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100
What government agency oversees TILA? A. Congress; B. Federal Reserve Board; C. CFPB; D. HUD.
What is C. CFPB. (Q37)
100
How long prior to closing does RESPA require that the HUD-1 Settlement Statement be provided to the borrower, if requested: A. 6 hours; B. 12 hours; C. 24 hours; D. 48 hours.
What is C. 24 hours. (Q19)
100
TILA stands for: A. True Information Lending Act; B. Trust in Lenders Act; C. Truth-in-Lending Act; D. Thomas-Isaac-Leach Act.
What is C. Truth-in-Lending Act. (Q43)
100
The right of rescission under Reg Z is the right to: A. Forfeit interest; B. Cancel a contract; C. Practice usury; D. Pay discount points.
What is B. Cancel a contract. (Q40)
100
RESPA stands for: A. Real Estate Sales Policy Act; B. Real Estate Sales Procedures Action; C. Real Estate Settlement Policies and Actions; D. Real Estate Settlement Procedures Act.
What is D. Real Estate Settlement Procedures Act. (Q29)
200
HMDA requires lenders to request what information from applicants for home mortgage loans? A. Applicant's race; B. Number of children in the household; C. Religion of the applicant; D. Source of down payment.
What is A. Applicant's race. (Q75)
200
According to HMDA, a first mortgage will be considered a subprime loan when the difference between the APR and the rate spread is greater than: A. 8%; B. 5%; C. 3%; D. 2%.
What is C. 3%. (Q72)
200
According to ECOA, an Adverse Action Notice is NOT required to include the: A. Federal Regulator; B. Name of the lender; C. Name of the appraiser; D. Name of the credit bureau.
What is C. Name of the appraiser. (Q11)
200
According to the Fair and Accurate Credit Transaction (FACT) Act, which of these could be considered failure to secure private information? A. Burning old files; B. Hiring a document destruction company to destroy old files; C. Shredding documents and throwing them in the trash; D. Throwing documents into the trash for the cleaning crew to empty nightly.
What is D. Throwing documents into the trash for the cleaning crew to empty nightly. (Q66)
200
A borrower's name is on the National Do Not Call Registry. At what point after the borrower closes his loan must his mortgage company stop contacting him? A. Immediately; B. After three months; C. After 18 months; D. After one year.
What is C. After 18 months. (Q84)
300
RESPA requires use of the HUD-1 Settlement Statement for: A. Any commercial or residential property; B. One- to four-family residential properties; C. Any residential property, regardless of the number of units; D. Single family dwellings only.
What is B. One- to four-family residential properties. (Q28)
300
If the lender transfers the servicing of a mortgage, it must inform the borrower at least how many days in advance of the transfer? A. 15; B. 20; C. 30; D. 60.
What is A. 15. (Q23)
300
According to the Truth-in-Lending Act, how long is the right of rescission for borrowers who have not been provided with full disclosure of the APR within stated limits? A. Three days; B. Thirty days; C. One year; D. Three years.
What is D. Three years. (Q45)
300
According to HMDA, what must be forwarded to the regulator by March 1 of each year? A. Loan/Application Register; B. Do Not Call List; C. Adverse Action Notices; D. Red Flags Policy.
What is A. Loan/Application Register. (Q73)
300
The Real Estate Settlement Procedures Act does NOT apply to: A. Property improvement loans; B. Loans involving lenders who invest more than $1 million in residential mortgages; C. Loans used to purchase 25 acres or more or vacant land; D. Property improvement loans.
What is C. Loans used to purchase 25 acres or more or vacant land.
400
The Real Estate Settlement Procedures Act requires all EXCEPT a: A. Good Faith Estimate; B. Voluntary collection of data about race; C. HUD-1 Settlement Statement; D. Settlement Costs and You Booklet.
What is B. Voluntary collection of data about race. (Q31).
400
On a fixed-rate loan, the borrower has a three-year right of rescission if the APR on the Final TIL Disclosure deviates more than: A. 3/4 %; B. 1/2 %; C. 1/4 %; D. 1/8 %.
What is D. 1/8 %. (Q34)
400
HOEPA prohibits a loan with a balloon payment of less than: A. 2 years; B. 3 years; C. 5 years; D. 7 years.
What is C. 5 years. (Q56)
400
The Truth-in-Lending Act was enacted to: A. Prevent abuses in consumer credit cost disclosures; B. Enable banks to sell mortgages more easily; C. Delay closings; D. Put procedures in place for handling settlement.
What is A. Prevent abuses in consumer credit cost disclosures. (Q41)
400
What are the terms of the "cooling off period' if a loan falls under HOEPA? A. Three days after closing; B. Three business days prior to closing; C. Ten days after closing; D. Ten days prior to closing.
What is B. Three business days prior to closing. (Q55)
500
Lenders submit Loan Application/Registers in order to comply with what law? A. CRA; B. FACT Act; C. HMDA; D. FCRA.
What is C. HMDA. (Q77)
500
After a loan closing, funds are disbursed. When are the funds disbursed for a refinance transaction? A. At the time of the loan closing; B. Right before the loan closing; C. After the three business day rescission period; D. Five days after the closing.
What is C. After the three business day rescission period. (Q48)
500
If a mortgage company calls consumers who are listed on the Do Not Call Registry, they may be fined: A. Up to $25,000 for each violation; B. Up to $16,000 for each violation; C. Up to $1,500 for each violation; D. Up to $500 for each violation.
What is B. Up to $16,000 for each violation. (Q81)
500
The duty to investigate a consumer dispute falls to the information furnishers. According to the FCRA, how many days do they usually have to respond to the consumer from the receipt of notice of a dispute? A. 30; B. 60; C. 90; D. 120.
What is B. 60. (Q62)
500
Under which federal legislation does the borrower have the right to receive a copy of the appraisal on a dwelling that is to be used as collateral for the loan? A. TIL; B. RESPA; C. HMDA; D. ECOA.
What is D. ECOA. (Q13)
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