Be S.A.F.E.
The SAFE Act requires applications, advertisements, and business cards to contain this
What is a Unique Identifier
This borrower is 70 years old and required to speak with a HUD counselor to qualify
What is a Reverse Mortgage or Home Equity Conversion Mortgage (HECM)
This type of fraud is usually committed by more than one individual in the mortgage industry
What is fraud for profit
A traditional mortgage is
What is a 30 year fixed rate
This law was established to protect borrowers who make private mortgage insurance payments
What is the Homeowners Protection Act (HPA)
This employee performs clerical duties related to mortgages but is not directly supervised by a Mortgage Loan Originator
What is an Independent Contractor
Borrowers applying for a conforming loan must qualify under the following DTI limits
What is 28 Front End and 36 Back End
An originator cannot collect more than one fee for originating a single loan, otherwise this is known as
What is Dual Compensation
"80-10-10" is often used to describe this type of loan
What is a piggyback loan
Violators of RESPA can face the following punishments
$10,000 and/ or 1 year in jail (treble damages for section 10)
At least how many hours of Ethics and Nontraditional Mortgage Products must a Licensed Mortgage Loan Originator complete to satisfy continuing education under the NMLS?
What is two hours
Underwriters assess a borrower's collateral usually by reviewing this document
What is a URAR Uniform Residential Appraisal Report (Form 1004)
What two regulations address ethical responsibilities in advertising?
Regulation Z and Regulation N
These type of loans require borrowers to pay a mortgage insurance premium
What is an FHA or USDA loan
This regulation protects borrowers from being victims of scams involving foreclosures
What is Regulation O, Mortgage Assistance Relief Services (MARS)
MLOs operating under a TA (Temporary Authority to Operate) can originate loans for no more ___ days.
What is 120 days
If a borrower has to pay a funding fee, they are usually applying for this type of loan
What is a VA loan
This act prohibits the use of false pretenses in order to obtain a consumer's personal financial information
What is the Gramm- Leach- Bliley Act (GLBA)
In certain flood zone areas, flood insurance may not be available because
What is the community does not participate in the National Flood Insurance Program
As a response to potential terrorist attacks, Financial institutions are required to establish a written CIP under this Act
What is The USA PATRIOT Act
These two national organizations are responsible for establishing and facilitating the Nationwide Multistate Licensing System and Registry
What is the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR)
A borrower who obtains a jumbo loan with an average prime offer rate over 2.5% is obtaining a
What is a High Priced Mortgage Loan (Section 35 Loans)
The practice of denying a loan application in a particular neighborhood without considering the individual applicants qualifications is called
What is redlining
The fully indexed rate of an ARM can best be expressed as
What is the lender's margin plus the current index
Under TRID, these fees have a 10% tolerance for the Loan Estimate and Closing Disclosure
What is government recording fees and third party services the borrower can shop for