FREE Loan Officer : Finance, Insurance and Real Estate Questions and Answers
The loan estimate must be delivered or mailed to the borrower as soon as a complete application has been received.
Explanation:
A loan estimate must be sent to a borrower through mail or delivered (including electronically) to the
borrower no later than the third business day following the receipt of the borrower's application.
When must a lender deliver a copy of the appraisal to the borrower?
Explanation:
A copy of the consumer's assessment must be sent by the lender three days before the loan closes.
All of the following, WITH THE EXCEPTION OF?, are examples of finance charges.
Explanation:
The definition of a fee in 12 CFR 1026-TRUTH-IN-LENDING ACT (TILA-REG Z) is ""the cost of consumer credit
as a dollar amount.
All of the following are protected by the Truth in Lending Act, EXCEPT?
Explanation:
The Truth in Lending Act does not specify whether or how much interest a lender may charge a borrower
when making a loan decision.
Except for, all of the following must be protected by HOEPA?
Explanation:
The vast majority of house mortgages must be protected by HOEPA. This covers primary residences, second
homes, and investment homes.
What does "change of circumstance" NOT entail?
Explanation:
Emergencies, catastrophes, conflict, and divine intervention are all examples of changes in circumstance.
A change in circumstance is not necessary if the borrower's income, assets, or name spelling have not changed.
Which information on a mortgage application CANNOT be omitted by the applicant?
Explanation:
On a mortgage application, a social security number is required in order to request a credit report.
