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| Section | Objectives |
|---|---|
| Topic 1: General Mortgage Knowledge | - Underwriting Basics - Mortgage Types and Products - Loan Origination Process - Loan Closing Procedures |
| Topic 2: Ethics and Professional Conduct | - Disclosure Requirements - Fraud Prevention - Consumer Protection Standards |
| Topic 3: Federal Mortgage-Related Laws | - Fair Housing Act - Real Estate Settlement Procedures Act (RESPA) - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z |
| Topic 4: Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
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NEW QUESTION # 152
If a borrower believes that there is incorrect information on their credit report, which of the following actions should they take?
Answer: B
Explanation:
Consumers should dispute errors in writing directly with the credit bureau that is reporting the incorrect information. This written notification triggers an official investigation by the bureau, which must respond within 30 days.
"To dispute an error on your credit report, write a letter to the credit reporting company identifying each item in your report you dispute. Include copies of documents that support your position."
- Fair Credit Reporting Act (FCRA); CFPB Disputing Errors on Credit Reports References:
CFPB, How do I dispute an error on my credit report?
Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681i
NEW QUESTION # 153
The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:
Answer: B
Explanation:
Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.
* Steering (A) involves directing borrowers toward certain loan products for the lender's benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.
References:
* Fair Housing Act
* Equal Credit Opportunity Act (ECOA)
NEW QUESTION # 154
The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:
Answer: A
Explanation:
The TILA-RESPA Integrated Disclosure (TRID) rule applies to most closed-end consumer credit transactions secured by real property, including the refinance of a condominium property. TRID mandates specific disclosures, like the Loan Estimate (LE) and Closing Disclosure (CD), to ensure transparency in the loan process.
* TRID does not apply to reverse mortgages (A) or home equity lines of credit (HELOCs) (B), which are covered by other regulations.
* Loans secured by a mobile home on a leased lot (D) are also generally excluded from TRID.
References:
TILA-RESPA Integrated Disclosure Rule (TRID)
CFPB Guidelines on TRID applicability
NEW QUESTION # 155
According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?
Answer: D
Explanation:
Under ECOA, a creditor may decline a loan based on an applicant's inability to repay, as demonstrated by verified income and other underwriting criteria. It is illegal to consider race, receipt of public assistance, or exercise of consumer rights as a basis for denial.
"A creditor may consider verified income in evaluating creditworthiness. Discrimination based on race, public assistance, or exercise of rights under the Consumer Credit Protection Act is prohibited."
- 12 CFR § 1002.6, Regulation B (ECOA)
References:
CFPB, ECOA Credit Evaluation
SAFE MLO National Test Study Guide
NEW QUESTION # 156
Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?
Answer: A
Explanation:
Under RESPA, a settlement service includes any service provided in connection with a real estate settlement, including the origination, processing, or funding of a federally related mortgage loan. A federally related mortgage loan is defined as any loan (other than temporary financing) secured by a first or subordinate lien on residential real property.
"Settlement service means any service provided in connection with a real estate settlement including but not limited to... the origination of a federally related mortgage loan."
- 12 CFR § 1024.2, Regulation X
Timeshare, chattel, and unsecured loans are not considered federally related mortgage loans under RESPA.
References:
CFPB, RESPA - Regulation X
SAFE MLO National Test Study Guide
NEW QUESTION # 157
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