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| Section | Objectives |
|---|---|
| Topic 1: Uniform State Content | - Licensing Requirements and Compliance - State Lending Regulations Overview |
| Topic 2: Federal Mortgage-Related Laws | - Truth in Lending Act (TILA) / Regulation Z - Equal Credit Opportunity Act (ECOA) - Fair Housing Act - Real Estate Settlement Procedures Act (RESPA) |
| Topic 3: General Mortgage Knowledge | - Mortgage Types and Products - Underwriting Basics - Loan Origination Process - Loan Closing Procedures |
| Topic 4: Ethics and Professional Conduct | - Disclosure Requirements - Consumer Protection Standards - Fraud Prevention |
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NEW QUESTION # 131
An easement:
Answer: D
Explanation:
An easement is a legal right granted to one party to cross or use another party's land for a specific purpose, such as for utility lines, access roads, or water drainage. Easements are commonly granted in property transactions and are recorded in the public records.
* Easements are unrelated to mortgage modifications (A) or payment reductions (D).
References:
* Real Estate Law on property easements
* HUD Guidelines on easements in property transactions
NEW QUESTION # 132
A loan secured by any lien other than the first lien position is referred to as:
Answer: B
Explanation:
A subordinate lien (or junior lien) refers to any loan or claim against a property that is secondary to the first lien (the primary mortgage). Examples include second mortgages, home equity loans, or lines of credit.
"A subordinate lien is a mortgage or other lien that has a lower priority than a previous mortgage or lien."
- SAFE MLO National Test Study Guide
References:
SAFE MLO National Test Study Guide
CFPB, Glossary
NEW QUESTION # 133
Which of the following occupancy types are listed on the Uniform Residential Loan Application?
Answer: D
Explanation:
The Uniform Residential Loan Application (URLA/Fannie Mae Form 1003) allows the applicant to select one of the following occupancy types: primary residence, secondary residence, or investment property.
"Occupancy types on the URLA are: Primary Residence, Secondary Residence, Investment Property."
- Fannie Mae Form 1003: Uniform Residential Loan Application
References:
Fannie Mae, Form 1003 Instructions
NEW QUESTION # 134
A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?
Answer: C
Explanation:
A mortgage loan originator must only offer rates and terms that are actually available at the time. If a 3.5% rate is only available with 1 discount point, that is the only option the MLO may lawfully present.
"Originators may only quote and offer the rates, terms, and fees actually available from the creditor."
- Regulation Z, 12 CFR § 1026.25, SAFE MLO National Test Study Guide
References:
SAFE MLO National Test Study Guide
CFPB, Loan Estimate and Closing Disclosure FAQs
NEW QUESTION # 135
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?
Answer: C
NEW QUESTION # 136
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