchase title insurance from a particular company
providing title services.
⩥ The Dodd-Frank Act modifies ECOA to require a creditor to furnish a
copy of an appraisal developed in connection with a first
mortgage_____________________ and absolutely not later than
________ business days prior to closing.. Answer: upon completion and
3 business days
⩥ TIL (Truth In Lending Disclosure) & GFE (Good Faith Estimate).
Answer: Per the Dodd Frank Act, a single disclosure form combines
these 2 statements.
,⩥ Per the Dodd-Frank Acvt, to be a "qualified mortgage" total points
and fees may not exceed ________% of the total loan amount.. Answer:
3% (three percent)
⩥ Per a provision of the Dodd-Frank Act mortgage lenders are to
determine that a borrower has a reasonable ability to repay a loan. Does
this provision apply to all loans or just owner occupied loans?. Answer:
All loans, whether owner occupied or not.
⩥ A loan subject to HOEPA allows prepayment penalties for the first
______ years of the loan.. Answer: 2 (two) years
⩥ Per the Dodd-Frank Act an abusive act would include which of the
following:
1. One that materially interferes with the consumers ability to understand
the product or service.
2. One that take unreasonable advantage of a consumers' lack of
understanding.
3. One that takes unreasonable advantage of the consumer's reasonable
reliance on the MLO.. Answer: All three would be considered abusive
acts.
⩥ Per the Dodd-Frank Act if an MLO receives compensation directly
from a consumer, up to how much additional compensation may be
received from a lender in the same transaction?. Answer: $0.00, dual
,compensation is not allowed. Compensation must be borrower paid or
lender paid.
⩥ What kinds of reasons are necessary for a lender to take adverse
action with regard to a borrower?. Answer: Specific reasons.
⩥ Adverse action means ______________________.. Answer: A denial
or revocation of credit. Also, a change in the terms of an existing credit
arrangement or a refusal to grant credit in substantially the amount or
terms requested.
⩥ Per Regulation B, Lenders should retain certain records for
_____________ months.. Answer: 25 Months
⩥ Because of the impact of the Dodd-Frank Act on a second mortgage,
an APR that exceeds the ________ by more than _____% is the trigger
that defines a high cost loan.. Answer: APOR ( Average Prime Offer
Rate), 8.5%
⩥ Regulation C is known as ________________________.. Answer:
HMDA, The Home Mortgage Disclosure Act.
⩥ What is the purpose of HMDA?. Answer: The HMDA determines
whether financial institutions are serving the housing needs of their
communities. It also identifies patterns of discriminatory lending.
, ⩥ Under what circumstances can a lender with an Affiliated Business
Arrangement require a borrower to use a specific third party service
provider?. Answer: If there are no kickback or referral fees and the
service provider is an attorney, credit reporting agency or appraiser the
lender can require that the borrower uses the provider
⩥ If a transfer of servicing occurs, the _______________ must provide a
servicing transfer statement not less than ________ days before the
transfer occurs.. Answer: Servicer, 15 (fifteen) days.
⩥ An individual who fails the MLO written exam 3 times must wait
_________ months to retake the exam.. Answer: 6 (Six) Months
⩥ Per RESPA, an annual escrow statement is required to
______________.. Answer: determine shortages and surpluses in the
escrow account.
⩥ When must the Servicing Disclosure Statement be provided to the
borrower?. Answer: Within 3 (three) Business Days of the Application.
⩥ Any party involved in a federally covered loan that submits fraudulent
information is subject to a fine of up to $___________ and up to
__________years in prison.. Answer: $1,000,000 (one million dollars),
30 years in prison
