RMLO 20-HR SAFE Class QUESTIONS AND
ANSWERS A+ GRADED. Buy Quality Materials!
Mortgage loan originators who make cold calls must comply with the
requirements of the National Do-Not-Call registry and the Do-Not-Call rules. The
loan originator needs to update any download of the registry every:
31 days
The appraisal approach that is used as the best indicator of value for existing
properties is:
Market Data Approach
The Equal Credit Opportunity Act is implemented by the CFPB's:
Regulation B
FHA sellers are permitted to provide financing concessions up to 6 percent of
the:
Sales price
The APR disclosed for a regular transaction the allowable tolerance of:
0.125%
The SAFE act requires all MLOs seeking state licensure to pass the NMLS-
developed Mortgage Loan Originator Test with a score of:
75% or better
The Consumer Financial Protection Act of 2010 establishes the Consumer
Financial Protection Bureau (CFPB), as an independent entity housed within the:
Federal Reserve System
TRID requires that the Closing Disclosure must be completed and made available
for inspection:
3 business days prior to consummation
VA loans allow for a maximum LTV of what percent?
100%
The VA's debt-to-income ratio is a ratio of total monthly debt payments (housing
expense, installment debt, etc.) to gross income. It is a guide and, as an
underwriting factor, it is secondary to the:
Residual Income Calculation
The Equal Credit Opportunity Act prohibits discrimination in any aspect of the
credit transaction on the basis of all the following except:
Immigration Status
The SAFE Act requires mortgage loan originators to pass a qualified test to
obtain a license. An individual may retake the test 2 consecutive times with each
consecutive taking occurring at least:
30 days after each preceding test
Lenders that generate mortgage loans may receive some degree of legal
protection against borrower lawsuits. The level of protection they receive will
depend on the type of loan they make. What type of mortgage loan gives the
lender the greatest level of protection against borrower lawsuits?
Qualified Mortgage Loan
ANSWERS A+ GRADED. Buy Quality Materials!
Mortgage loan originators who make cold calls must comply with the
requirements of the National Do-Not-Call registry and the Do-Not-Call rules. The
loan originator needs to update any download of the registry every:
31 days
The appraisal approach that is used as the best indicator of value for existing
properties is:
Market Data Approach
The Equal Credit Opportunity Act is implemented by the CFPB's:
Regulation B
FHA sellers are permitted to provide financing concessions up to 6 percent of
the:
Sales price
The APR disclosed for a regular transaction the allowable tolerance of:
0.125%
The SAFE act requires all MLOs seeking state licensure to pass the NMLS-
developed Mortgage Loan Originator Test with a score of:
75% or better
The Consumer Financial Protection Act of 2010 establishes the Consumer
Financial Protection Bureau (CFPB), as an independent entity housed within the:
Federal Reserve System
TRID requires that the Closing Disclosure must be completed and made available
for inspection:
3 business days prior to consummation
VA loans allow for a maximum LTV of what percent?
100%
The VA's debt-to-income ratio is a ratio of total monthly debt payments (housing
expense, installment debt, etc.) to gross income. It is a guide and, as an
underwriting factor, it is secondary to the:
Residual Income Calculation
The Equal Credit Opportunity Act prohibits discrimination in any aspect of the
credit transaction on the basis of all the following except:
Immigration Status
The SAFE Act requires mortgage loan originators to pass a qualified test to
obtain a license. An individual may retake the test 2 consecutive times with each
consecutive taking occurring at least:
30 days after each preceding test
Lenders that generate mortgage loans may receive some degree of legal
protection against borrower lawsuits. The level of protection they receive will
depend on the type of loan they make. What type of mortgage loan gives the
lender the greatest level of protection against borrower lawsuits?
Qualified Mortgage Loan
