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FHLMC stands for

A. The First Home Loan Mortgage Co

B. The Federal Home Loan Mortgage Corporation

C. The First House Loan Mortgage Corporation

D. The Federal House Loan Mortgage Council

The penalty for illegally giving or receiving a kickback, which is covered in Section 8 of RESPA, is:

A. Up to 90 hours of community service

B. Requirement to attend a RESPA education program

C. Loss of real estate license

D. A fine of up to $10,000 or up to one year in prison or both.

The Truth in Lending Act (TILA) is intended to ensure that

A. credit terms are disclosed in a meaningful way

B. all creditors must use the same credit terminology and expressions of rates.

C. consumers can compare credit terms more readily

D. All of them.

What's the maximum imprisonment term for violating the prohibition against kickbacks and unearned fees.

A. Three Years

B. Three Months

C. One Year

D. Two Years

Section 9 of RESPA does essentially which of the following:

A. Prohibits a seller from requiring a buyer to use a particular title

B. Prohibits fee-splitting and receiving unearned fees.

C. Prohibits giving or accepting a kickback.

D. Prohibits discounts on settlement services.

The Dodd-Frank Act generally granted rulemaking authority under TILA

A. The Credit CARD Act

B. Consumer Financial Protection Bureau (CFPB).

C. Mortgage Disclosure Improvement Act

D. The Home Ownership and Equity Protection Act

The Real Estate Settlement Procedures Act (RESPA) is also known as

A. Regulation X

B. Regulation Z

C. Regulation C

D. Regulation B

What is Regulation Z

A. Regulation Z means the regulations issued by the Bureau (12 CFR part 1026) to implement the Federal Truth in Lending Act (15 U.S.C. 1601 et seq.), and includes the Commentary on Regulation Z

B. Regulation Z means Equal Credit Opportunity Act

C. Regulation Z means FHA Regulations

D. Regulation Z means RESPA

A loan originator refers her customer to XYZ Title Company, which is owned by her family. According to RESPA, she must

A. . disclose the relationship only if the client chooses XYZ Title

B. give full disclosure to the customer when, or before, she makes the referral

C. also provide a list of alternative title companies to the customer.

D. not make any referral, as it is prohibited by RESPA

TRID stands for

A. TRIDENT Disclosures

B. TILA-RESPA INTEGRATED DISCLOSURE

C. Third receipt of Integrated Disclosre

D. True Respa Integrated Disclosure

TILA defines finance charge as which of the following:

A. A dollar amount

B. An estimate

C. A threshold

D. A rate

A, a credit reporting company, places a facsimile transmission machine (FAX) in the office of B, a mortgage lender, so that B can easily transmit requests for credit reports and A can respond. A supplies the FAX machine at no cost or at a reduced rental rate based on the number of credit reports ordered.

A. B is in voplation

B. Both A & B are in violation

C. Neither A, nor B is in violation

D. A is in violation

A, a “mortgage originator,” receives loan applications, funds the loans with its own money or with a wholesale line of credit for which A is liable, and closes the loans in A's own name. Subsequently, B, a mortgage lender, purchases the loans and compensates A for the value of the loans, as well as for any mortgage servicing rights.

A. Both A & B are in violation

B. A is in violation

C. Neither A, nor B is in violation

D. B is in voplation

Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons?

A. RESPA

B. Equal Credit Opportunity Act

C. TILA

D. Fair housing Act

RESPA required lenders to provide the borrower(s) the Special Information Booklet within:

A. three days of receipt of the loan application.

B. One business day of receipt of the loan application

C. One day of receipt of the loan application

D. three business days of receipt of the loan application

For loans subject to RESPA, fee may be charged for

A. any disclosures required by TILA.

B. No fees can be charges

C. the Escrow Account statement

D. preparing the Settlement Statement

Under RESPA, who would be subject to fines and penalties if a kickback is paid?

A. the person who initiated the kickback arrangement

B. the person who received the kickback

C. all parties paying or receiving a kickback

D. the person who paid the kickback

What is the loan type if the loan is not guaranteed or insured by a Federal or State government agency,

A. Conventional

B. VA

C. FHA

D. Nonconventional

Redisclosure of the APR triggers an additional waiting period of which of the following:

A. seven days

B. three Business days

C. seven business days

D. Three days

A borrower submits all the financial info, income, property details and social security number to obtain the credit report but not in writing. Can this be considered an application?

A. Yes. An application includes a written record of an oral application.

B. No. An application needs to be writing.

C. No. The social security number is supposed to be confidential and disclosed to the loan originator

D. No, An application needs to be completed on the prescribed form and signed by the applicant.