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質問 # 20
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?
- A. Credit closure
- B. Account closure
- C. Adverse action
- D. Denial of credit
正解：C
解説：
Under the Equal Credit Opportunity Act (ECOA), the term adverse action is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account
/application. This can include:
* Denying a credit application.
* Offering credit on terms different from those requested.
* Closing an existing credit account.
Lenders must provide a formal notice of adverse action, explaining the reasons for the denial or change in terms, to comply with ECOA's requirements for transparency and fairness.
Other options:
* Account closure (B) and credit closure (C) are not specific ECOA terms.
* Denial of credit (D) is a form of adverse action but does not cover all situations like a change in loan terms.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691(d)
* Regulation B (12 CFR Part 1002)
質問 # 21
In a federally related mortgage loan transaction, a charge for a settlement service by a person for which no services or nominal services are performed is prohibited:
- A. unless it is paid by the seller or the seller's real estate agent.
- B. unless it is paid by the mortgage loan originator on the borrower's behalf.
- C. regardless of the sources of payment.
- D. only if it is paid by the borrower's real estate agent.
正解：C
解説：
Under RESPA (Real Estate Settlement Procedures Act), it is illegal to charge a fee for a settlement service if no services or only nominal services are performed. This is true regardless of who pays the fee, whether it's the borrower, seller, real estate agent, or any other party. RESPA prohibits unearned fees, kickbacks, or payments for referrals in federally related mortgage transactions.
* Even if someone other than the borrower pays, the charge is still illegal if it is not justified by actual services performed.
References:
* RESPA Section 8 - Prohibition on kickbacks and unearned fees
* CFPB RESPA Guidelines
質問 # 22
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?
- A. Annually
- B. Every 7 days
- C. Every 2 weeks
- D. Every 31 days
正解：D
質問 # 23
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?
- A. Any days except Saturdays and Sundays
- B. Every day from 9 a.m. to 5 p.m.
- C. Any days that employees may access the office to work
- D. Every day except Sunday and legal holidays
正解：D
解説：
Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights
質問 # 24
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:
- A. Gramm-Leach-Bliley Act(GLBA).
- B. Real Estate Settlement Procedures Act(RESPA).
- C. Truth in Lending Act (TILA).
- D. Bank Secrecy Act (BSA).
正解：D
解説：
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC §5311
* FinCEN Guidelines on SAR filing
質問 # 25
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?
- A. Fully indexed rate of the loan
- B. The total amount of the payments
- C. An average of the varying payment amounts over the life of the loan
- D. Payment amount during the fixed introductory period
正解：A
解説：
Under the Truth in Lending Act (TILA), for adjustable-rate mortgages (ARMs) like a 5/1 ARM, the MLO must calculate the borrower's monthly payment amount based on the fully indexed rate, not the introductory rate. The fully indexed rate is the sum of the index and the margin at the time of origination, reflecting the potential payment increases after the introductory period ends.
* This requirement ensures borrowers understand what their payments could be after the rate adjusts, helping them evaluate the true affordability of the loan.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB ARM Guidelines
質問 # 26
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:
- A. the appraised value of the property.
- B. the lesser of the purchase price or appraised value.
- C. the purchase price of the property.
- D. the purchase price, plus the mortgage insurance for FHA loans.
正解：B
解説：
For an FHA loan, the loan-to-value (LTV) ratio is calculated by dividing the loan amount by the lesser of the purchase price or appraised value of the property. This ensures that the loan amount is based on the lower of the two figures, protecting the lender from over-lending on a property that may not appraise at the agreed purchase price.
* This method is consistent with FHA guidelines, ensuring that the loan is adequately secured by the property's value.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines for FHA LTV calculations
質問 # 27
Interest-only mortgages are considered high risk compared to traditional mortgage products because:
- A. the interest rate exceeds the APOR by 6.5 percentage points.
- B. the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
- C. scheduled payments do not reduce the loan's principal balance.
- D. the borrower's ability to repay is not considered when making the credit decision.
正解：C
解説：
Interest-only mortgages are considered higher risk compared to traditional mortgages because the borrower' s scheduled payments only cover the interest on the loan, and none of the principal balance is reduced during the interest-only period. As a result, the loan balance remains unchanged, which increases the risk for both the borrower and lender if the value of the home decreases or if the borrower cannot make larger payments when the principal becomes due.
* Other risks, such as exceeding the APOR (Average Prime Offer Rate) by a certain margin (C, D), apply to high-cost mortgages, not specifically interest-only loans.
References:
* CFPB Qualified Mortgage and Ability-to-Repay Rule
* Fannie Mae Guidelines on interest-only mortgages
質問 # 28
Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?
- A. £500,000
- B. $1,000,000
- C. $750,000
- D. £250,000
正解：D
解説：
The maximum available flood insurance structure coverage for a residential property under the National Flood Insurance Program (NFIP) is £250,000. The NFIP is a federal program that provides flood insurance to property owners in participating communities.
* The £250,000 limit applies specifically to residential property structures. For contents coverage, the maximum is $100,000.
Higher coverage limits, such as $500,000 or $1,000,000, may be available through private insurers, but the NFIP itself caps coverage at $250,000 for structures.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Manual
質問 # 29
Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?
- A. Credit score modeling standards
- B. Nontraditional mortgage lending standards
- C. 30-year conventional mortgage lending standards
- D. Mortgage loan loss mitigation standards
正解：B
解説：
Under the SAFE Act, mortgage loan originators (MLOs) must complete 8 hours of continuing education (CE) each year to maintain their licenses. The required CE topics include:
* 3 hours of federal law and regulations.
* 2 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending.
* 2 hours on nontraditional mortgage lending standards, which refers to loan products that do not have fixed interest rates, such as adjustable-rate mortgages (ARMs) and other alternative loan types.
* 1 elective hour, which can vary based on state or company preferences.
The focus on nontraditional mortgage lending helps ensure MLOs understand the complexities and risks of nonstandard loan products.
References:
* SAFE Act Continuing Education Requirements
* NMLS Annual Renewal Guidelines
質問 # 30
Which of the following types of income are considered as qualifying when applying for a mortgage loan?
- A. Federal tax refund
- B. Net rental income
- C. Family gifts
- D. Reimbursed expenses
正解：B
解説：
Net rental income is considered qualifying income when applying for a mortgage, as it represents income generated from rental properties. Lenders typically calculate net rental income by subtracting property expenses from the total rental income, and they require documentation such as tax returns or lease agreements to verify this income.
* Reimbursed expenses (A), family gifts (C), and federal tax refunds (D) are generally not considered qualifying income, as they are one-time or non-recurring sources of funds.
References:
* Fannie Mae Selling Guide on qualifying income
* Freddie Mac Guidelines for rental income
質問 # 31
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?
- A. Document preparation fees for items such as mortgages and deeds
- B. Seller's points offered to reduce the borrower's closing costs
- C. A standard credit application fee charged to all loan applicants
- D. Daily or per diem interest paid by borrower
正解：D
解説：
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition
質問 # 32
Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?
- A. Deciding what quantity of mortgage-backed securities are purchased by the government
- B. Regulating the federal funds rate at which money is lent to banks
- C. Regulating mortgage lenders on their mortgage origination practices and procedures
- D. Regulating the number of mortgage loan originators in the mortgage industry
正解：C
解説：
The Consumer Financial Protection Bureau (CFPB) is responsible for regulating mortgage lenders and overseeing their origination practices and procedures. The CFPB was created under the Dodd-Frank Act to protect consumers from unfair, deceptive, or abusive practices in financial services, including mortgages.
Its functions include:
* Enforcing rules related to mortgage origination, such as TILA, RESPA, and ECOA.
* Ensuring that lenders provide clear disclosures and follow fair lending practices.
Other functions:
* Regulating the federal funds rate (A) is the role of the Federal Reserve.
* Deciding the quantity of mortgage-backed securities purchased by the government (D) is related to Federal Reserve monetary policy, not the CFPB.
References:
* Dodd-Frank Wall Street Reform and Consumer Protection Act
* CFPB's Role in Mortgage Origination
質問 # 33
A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?
- A. An updated statement showing a zero balance
- B. Oral confirmation from the borrower
- C. A letter from the borrower explaining that they paid it off
- D. No additional information required
正解：A
解説：
To prove that an account listed on a credit report has been paid off, the borrower must provide an updated statement showing a zero balance. This is the most direct and verifiable method for a lender to confirm the account has been settled.
* Oral confirmation (A) or a letter from the borrower (C) are not acceptable documentation, as they lack third-party verification.
* No further documentation would be required if the credit report already reflects the zero balance, but until then, updated documentation is necessary.
References:
* Fair Credit Reporting Act (FCRA)
* Standard mortgage underwriting documentation guidelines
質問 # 34
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:
- A. been convicted of a felony within the past seven years.
- B. had an MLO license suspended in any governmental jurisdiction.
- C. taken and failed the SAFE MLO National Test three times within the last year.
- D. never been licensed or registered as an MLO in any governmental jurisdiction.
正解：A
解説：
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements
質問 # 35
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