The Loan Officer

Question 1

A suspicious activity report (SAR) has to be submitted within ____ calendar days of the incident that warranted it.

Accepted Answer

30

Answer

15

Answer

45

Answer

60

Question 2

How long does a person's name stay on the national do-not-call list if they don't take it off?

Accepted Answer

indefinitely

Answer

5 years

Answer

7 years

Answer

10 years

Question 3

How long must a copy of any advertising materials utilized by a mortgage loan originator be kept on file?

Accepted Answer

24 month

Answer

36 months

Answer

12 months

Answer

6 months

Question 4

What must a consumer do before receiving and electronically signing electronic loan disclosures?

Accepted Answer

properly consent a receive e-disclosures

Answer

receive training on e-disclosures

Answer

provide a copy of an actual signature

Answer

register an email address with the lender

Question 5

What is NOT regarded as a condition if a borrower wants to start the cancellation of private mortgage insurance (PMI)?

Accepted Answer

a minimum credit score depending on the loan product

Answer

providing a written request to the loan servicer to remove the insurance

Answer

a good payment history

Answer

a good payment history

Question 6

Each of the following can result in a fraud alert, EXCEPT?

Accepted Answer

when a consumer's credit report shows that he or she is under investigation for committing fraud

Answer

when a consumer's credit report reflects that he or she has filed a criminal pertaining to identify theft

Answer

when a consumer's credit report reflects that he or she is an active duty military member

Answer

when a consumer's credit report shows that he or she is a victim of fraud

Question 7

A consumer report will stop include ALL of the following after seven years, EXCEPT?

Accepted Answer

bankruptcy

Answer

civil judgments (unless the statute of limitations is longer)

Answer

paid taxes liens from the date of payment

Answer

accounts placed for collection