What rule ensures the competency and impartiality of an appraiser?
AIR (Appraiser Independence Requirement)
100
FinCEN collects ____'s from all federally ______ financial institutions.
-SARs
-insured
100
How soon should SAR's be filed if you know the suspected fraudster and if the suspected fraudster is not known.
If you know: 30 days (or greater than $5K)
If you don't know: 60 days ($25K)
100
Would you consider a person or entity that only performs real estate brokerage activities and is licensed and registered as an MLO?
No
100
What disclosure is required under FACTA
NHLA - Notice to the Home Loan Applicant
200
Name some prohibited acts by AIR
coercion, financial interest in the properties held by the appraiser, making loans based on appraisals if its known beforehand of violations, falsification of a valuation..... page 352
200
Difference between double selling and double contract?
DS: MLO sends the same loan package to separate lenders to receive multiple funding's.
DC:two contracts created in a purchase; one has the real contract and another has a higher sales price.
200
Who is required to notify the borrower if the site is in a hazard/flood area?
lender
200
The NMLS&R is a data repository developed by...?
the CSBS and AARMR
200
What is the record retention timeline for ESIGN?
There is no minimum. They reflect the law being disclosed.
300
What authorizes the secretary of the treasury to require certain records or reports that have high degree of usefulness in criminal, tax, and counterintelligence activities?
BSA Bank Secrecy Act
300
What is it called when a property is purchased, appraised at a higher value and sold quickly.
property flipping
300
What is the maximum amount of NFIA coverage available for a residential structure?
Lesser of:
- outstanding principal balance
-250,000
300
Penalty for FACTA
Between $100-$1000
300
What law protects an applicant that has exercised nay right under the Consumer Credit Protection Act?
ECOA.
400
Appraisal report includes declarations of:
scope of work, appraiser certification, purpose, intended users/use, definitions of market value, and statement of assumptions and limiting conditions.
400
What is it called when a borrower has cash or other assets placed in their account to qualify for a loan?
asset rental
400
Who is the conservator for FNMA and FHLMC
The federal housing finance agency
400
Safe Harbor under TSR
-written procedures complying with TSR
-Train personnel
-They enforce compliance
-Internal list of numbers they may not call
-Scrub every 31 days
-Call was in error of DNC
400
Name the 5 kinds of valuations under ECOA.
BPO (Broker's Price Opinion), AVM (Automated Valuated Model), VA-NOV (Notice of Value), appraisal, and in-house appraisal.
500
Fraudulent under- or over-evaluations of the fair market value on property is a violation of:
FIRREA
500
what form releases additional tax documents
Form 8821
500
What are some authorities of the Bureau under the SAFE Act.
-examine books, records, paper, data, the practices
-summon any originator to appear before the bureau
-appoint field examiners
-take testimony
500
What 4 types of businesses are not covered by TSR
-Banks
-Long distance telephone companies/airlines
-Non-profits
-Insurance regulated by state law