Business > EXAM > Loan Origination Exam 1 | 125 Questions | 100% Correct Answers (All)

Loan Origination Exam 1 | 125 Questions | 100% Correct Answers

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Higher-Priced Mortgage Loans (HPML) are defined as closed-end residential mortgage loans secured by the consumer's principal dwelling with an APR that exceed the average prime offer rate (APOR) for ... comparable transactions by: - ✔✔2.5 percentage points for a first lien jumbo residential mortgage loan. The Truth-In Lending Act requires residential mortgage loan originators to make certain "material disclosures" on loans subject to the Real Estate Settlement Procedures Act within three: - ✔✔Business days after their receipt of a written application. 3. Lenders must report under the HMDA the applicant's ethnicity, race, and sex. When conducting a face-to-face interview in which the applicant refuses to provide the required HMDA information; the loan officer must provide the information based on: - ✔✔Appearance and surname. 4. An Affiliated Business Arrangement disclosure is required to be given to the consumer? - ✔✔At or prior to the time of referral. 5. Under the TILA the consumer has a right of rescission in a credit transaction involving: - ✔✔Refinance of a principle dwelling. 6. The Fair Credit Reporting Act allows consumers all of the following except: - ✔✔Demand all references to bankruptcies be removed from their report after 5 years from the date of discharge. 7. Under ECOA, when is a disclosure concerning the applicant's right to obtain a copy of the appraisal report due the consumer? - ✔✔Within three business day after receipt of the written application. 8. Under the Red Flags Rules, mortgage loan originators must develop a written program that identifies and detects the warning signs of: - ✔✔Identity theft. 9. This booklet must be given to every applicant considering an Adjustable Rate Mortgage: [Show More]

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