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| Section | Weight | Objectives |
|---|---|---|
| Ethics | 18% | - Ethical practices and professional conduct - Conflict of interest and disclosure obligations - Fraud prevention and detection - Fair lending and anti-discrimination |
| General Mortgage Knowledge | 20% | - LTV, DTI, CLTV, PMI, points and fees - Fixed-rate vs adjustable-rate mortgages - Conventional, FHA, VA, USDA loan characteristics - Mortgage terms, concepts and calculations |
| Federal Mortgage-Related Laws | 24% | - Fair lending and consumer protection rules - TILA, RESPA, ECOA, HMDA, FCRA - Disclosure requirements and timing - SAFE Act and federal regulatory framework |
| Mortgage Loan Origination Activities | 27% | - Loan application process - Closing and post-closing procedures - Borrower qualification and underwriting basics - Loan programs and product types |
| Uniform State Content | 11% | - Compliance and disciplinary standards - License maintenance and renewal - State licensing and regulatory requirements |
Which of the following documents must be provided to the borrower when they request a change in loan product?
Correct Answer: B 🗳️
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A 7.25% interest-only loan has an initial balance of $239,500.00. The annual homeowner's insurance premium is $551.00, and the annual property taxes are $1,773.00. What is the total monthly payment, including the escrow?
Correct Answer: B 🗳️
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Which of the following scenarios describes a form of steering?
Correct Answer: C 🗳️
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Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?
Correct Answer: A 🗳️
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The ability to originate loans under temporary authority applies to which of the following?
Correct Answer: A 🗳️
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