FREE Loan Officer : Finance, Insurance and Real Estate Questions and Answers

Question 1

All of the following, WITH THE EXCEPTION OF?, are examples of finance charges.

Accepted Answer

title insurance

Answer

a loan processing fee

Answer

interest

Answer

points

Question 2

Except for, all of the following must be protected by HOEPA?

Accepted Answer

reverse mortgages

Answer

closed-end home equity loans

Answer

purchase money mortgages

Answer

refinances

Question 3

What does "change of circumstance" NOT entail?

Accepted Answer

a change in the borrower's monthly income

Answer

a disaster

Answer

the need for flood insurance

Answer

a change in the loan amount after the Good Faith Estimate has been issued

Question 4

The loan estimate must be delivered or mailed to the borrower as soon as a complete application has been received.

Accepted Answer

3 business days after receipt of the application

Answer

7 business days after receipt of the application

Answer

7 calendar days after receipt of the application

Answer

3 calendar days after receipt of the application

Question 5

All of the following are protected by the Truth in Lending Act, EXCEPT?

Accepted Answer

it gives guidance to a lender on whether they should grant a loan to a borrower

Answer

it provides minimum standards for most residential loans secured by a dwelling

Answer

it requires all lenders to have uniform set of disclosures

Answer

it requires all lenders to have uniform set of disclosures

Question 6

When must a lender deliver a copy of the appraisal to the borrower?

Accepted Answer

3 days before a loan closes

Answer

3 days after the loan is completed

Answer

after a consumer has pain for their appraisal

Answer

7 days before a loan closes

Question 7

Which information on a mortgage application CANNOT be omitted by the applicant?

Accepted Answer

Answer

sex

Answer

ethnicity