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| Section | Weight | Objectives |
|---|---|---|
| Ethics | 18% | - Fair lending and anti-discrimination - Conflict of interest and disclosure obligations - Ethical practices and professional conduct - Fraud prevention and detection |
| Federal Mortgage-Related Laws | 24% | - SAFE Act and federal regulatory framework - Fair lending and consumer protection rules - Disclosure requirements and timing - TILA, RESPA, ECOA, HMDA, FCRA |
| Mortgage Loan Origination Activities | 27% | - Borrower qualification and underwriting basics - Loan programs and product types - Closing and post-closing procedures - Loan application process |
| General Mortgage Knowledge | 20% | - Fixed-rate vs adjustable-rate mortgages - Mortgage terms, concepts and calculations - Conventional, FHA, VA, USDA loan characteristics - LTV, DTI, CLTV, PMI, points and fees |
| Uniform State Content | 11% | - State licensing and regulatory requirements - Compliance and disciplinary standards - License maintenance and renewal |
1. Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?
A) The Federal Trade Commission
B) The Conference of State Bank Supervisors
C) A state regulator
D) NMLS
2. If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?
A) 10 days
B) 45 days
C) 60 days
D) 30 days
3. The SAFE Act mandates that state regulatory authorities must have legal mechanisms to impose civil money penalties for which of the following activities?
A) Paying or receiving referral fees
B) Discriminating against applicants based on their race
C) Charging fees in excess of allowable tolerances
D) Acting as a mortgage loan originator without a valid license or registration
4. What is the maximum civil penalty that is permitted to be imposed for each violation or failure to comply with the SAFE Act?
A) $25, 000 for each act or omission: $250,000 maximum
B) $2,500 for each act or omission
C) 000 for each act or omission
D) $2,500 for each act or omission; $25,000 maximum
5. How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?
A) 60 days
B) 30 days
C) 120 days
D) 90 days
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: C |
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