1. The purpose of the FACT Act is to protect consumers from….
Improper credit report usage
100
The Setup Coordinator is assigned to the loan when an application is submitted to
Fulfillment Center
100
____________is the process of collecting monthly payments from the borrower and making any tax and insurance payments throughout the year.
ESCROW
100
When is a lender not required to provide the Good Faith Estimate (GFE)?
If the application is denied or withdrawn before the three business day period ends
100
Penalties up to ________ a day per violation may be assessed by the FinCEN violations of any AML compliance program
$25,000
200
What are some of the benefits of the FACT Act?
a. Permanently prevents the states from imposing their own more difficult regulation in many areas
c. Requires cooperate from law enforcement agencies when investigating identity theft
d. Helps victims of identity theft to repair their credit report
200
The FEE Tracking screen is where a person enters Third Party Fees and or cost paid outside of closing
TRUE
200
80%
What is : The requirement for when Mortgage Insurance is to placed on a Conventional Loan.
200
Which law does the FACT Act amend?
Fair Credit Reporting Act
200
All cash transactions over $10,000 are considered of interest in potential money laundering schemes and required the filing of ________________?
Currency Transaction Report CTR
300
What are some of the effects the FACT Act has had on lending?
Requires credit scores are disclosed
Includes identify theft provisions
Requires proper disposal of consumer information
300
In OES, what information is stored in the Data Depot?
Created Date and Estimated Date.
Lock Expiration Date and Doc Expiration Date
300
An Impound Account
What is another name for an escrow account.
300
The ____________________ is a narrative description of any transaction that might reasonably be interpreted as having a connection to a possible violation of law or regulation.
Suspicious Activity Report (SAR)
300
What is one common red flag for laundering?
A reluctance to provide information
400
Extended credit report alerts…..
Require the filing of a police or similar report
Are valid up to seven years
May be removed before the end of the period is requested by the consumer
400
5. From the Work Queue slider when searching for a specific loan file; what is the recommended search criteria?
Loan Number
400
This is additional funds a servicer is permitted to collect and use for increases in scheduled disbursements or for disbursements due prior to funds being available in the account
What is an allowable cushion
400
By law, in order for fraud to be actionable, there must be a false misrepresentation of fact, a reliance on the misrepresentation by another party, and…..
Damages suffered by that reliance
400
This amendment made it illegal to structure a single currency transaction into multiple transactions of less than $10,00 to avoid CTR reporting requirements, criminalized structured transaction and criminalized money laundering.
Money Laundering Control Act
500
When concerned about his/her identity, a consumer has the right to….
Receive a copy of his/her records
Place alerts on his/her credit file
500
The Previous Residence section will need to be completed if the Borrower/Co-Borrower has less than 2 years at the Current Residence. Please list the required information.
Address
Time (from/to)
Own/rent
500
If a detached garage is used for residential, business, or farming purposes it must be
What is insured separately.
500
What is one of the elements specific to a customer identification program (CIP)?
Checking customers against government lists
500
The accepted origination charge is _____ of the loan amount