Session9 E X A M I N A T I O N P R E P NMLS - Mortgage

MORTGAGE LOAN ORIGINATOR EXAM PREPARATION YOU MUST USE YOUR TELEPHONE TO HEAR THE PRESENTATION. DIAL INTO THE NUMBER ON THE RIGHT AND LOOK FOR YOUR PIN CODE

MORTGAGE LOAN ORIGINATOR EXAM PREPARATION PRESENTED BY MITCHEL MEDIGOVICH, CMC INSTITUTE OF MORTGAGE AND REAL ESTATE EDUCATION, INC.

OVER VIEW OF GROUP STUDY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THE EXAM PROCESS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THE EXAM PROCESS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THE EXAM PROCESS ,[object Object],[object Object],[object Object],[object Object]

QUESTIONS AND TIMING ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

SUBJECT MATTER WEIGHTING OF EXAMS

THE NATIONAL EXAM ,[object Object],[object Object],[object Object],[object Object],[object Object]

THE STATE EXAM WEIGHTING ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Strategies ,[object Object],[object Object],[object Object],[object Object]

Study Tips ,[object Object],[object Object],[object Object],[object Object],[object Object]

Truth in Lending Act ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Truth In Lending is intended to provide borrower’s what information

[object Object],[object Object],[object Object],[object Object],The term Annual Percentage Rate most nearly means:

[object Object],[object Object],[object Object],[object Object],Prepaid finance charges are all of the following except

Equal Credit Opportunity Act ,[object Object],[object Object],[object Object],[object Object]

The Equal Credit Opportunity Act permits a lender to: ,[object Object],[object Object],[object Object],[object Object]

The Equal Credit Opportunity Act prohibits a lender from: ,[object Object],[object Object],[object Object],[object Object]

Real Estate Settlement Procedures Act ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],RESPA regulates disclosures for loan costs and

[object Object],[object Object],[object Object],[object Object],Effective January 1, 2010 according to RESPA if the interest rate on the loan is sufficient to create a premium who may receive the premium?

Which law regulates the amount of funds a lender may collect for the impound account? ,[object Object],[object Object],[object Object],[object Object]

Home Ownership and Equity Protection Act ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],If a Lender makes a first lien HOEPA loan, the APR is most likely more than

[object Object],[object Object],[object Object],[object Object],In 2008, Regulation Z created a new protected class of borrowers. The Higher Priced Mortgage Act (HPM) established a threshold for second liens of how many basis points above the index:

Home Mortgage Disclosure Act ,[object Object],[object Object]

HMDA requires lenders report the following information on loans made ,[object Object],[object Object],[object Object],[object Object]

Depository Institutions Deregulation and Monetary Control Act ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],One of the effects of the Depository Institutions and Deregulation Act was to authorize which institutions to invest up to 20% of their assets in consumer loans, commercial paper and debt securities:

[object Object],[object Object],[object Object],[object Object],Prior to passage of the Depository Institutions Deregulation Act the interest rate paid to depositor was:

[object Object],[object Object],[object Object],[object Object],Prior to passage of the Depository Institutions Deregulation Act the interest rate paid to depositors was:

Alternative Mortgage Transaction Parity Act ,[object Object],[object Object],[object Object],[object Object]

Prior to the passage of The Alternative Mortgage Transaction Parity Act Savings and Loan Institutions were permitted to engage in only the following: ,[object Object],[object Object],[object Object],[object Object]

Equal Opportunity Credit Act ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

A lender may deny a borrower a loan on the basis of all of the following except: ,[object Object],[object Object],[object Object],[object Object]

A lender may deny a borrower a loan if : ,[object Object],[object Object],[object Object],[object Object]

The Fair Housing Act ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The term Red Lining most nearly means? ,[object Object],[object Object],[object Object],[object Object]

SAFE Act ,[object Object],[object Object],[object Object]

The SAFE Act requires every mortgage loan originator employed by a national bank to attend the following courses: ,[object Object],[object Object],[object Object],[object Object]

The SAFE Act requires how many hours of Federal Law ,[object Object],[object Object],[object Object],[object Object]

The SAFE Act requires how many hours of Federal Law for pre-licensing education ,[object Object],[object Object],[object Object],[object Object]

Fair Credit Reporting Act ,[object Object],[object Object],[object Object],[object Object],[object Object]

Pursuant to the Fair Credit Reporting Act a lender may obtain a credit report if the borrower provides: ,[object Object],[object Object],[object Object],[object Object]

A credit report may be used for the following purposes ,[object Object],[object Object],[object Object],[object Object]

If a consumer is denied a loan or employment based on information contained in a credit report ,[object Object],[object Object],[object Object],[object Object]

A credit reporting agency must exclude the following information from a consumers report ,[object Object],[object Object],[object Object],[object Object]

Privacy Act (Do Not Call) ,[object Object],[object Object],[object Object]

Fair and Accurate Credit Transaction Act ,[object Object],[object Object],[object Object],[object Object],[object Object]

FHA Loans ,[object Object],[object Object],[object Object],[object Object]

FHA Mortgage Insurance ,[object Object],[object Object]

FHA LOANS - OCCUPANCY ,[object Object],[object Object],[object Object],[object Object],[object Object]

Mortgage Insurance for FHA loans requires the borrower to pay how much down payment from their own funds? ,[object Object],[object Object],[object Object],[object Object]

What is the maximum financing concession for an FHA loan? ,[object Object],[object Object],[object Object],[object Object]

Appraisals ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],FIRREA – The Financial Institutions Reform, Recovery and Enforcement Act was passed in 1989 for what purpose?

Loan Underwriting ,[object Object],[object Object],[object Object]

If a borrower has a gross monthly income of $4,755 and $2,960 in revolving debts, what would the debt to income ratio be ,[object Object],[object Object],[object Object],[object Object]

If a borrower has a gross monthly income of $4,755 and a house payment of $1600 per month, what could their maximum revolving debt be to keep the DIT at 36% ,[object Object],[object Object],[object Object],[object Object]

Gramm-Leach-Bliley Act ,[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],The Gramm-Leach-Bliley Act (GLB), passed in 2000 is best described as an act to:

[object Object],[object Object],[object Object],[object Object],Which of the following are examples of businesses that engage in financial activities under GLB?

Consumer Credit Protection Act ,[object Object],[object Object]

Consumer Credit Protection Act ,[object Object],[object Object],[object Object],[object Object]

Consumer Credit Protection Act disclosures may be waived if the consumer: ,[object Object],[object Object],[object Object],[object Object]

Red Flag Rules ,[object Object],[object Object],[object Object]

What’s a Red Flag? ,[object Object],[object Object]

What’s a Red Flag? ,[object Object]

A lender should take all of the following actions if it suspects identity theft, except: ,[object Object],[object Object],[object Object],[object Object]

A lender should all of the following actions if it suspects identity theft, except: ,[object Object],[object Object],[object Object],[object Object]

Advertising ,[object Object],[object Object],[object Object]

In Arizona a Mortgage Loan Originator may advertise independently of their company if the MLO: ,[object Object],[object Object],[object Object],[object Object]

Advertising ,[object Object],[object Object],[object Object],[object Object]

The Patriot Act ,[object Object]

The Patriot Act ,[object Object],[object Object],[object Object],[object Object]

One of the objectives of the Patriot Act is ,[object Object],[object Object],[object Object],[object Object]

Flood Disaster Protection Act ,[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Where flood insurance is a requirement of a mortgage loan, the amount of insurance must not be

Fraud ,[object Object],[object Object],[object Object],[object Object]

In Arizona, a person may be complicit in fraud if a person: ,[object Object],[object Object],[object Object],[object Object]

Predatory Lending ,[object Object],[object Object]

In response to increased consumer complaints about predatory practices the following Acts were passed: ,[object Object],[object Object],[object Object],[object Object]

Ethical Behavior ,[object Object]

A mortgage loan originator charges two points on every loan. However if a borrower fails to provide timely information the MLO will increase the processing fee by $250.00. Is this ethical? ,[object Object],[object Object]

VETERANS ADMINISTRATION LOANS ,[object Object],[object Object],[object Object]

The following are considered benefits of VA loans except : ,[object Object],[object Object],[object Object],[object Object]

To be eligible for a VA loan the applicant may be one of the following except: ,[object Object],[object Object],[object Object],[object Object]

The maximum DTI for a VA loan is ,[object Object],[object Object],[object Object],[object Object]

Adjustable Rate Mortgages ,[object Object],[object Object],[object Object],[object Object]

At close of escrow the interest rate on a 3/1 ARM is 5.75%. The loan has a life cap of 5 and an semi- annual cap of 1. In year 2 of the loan, if the index was 4.5% and the margin is 2.75% what is the interest rate for this loan? ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Alternative mortgages under the Garn-St. Germain Act were consider to be all of the following except:

Title Insurance and Escrow ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Title to property passes when the deed is:

[object Object],[object Object],[object Object],[object Object],If you watch your neighbor cross a corner of your property every day and you do not give permission for the neighbor to cross, you may be at risk of

Real Estate Sales Contracts ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],The ceremonial passing of a clod of earth in early English land transfers has been replaced by

Which of the following requires a public sale if the borrower defaults ,[object Object],[object Object],[object Object],[object Object]

Mortgage Disclosure Improvement Act ,[object Object],[object Object],[object Object]

Pursuant to MDIA, the tolerance of the Annual Percentage Rate may be greater than ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],In 2009 Congress passed the Mortgage Disclosure Improvement Act for all of the following purposes except:

If a TIL disclosure is out of tolerance the loan originator must ,[object Object],[object Object],[object Object],[object Object]

How DFI Regulates ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Superintendent’s Powers ,[object Object],[object Object]

The license for a mortgage broker, mortgage banker or mortgage loan originator is valid: ,[object Object],[object Object],[object Object],[object Object]

Mortgage Bankers and broker must keep corporate records for ,[object Object],[object Object],[object Object],[object Object]

The license number of a mortgage broker or banker must be on all of the following except: ,[object Object],[object Object],[object Object],[object Object]

If properly licensed the following may be paid a fee related to a loan except: ,[object Object],[object Object],[object Object],[object Object]

Every mortgage loan file must contain the following except ,[object Object],[object Object],[object Object],[object Object]

PROHIBITED ACTS ,[object Object],[object Object]

PROHIBITED ACTS 6-947 N-O ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],In Arizona, when a deed of trust is satisfied, an instrument is recorded. This instrument is:

[object Object],[object Object],[object Object],[object Object],If a lender is accused of charging more than the legal rate of interest, the lender is accused of?

When a mortgage is used, the lender is known as the: ,[object Object],[object Object],[object Object],[object Object]

In Arizona, mortgage bankers and brokers are permitted to make unsecured loans ,[object Object],[object Object]

A responsible party for a mortgage banker or brokers license must be; ,[object Object],[object Object],[object Object],[object Object]

A responsible party for a mortgage banker and brokers license must be; ,[object Object],[object Object],[object Object],[object Object]

In Arizona, an exclusive agreement to arrange a loan is permitted when the loan is: ,[object Object],[object Object],[object Object],[object Object]

Identify the financing agreement that conveys equitable title but not legal title ,[object Object],[object Object],[object Object],[object Object]

QUESTIONS AND ANSWERS Please raise your virtual hand if there are others talking. If no one is talking, you may ask any question.

Session9 E X A M I N A T I O N P R E P NMLS - Mortgage

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Session9 E X A M I N A T I O N P R E P NMLS - Mortgage