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Which is a disclosure that RESPA requires creditors to give to customers before loan closing?

A. LE

B. Mortgage Servicing Disclosure Statement

C. CD

D. Settlement Costs and You Booklet

What is Regulation Z

A. Regulation Z means Equal Credit Opportunity Act

B. Regulation Z means FHA Regulations

C. 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

D. Regulation Z means RESPA

A Balloon Payment how many two times a regular periodic payment.

A. Two

B. Seven

C. Three

D. Four

What is Regulation X

A. Doff-Frank Law

B. TRID Disclosure

C. RESPA is also know as Regulation X

D. Dodd-Frank Law

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. Both A & B are in violation

B. B is in voplation

C. Neither A, nor B is in violation

D. A is in violation

TRID stands for

A. True Respa Integrated Disclosure

B. Third receipt of Integrated Disclosre

C. TRIDENT Disclosures

D. TILA-RESPA INTEGRATED DISCLOSURE

The loantype is VA if the loan is guaranteed by the U.S. Department of Veterans Affairs

A. Nonconventional

B. FHA

C. VA

D. Conventional

Which act establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection with high cost mortgages?

A. Homeowners Protection ACT (HPA)

B. Home Mortgage disclosure ACT (HMDA)

C. Home Ownership and equity Protection ACT (HOEPA)

D. Community Reinvestment aCT (CRA)

According to the TILA, the final APR is considered accurate if it does not vary above or below the APR initially disclosed on the TIL by which of the following:

A. ¼ of 1% for a irregular transaction.

B. 1/2 of 1% for a irregular transaction.

C. 1/8 of 1% for an irregular transaction

D. ¼ of 1% for a regular transaction.

A Mortgage Broker is

A. Renders origination services

B. serves as an intermediary between a lender and a borrower

C. All of the choices

D. a person or an entity (not an employee of a lender)

The Real Estate Settlement Procedures Act (RESPA) is applicable to which of the following

A. Intends to sell the loan to Fannie Mae, Freddie Mac, or Ginnie Mae

B. Insured by HUD

C. All of the given choices.

D. loan regulated by the Federal Government

For loans subject to RESPA, fee may be charged for

A. any disclosures required by TILA.

B. preparing the Settlement Statement

C. the Escrow Account statement

D. No fees can be charges

Section 9 of RESPA does essentially which of the following:

A. Prohibits giving or accepting a kickback.

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

C. Prohibits discounts on settlement services.

D. Prohibits fee-splitting and receiving unearned fees.

What's the maximum monetary fine for violating the prohibition against kickbacks and unearned fees.

A. $1,000

B. $10,000

C. $500

D. $20,000

A, a real estate broker, refers title business to B, a company that is a licensed title agent for C, a title insurance company. A owns more than 1% of B. B performs the title search and examination, makes determinations of insurability, issues the commitment, clears underwriting objections, and issues a policy of title insurance on behalf of C, for which C pays B a commission. B pays annual dividends to its owners, including A, based on the relative amount of business each of its owners refers to B.

A. Neither, the payment of a commission by C to B , nor, the payment of a dividend or the giving of any other thing of value by B to A is a violation

B. The payment of a commission by C to B is not a violation but payment of a dividend or the giving of any other thing of value by B to A is a violation

C. Both, the payment of a commission by C to B is a violation and the payment of a dividend or the giving of any other thing of value by B to A is also a violation

D. The payment of a commission by C to B is a violation but payment of a dividend or the giving of any other thing of value by B to A is not a violation

What I sthe loan type if the loan is insured by the Federal Housing Administration,

A. FHA

B. VA

C. Conventional

D. Nonconventional

CFPB stands for

A. Center for Public Bank

B. Bureau of Consumer Financial Protection

C. Center for People and Buildings

D. Central Finger Print Bureau

CFPB was founded in year

A. Year 1985

B. Year 1888

C. Year 2008

D. Year 2011

FHLMC stands for

A. The First House Loan Mortgage Corporation

B. The Federal House Loan Mortgage Council

C. The First Home Loan Mortgage Co

D. The Federal Home Loan Mortgage Corporation

Same as illustration 7, but B pays annual dividends in proportion to the amount of stock held by its owners, including A, and the distribution of annual dividends is not based on the amount of business referred or expected to be referred.

A. A is in violation

B. Neither A, nor B is in violation

C. B is in voplation

D. Both A & B are in violation