Facts

Question 1

How often is an Escrow Analysis performed?

Answer 1

Annually and notify borrowers of any shortage

Question 2

May not report negative credit information in a credit report that is more than how many years old

Answer 2

7 Years old

Question 3

What federal law does the ATR fall under?

Answer 3

HOEPA - TILA

Question 4

SAR and CD are kept for?

Answer 4

5 Years

Question 5

LAR, LE, AND LOC are kept for?

Answer 5

3 Years

Question 6

ECOA is kept for?

Answer 6

25 months

Question 7

The 1003 is what?

Answer 7

URLA - Uniform Residential Loan Application

Question 8

The 1004 is what?

Answer 8

URAR - Uniform Residential Appraisal Report

Question 9

The 1005 is what?

Answer 9

VOE - Verification of Employement

Question 10

The 1006 is what?

Answer 10

VOD - Verification of Deposit

Question 11

The 1008 is what?

Answer 11

Transmittal Summary

Question 12

High Flood Zone is?

Answer 12

A and V

Question 13

GLB penalty:

Answer 13

5 years + fine

Question 14

Unauthorized Fax penalty:

Answer 14

$500

Question 15

RESPA penalty:

Answer 15

$10k a/o 1 year

Question 16

ECOA penalty:

Answer 16

$10k

Question 17

TILA penalty:

Answer 17

$5k single
$25k reckless
$1,000,000 knowingly

Question 18

SAFE Act penalty:

Answer 18

$30,058

Question 19

DNC penalty:

Answer 19

$43,058 per call

Question 20

FACTA penalty:

Answer 20

$5k a/o 1 year

Question 21

2 organizations that are responsible for creating and implementing the NMLS:

Answer 21

CSBS - Conference of state bank supervisors AND AARMR - American Association of Residential Mortgage Regulators

Question 22

What laws are regulated by the CFPB?

Answer 22

CFPB NO HVXZ

C-HMDA
F-Fair Debt Collection
P-Privacy of Consumer Financial Information
B-ECOA

N-MAP
O-MARS

H-SAFE
V-FCRA
X-RESPA
Z-TILA

Question 23

A refund escrow is due in?

Answer 23

20 days

Question 24

MDIA is under what law?

Answer 24

TILA

Question 25

APR is also known as?

Answer 25

Effective Rate, Note Rate, Nominal Rate

Question 26

When ad is "triggered" is must have:

Answer 26

D. A. R - Amount or percentage of DOWN payment - APR - Terms of REPAYMENT

Question 27

Qualified Mortgage is under what law?

Answer 27

TILA

Question 28

ATR is under what law?

Answer 28

TILA

Question 29

The loan estimate is good for?

Answer 29

10 days

Question 30

Notify borrower within ___ days of completed application:

Answer 30

30 days

Question 31

Written complaints may be filed with HUD office within ______ of violation:

Answer 31

1 Year

Question 32

HMDA - Encourage financial institutions to meet the _________ needs of the community in which they operate.

Answer 32

Housing

Question 33

LAR reports are due on ______ each year

Answer 33

March 1

Question 34

FCRA is enforced by:

Answer 34

Federal Trade Commission

Question 35

FCRA has 5 rights. What are they?

Answer 35

``` Adverse Action Credit Report Credit Score Negative/Inaccurate information limit prescreened offers ```

Question 36

The minimum timeframe that a consumer reporting agency must include a fraud alert in a consumers file is _____

Answer 36

1 year

Question 37

FACTA has 3 rights. What are they?

Answer 37

Credit Freeze Truncation of card #'s Security and Disposal

Question 38

FACTA credit score range:

Answer 38

300-850

Question 39

GLBA - SPF

Answer 39

Safeguarding Pretexting Financial Privacy

Question 40

GLBA is also known as:

Answer 40

Financial Modernization Act

Question 41

DNC Registry is enforced by:

Answer 41

FTC and FCC

Question 42

DNC is updated every ____ and documents must be maintained for ______.

Answer 42

31 days | 24 months

Question 43

____ Months after the consumers last purchse

Answer 43

18 months

Question 44

_____ Months after a consumer makes an inquiry

Answer 44

3 Months

Question 45

A document that conveys ownership of real property from the grantor to the grantee is known as

Answer 45

Deed

Question 46

At closing, who issues a clear to close?

Answer 46

Lender

Question 47

For a loan that has escrow included, RESPA requires a lender to perform an escrow analysis

Answer 47

Annually

Question 48

Total debt to income ratio is the relationship between the borrower's

Answer 48

total monthly debt obligation and gross monthly income

Question 49

Which is a purpose for the mortgage servicing disclosure statement?

Answer 49

to inform the consumer the likelihood that the servicing of the mortgage will be sold