Mortgage test #3

A potential borrower calls you for rates and programs. Assume that they are on the DNC Registry. You are allowed to call them back for what period of time?

3 months

f the APR on a fixed rate loan increases from the initially disclosed rate by more than which of the following, an additional waiting period is triggered before the loan can close?

.125 percent

If a creditor denies a loan, what document must be sent to the client to inform him of the denial?

Adverse Action Notice

A mortgage company telemarketer has been accused of inappropriately calling two consumers on the National Do Not Call Registry. What is the maximum fine the company could face for this violation?

$32,000

A portion of the MIP could be prorated if the loan is refinanced within ________ years into another FHA loan

3

The estimate closing costs on the mortgage loan disclosed either on the Good Faith Estimate or Loan Estimate are good for:

10 days

A borrower's name is on the National Do Not Call list. At what point after the loan closes and is sold to another company must the MLO stop contacting the borrower to solicit new business?

18 months

Your answer is incorrect On which two documents would a Pre-Payment Penalty be disclosed?

Closing Disclosure and Loan Estimate

On Form 1003 Section X: Information for Government Monitoring Purposes is used in order to comply with which federal law?

Home Mortgage Disclosure Act

The mortgage loan you submitted to the Lender has been approved. However, there are some conditions that the Lender requires before the loan docs will be sent to the closing office. These conditions are referred to as:

Prior to doc

A Mortgage Servicing Disclosure Statement is required by what law?

RESPA

A loan's APR must be disclosed to the consumer on the:

TIL Statement

Which form is used most frequently for residential appraisals?

URAR

Which of the following flood zones require flood insurance?

Zone A

Each loan originator is identified in the NMLS database by:

a unique identifier.

When you order an Insurance binder on a borrower's loan file, the one-page sheet that summarizes all the insurance information is known as the:

declaration page

If a borrower wants to do a Rate/Term refinance loan and is still in the process of paying off a Chapter 13 bankruptcy, in order to do this loan you will need to:

obtain signed approval from the customer's bankruptcy court judge.