QUESTION 137
Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

QUESTION 138
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

QUESTION 139
An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO’s future business. This illegal practice is known as:

QUESTION 140
A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

QUESTION 141
Which of the following loans are covered by TILA-RESPA Integrated Disclosure (TRID)?

QUESTION 142
What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?

QUESTION 143
After receiving a completed application for a creditor’s approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

QUESTION 144
Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

QUESTION 145
Interest-only mortgages are considered high risk compared to traditional mortgage products because:

QUESTION 146
In which of the following scenarios is a mortgage loan originator (MLO) violating the consumer privacy provisions within the Gramm-Leach-Bliley Act?

QUESTION 147
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company’s:

QUESTION 148
Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

QUESTION 149
Under which of the following conditions, if any, is a mortgage lender permitted to charge a fee for the preparation of a Closing Disclosure?

QUESTION 150
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

QUESTION 151
Which of the following components of an ARM adjusts periodically?

QUESTION 152
When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?

QUESTION 153
Which of the following factors does not affect the funding fee on a VA purchase?

QUESTION 154
Which of the following does a higher-priced mortgage require if the seller acquired the home 90 days or fewer prior to the date of the purchase contract and the sales price exceeds the seller’s acquisition price by more than
10%?

QUESTION 155
Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower’s receipt of a Loan Estimate and the closing of a mortgage loan?

QUESTION 156
A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

QUESTION 157
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

QUESTION 158
According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

QUESTION 159
Which of the following factors is considered when determining the interest rate for a subprime mortgage?

QUESTION 160
Which of the following facets of a loan could be considered predatory lending or steering?

QUESTION 161
The SAFE Act mandates that state regulatory authorities must have legal mechanisms to impose civil money penalties for which of the following activities?