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1. Which of the following documents must be provided to the borrower when they request a change in loan product?
A) Home counseling list
B) Loan Estimate
C) Amortization schedule
D) Service provider list
2. 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?
A) $1,640.65
B) $1,584.65
C) $1,446.98
D) $1,701.29
3. Which of the following scenarios describes a form of steering?
A) A loan officer presents a consumer with loan options from multiple creditors with various fees.
B) A loan officer presents a consumer with a loan that has the lowest total amount of fees.
C) A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
D) A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
4. Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?
A) The SAFE Act
B) The Dodd-Frank Act
C) The Equal Credit Opportunity Act
D) The Truth in Lending Act (TILA)
5. The ability to originate loans under temporary authority applies to which of the following?
A) Previously registered mortgage loan originators (MLOs)
B) Previously licensed real estate brokers
C) An MLO who has scheduled their test but not completed it
D) An MLO who is still waiting for their credit check to be completed
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: A |
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