RMLO QUIZ 3 QUESTIONS AND ANSWERS A+
GRADED. Buy Quality Materials!
Which government agency backs FHA loans?
United States Department of Housing and Urban Development
As defined under TRID, charges for third party services and recording fees paid
by or imposed on the consumer are grouped together and subject to a 10%
cumulative tolerence. Which of the following charges is subject to the 10%
cumulative tolerance?
Charges for third party service where the charge is not paid to the creditor or the
creditors affliate
What law gives a consumer who has had their credit card used by an identity theif
the ability to place a freeze on their credit report?
FACTA
A mortgage servicing disclosure statement is required by what law?
RESPA
What percentage is the fee threshold that triggers HOEPA disclosures for loans
belowe $24,866?
8%
Which of the following loans would be considered a "higher priced mortgage
loan" as defined by Regulation Z?
A conforming loan with lender fees that exceed 5 percent of the total loan amount?
RESPA section 6 requires creditors or loan servicers provide the borrower written
information about any avaiable loss mtigation options within how many days of
delinquency?
45 days
To be a qualified mortgage the creditor must meet which of the following criteria?
Monthly payment calculated based on the highest expected payment in the first five
years
The regulations implementing the truth in lending act are known as
Regulation Z
What is the insurance policy by a lender, bank or loan servicer on a home when
the property owner's own insurance is canceled, has lapsed, or is deedmed
insufficient, and the borrower does not secure a replacement?
Force placed insurance
The portion of an adjustable rate mortgage used to compute the interest rate can
change and is based on the T Bill SOFR, or any factor outlined in the note is
known as the
index
GRADED. Buy Quality Materials!
Which government agency backs FHA loans?
United States Department of Housing and Urban Development
As defined under TRID, charges for third party services and recording fees paid
by or imposed on the consumer are grouped together and subject to a 10%
cumulative tolerence. Which of the following charges is subject to the 10%
cumulative tolerance?
Charges for third party service where the charge is not paid to the creditor or the
creditors affliate
What law gives a consumer who has had their credit card used by an identity theif
the ability to place a freeze on their credit report?
FACTA
A mortgage servicing disclosure statement is required by what law?
RESPA
What percentage is the fee threshold that triggers HOEPA disclosures for loans
belowe $24,866?
8%
Which of the following loans would be considered a "higher priced mortgage
loan" as defined by Regulation Z?
A conforming loan with lender fees that exceed 5 percent of the total loan amount?
RESPA section 6 requires creditors or loan servicers provide the borrower written
information about any avaiable loss mtigation options within how many days of
delinquency?
45 days
To be a qualified mortgage the creditor must meet which of the following criteria?
Monthly payment calculated based on the highest expected payment in the first five
years
The regulations implementing the truth in lending act are known as
Regulation Z
What is the insurance policy by a lender, bank or loan servicer on a home when
the property owner's own insurance is canceled, has lapsed, or is deedmed
insufficient, and the borrower does not secure a replacement?
Force placed insurance
The portion of an adjustable rate mortgage used to compute the interest rate can
change and is based on the T Bill SOFR, or any factor outlined in the note is
known as the
index
