NMLS

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Author:
SUONGTPHUNG
ID:
28789
Filename:
NMLS
Updated:
2010-08-03 03:21:20
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FEDERAL LAW OVERVIEW
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NMLS FEDERAL LAW OVERVIEW
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  1. HOEPA:
    A. AMENDED THE TIL ACT, KNOWN AS SECTION 2
    B. HAS 8% POINTS ON THE FEE TRIGGER
    C. HAS 8 POINT APR TRIGGER
    D. ALL OF THE ABOVE
    D. ALL OF THE OBOVE
  2. THE ESTIMATE OF LOAN COSTS GIVEN TO THE BORROWER WITHIN THREE DAYS OF APPLICATION
    A. 1003
    B. 1006
    C. GFE
    D. HUD-1
    C. GFE
    (this multiple choice question has been scrambled)
  3. THE GFE IS A REQUIREMENT OF
    A. RESPA
    B. HMDA
    C. HOEPA
    D. TILA
    A. RESPA
    (this multiple choice question has been scrambled)
  4. CERTAIN LENDERS ARE REQUIRED TO REPORT DATA ON THEIR BORROWERS IN ORDER TO DETERMINE HOW THE NEEDS OF THE COMMUNITY A BEING MET BY WHAT LAW?
    A. TILA
    B. RESPA
    C. HOEPA
    D. HMDA
    D. HMDA
    (this multiple choice question has been scrambled)
  5. ACT WHICH REQUIRES THE DISCLOSURE OF CREDIT TERMS AND COST
    A. TILA
    B. REGULATION Z
    C. CONSUMER CREDIT PROTECTION ACT OF 1968
    D. ALL OF THE ABOVE
    C. CONSUMER CREDIT PROTECTION ACT OF 1968
    (this multiple choice question has been scrambled)
  6. THE LAW THAT PROHIBITS DISCRIMINATION
    A. FCRA
    B. ECOA
    C. EPPDE
    D. HSPT
    B. ECOA
    (this multiple choice question has been scrambled)
  7. APR IS CALCULATED BY USING THE NOTE RATE PLUS
    A. ALL FINANCE CHARGE
    B. YEILD SPREAD
    C. ADVERTISE RATE
    D. ONE DISCOUNT POINT
    A. ALL FINANCE CHARGE
    (this multiple choice question has been scrambled)
  8. THE STATEMENT THAT TELLS A BORROWER WHAT THE ACTUAL COST OF THE LOAN IS GOING TO BE IS THE
    A. GFE
    B. GSE
    C. VOM
    D. HUD1
    D. HUD1
    (this multiple choice question has been scrambled)
  9. THE REAL ESTATE SETTLEMENT PROCEDURE ACT WAS DESIGNED TO
    A. BOTH B AND C
    B. ENHANCE COMPETITION AMONG PROVIDERS
    C. DICTATE THE COST OF CREDIT
    D. STOP KICKBACKS
    A. BOTH B AND C
    (this multiple choice question has been scrambled)
  10. RESPA APPLIES TO
    A. NON-COMMERCIAL PROPERTY ONLY
    B. EXISTING DWELLINGS ONLY
    C. ALL REAL ESTATE TRANSACTIONS INCLUDING UNDEVELOPED LAND
    D. PROPERTY WHOSE VALUE EXCEEDS $50000
    C. ALL REAL ESTATE TRANSACTIONS INCLUDING UNDEVELOPED LAND
    (this multiple choice question has been scrambled)
  11. RESPA REQUIRES THAT THE HUD1 SETTLEMENT STATEMENT BE GIVEN TO THE BORROWER
    A. AT CLOSING COST
    B. WITHIN ONE BUSINESS DAY OF CLOSING
    C. ONE BUSINESS DAY PRIOR TO CLOSING IF REQUESTED BY THE BORROWER
    D. ALL OF THE ABOVE
    D. ALL OF THE ABOVE
  12. RESPA REQUIRES THAT
    A. THE GFE BE GIVEN TO THE BORROWER WITHIN 3 BUSINESS DAYS OF THE APPLICATION
    B. THE HUD1 BE GIVEN TO THE BORROWER 24 HOURS PRIOR TO CLOSING IF THEY ASK FOR IT
    C. ANY AFFIATED BUSINESS ARRANGEMENTS BE DISCLOSED TO THE BORROWER PRIOR TO CLOSING
    D. ALL OF THE ABOVE
    D. ALL OF THE ABOVE
  13. WHAT IS THE AMOUNT OF THE CUSHION ALLOWED IN THE ESCROW ACCOUNT ACCRODING TO RESPA?
    A. EXACTLY 1/24 OF THE ANNUAL DISBURSEMENTS
    B. 10% OVER 1/12 OF THE ANNUAL DISBURSEMENTS
    C. $50 OVER 1/6 OF THE ANNUAL DISBURSEMENTS
    D. $500 OVER 1/16 OF THE ANNUAL DISBURSEMENTS
    C. $50 OVER THE 1/5 OF THE ANNUAL DISBURSEMENTS
    (this multiple choice question has been scrambled)
  14. HOW MUCH IS ALLOWED TO BE TAKEN FOR THE ESCROW ACCOUNT MONTHLY ACCORDING TO RESPA LAW?
    A. 10%
    B. 1/16
    C. 1/24
    D. 1/12
    D. 1/12
    (this multiple choice question has been scrambled)
  15. RESPA DICTATES THAT THE SERVICING TRANSFER STATEMENT BE DELIVERED TO THE BORROWER
    A. AT APPLICATION
    B. AT CLOSING
    C. AFTER CLOSING
    D. BEFORE CLOSING
    C. AFTER CLOSING
    (this multiple choice question has been scrambled)
  16. RESPA DICTATES THAT THE SERVICING DISCLOSURE BE GIVEN
    A. AT CLOSING
    B. BEFORE CLOSING
    C. AT APLICATION
    D. AFTER CLOSING
    C. AT APPLICATION
    (this multiple choice question has been scrambled)

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