Mortgage Federal Laws and Regulations 3

Question 1

Under the SAFE Act, a mortgage loan originator who moves from a bank to a non-bank entity must:

Accepted Answer

Obtain a state MLO license through NMLS

Answer

Reapply for a new Social Security number

Answer

Pass a new background check only

Answer

File a dual registration with the OCC

Question 2

Which rule requires lenders to provide a Loan Estimate within three business days of receiving a completed mortgage application?

Accepted Answer

TILA-RESPA Integrated Disclosure (TRID)

Answer

RESPA standalone

Answer

HMDA

Answer

ECOA

Question 3

A mortgage servicer must acknowledge a borrower's written qualified written request (QWR) within how many business days?

Accepted Answer

5 business days

Answer

3 business days

Answer

10 business days

Answer

30 business days

Question 4

The Community Reinvestment Act (CRA) was enacted primarily to address:

Accepted Answer

Redlining and exclusion of low-income communities from credit

Answer

Predatory lending by payday lenders

Answer

Appraisal fraud in high-cost markets

Answer

Excess fees charged at mortgage closing

Question 5

Under Regulation Z, which disclosure must be provided at least three business days before consummation of a mortgage loan?

Accepted Answer

Closing Disclosure

Answer

Good Faith Estimate

Answer

Loan Estimate

Answer

Servicing Transfer Notice

Question 6

Which federal rule limits prepayment penalty periods for qualified mortgages?

Accepted Answer

Dodd-Frank ATR/QM rule

Answer

RESPA Section 8

Answer

FIRREA

Answer

Equal Credit Opportunity Act

Question 7

A lender charges a borrower a fee for a credit report but keeps the overage rather than applying it toward costs. This most likely violates:

Accepted Answer

RESPA Section 8

Answer

TILA

Answer

RESPA Section 9

Answer

ECOA