SAFE MORTGAGE LOAN 2025
ORIGINATOR TEST
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Civil Rights Act - ANSWERS-Cant discriminate based on race or color (Act)
QUESTION 2
High Priced Loans - ANSWERS-Reg Z - 1026.35
-1.5% or more on first lien
-3.5% subordinate liens
- 0% trigger fee, 1.5% first mortgage, 3.5% second
QUESTION 3
HMDA - ANSWERS-Reg C
-Collection of borrower data
-Any lender that funds loans must report march 1
-Notifies FFIEC of potential discrimination
END OF
PAGE 1
, SAFE MORTGAGE LOAN 2025
ORIGINATOR TEST
QUESTION 4
Consumer Financial Protection Bureau - ANSWERS-Agency that overseas and
implements mortgage consumer laws
QUESTION 5
VA - ANSWERS-41
Chapter 7 Bankruptcy - ANSWERS-Liquidation of assets to cancel debts
-person starts fresh
QUESTION 6
Bank Secrecy Act - ANSWERS--Anti-money laundering, companies provide
annual training
-annual audit to review anti money laundering program
-any files suspected of fraud reported to suspicious act report website (SAR)
END OF
PAGE 2
, SAFE MORTGAGE LOAN 2025
ORIGINATOR TEST
QUESTION 7
Reg N - ANSWERS-illegal to advertise rates, APR and programs that mislead the
consumer
Form 1040 - ANSWERS-Tax return
-shows taxable adjustable income
QUESTION 8
Uniform residential loan application - ANSWERS-FNMA 1003 and FHLMC 65
-may be used in loans that conform to fannie mae and freddie mac criteria as well
as non conforming FHA and VA loans
QUESTION 9
Contract Kiting - ANSWERS-Seller agrees to create a second false purchase price
in order to influence the appraiser
-higher appraisal - higher loan
END OF
PAGE 3
ORIGINATOR TEST
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Civil Rights Act - ANSWERS-Cant discriminate based on race or color (Act)
QUESTION 2
High Priced Loans - ANSWERS-Reg Z - 1026.35
-1.5% or more on first lien
-3.5% subordinate liens
- 0% trigger fee, 1.5% first mortgage, 3.5% second
QUESTION 3
HMDA - ANSWERS-Reg C
-Collection of borrower data
-Any lender that funds loans must report march 1
-Notifies FFIEC of potential discrimination
END OF
PAGE 1
, SAFE MORTGAGE LOAN 2025
ORIGINATOR TEST
QUESTION 4
Consumer Financial Protection Bureau - ANSWERS-Agency that overseas and
implements mortgage consumer laws
QUESTION 5
VA - ANSWERS-41
Chapter 7 Bankruptcy - ANSWERS-Liquidation of assets to cancel debts
-person starts fresh
QUESTION 6
Bank Secrecy Act - ANSWERS--Anti-money laundering, companies provide
annual training
-annual audit to review anti money laundering program
-any files suspected of fraud reported to suspicious act report website (SAR)
END OF
PAGE 2
, SAFE MORTGAGE LOAN 2025
ORIGINATOR TEST
QUESTION 7
Reg N - ANSWERS-illegal to advertise rates, APR and programs that mislead the
consumer
Form 1040 - ANSWERS-Tax return
-shows taxable adjustable income
QUESTION 8
Uniform residential loan application - ANSWERS-FNMA 1003 and FHLMC 65
-may be used in loans that conform to fannie mae and freddie mac criteria as well
as non conforming FHA and VA loans
QUESTION 9
Contract Kiting - ANSWERS-Seller agrees to create a second false purchase price
in order to influence the appraiser
-higher appraisal - higher loan
END OF
PAGE 3
